I don't know much about this, but I do like to see those who control large blocks of stock standing up for what is right.
As a matter of policy, Calpers withholds votes from audit committee members at companies that allow auditors to perform non-audit work, elaborated Pacheco. "We believe that auditors should not be compensated or perform work for anything else besides their role in conducting the audit," he told the paper. "It creates too many conflicts of interest, and our experience shows that it leads to problems."
While firms may claim that their auditors are independent from their other staff, my rule is to always err on the side of safety. Nice move by Calpers. They are sending the right message.
