California's $500 billion CalPERS is pushing for new investment requirements to scrutinize labor practices of private equity firms owning various businesses, potentially revolutionizing accountability in the industry.
CalPERS, heavily invested in private equity, now aims to evaluate labor practices before funding, a change prompted by unions advocating for accountability in the hospitality sector.
President Biden urged pension funds like CalPERS to leverage their financial power to promote decent labor practices at invested companies, prompting the potential shift in private equity accountability.
This move by CalPERS could significantly impact private equity firms managing vast investments, compelling them to address and improve labor standards within their portfolio companies.
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