In a move likely to be heard round the globe, two of the world's largest institutional investors have formed an alliance that they hope will advance their corporate governance agendas.

The California Public Employees Retirement System (CalPERS) and the Hermes Pension Management System announced Nov. 23 that they are teaming up to create a transcontinental corporate governance strategic alliance. This is the first time such a multilateral partnership has been formed between institutional investors, according to a statement issued by the companies.

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