The No. 1 and No. 3 U.S. public pension funds will work together on corporate governance reforms, but not create a joint office for such initiatives as was previously suggested, Reuters reports.

Calpers, the top pension fund with $164 billion assets and Calstrs, the third largest with $110 billion, will join the state teachers pension system to attempt reforms, especially relating to the independence of auditors and compensation of top executives.

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