Putnam Investments on Thursday made a "groundbreaking commitment" to provide retail investors much of the same information institutional clients often demand and receive from investment managers, according to an announcement made by the firm, the California State Treasurer, and pension groups CalPERS and CalSTRS.
The firm also agreed to launch a review of its proxy voting policy in relation to executive compensation as well as a number of other investor protections and disclosures. The measures go beyond the requirements Putnam submitted to in its settlements with regulators. As a result, Putnam will again be eligible to compete for CalPERS and CalSTRS business. The sister pension fund groups terminated their combined $1.5 billion relationships with Putnam in late 2003 at the urging of the California Treasurer, who is a member of the board of both groups.