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Calpers Pushes Boards to Clear Room for the Young and Ethnic

  • Pension says members' independence compromised after 10 years
  • `We've got board stagnation,' says official pushing change

California’s big public pension fund has a message for corporate board members like Lee Raymond, the 77-year-old lead director at JPMorgan Chase & Co.: It’s time to retire.

The $294 billion California Public Employees’ Retirement System is taking aim at older, white men on corporate boards with a proposed policy aimed at adding more women, minorities and gays to key positions at the largest U.S. companies. Raymond, five years older than the bank’s recommended retirement age of 72, exemplifies that group.