We -- current or retired California public employees --call on CalPERS to hear our voices on Fox Corporation Shareholder Resolution #5 and vote YES at the corporation's annual meeting on November 10, 2021. Resolution #5 will help protect the value of our retirement fund by reconstituting Fox Corp. as a Public Benefit Corporation (PBC) with the capacity to undertake the critically important task of detoxifying Fox News as a source of disinformation.

Why is Fox Corp. Resolution #5 Needed?

A lack of concern for accuracy at Fox News increases financial risk to public employees as CalPERS pension holders: Fox News disinformation campaigns regarding issues such as COVID-19, white nationalism, climate change, and an attempted coup pose threats to the stability of U.S. society and government, as well as roiling our economy and the world’s. In effect, Fox News disinformation jeopardizes the value of other investments in the rest of the CalPERS portfolio.

If Fox Corp. were a PBC, its directors could take a broader perspective on the best interests of most shareholders, recognizing that the value of diversified shareholders' portfolios (such as our own at CalPERS)relies far more on healthy social and environmental systems that support a thriving economy than on the profit Fox Corp. gains from the disinformation spread by Fox News. 

It is critically important for CalPERS to exercise its fiduciary responsibility to public employees and stand up for accuracy in Fox News programming by voting YES on Resolution #5.