Securities and Exchange Commission (SEC) Chair Paul Atkins recently reiterated his preference to loosen corporate accountability standards at a conference hosted by the Council of Institutional Investors. As the fiduciary for a state pension fund, I believe that weakening shareholder engagement creates risks that beneficiaries and state governments cannot afford.

Stories of CEOs raking in multimillion-dollar bonuses while middle-class workers struggle to pay rent or save for retirement have become all too familiar. Those disparities didn’t arise overnight but they have sharpened investor and public scrutiny of corporate governance. That’s why the federal administration’s effort to weaken shareholder rights is so concerning. Shareholders must have a voice in corporate governance given the capital they have invested in American businesses.

As Oregon State Treasurer I am charged with managing a diversified institutional portfolio of more than $148 billion in assets under management, including the Oregon Public Employees Retirement Fund (OPERF), one of the largest public pension funds in the country.  Treasury staff invest these assets to achieve strong, risk-adjusted returns for beneficiaries. Public employees’ and retirees’ financial security depends on the long-term health of the assets we help steward.

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