> If all pension funds or social security funds do is pick stocks, you
> probably are correct, but the 1990s has seen the rise of active,
> institutional investors like CALPERS who have asserted far more discretion
> in choosing management and arguing for various kinds of social policy. It
> is limited at this point, but then the funds involved are limited.
>
CALPERS has indeed been successful in arguing for various kinds of social policy. Like layoffs, restructuring, outsourcing, etc...
Seth