In an article that quotes James Hawley, co-director of the Center for the Study of Fiduciary Capitalism at Saint Mary's College, the International Herald Tribune reports that the California Public Employees' Retirement System (Calpers) is under criticism for trying to remove board members at some of America's biggest companies. Critics say some of the policies of Calpers, the biggest U.S. pension fund, are out of touch with market reality.

Hawley said that on a practical level, a "shotgun" campaign risks stretching Calpers so thin that it may not be able to leverage its heft when it is most needed.

"Calpers is making a tactical mistake by focusing on so many firms," Hawley said. "If you do it on hundreds of firms simultaneously, you may be dissipating your energy."

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