Cal PERS pushes emissions standards

Hopeing to reduce automotive emissions, the State's retirement fund is telling GM it is a waste of investor funds to oppose California's strict emissions rules:

California Controller Steve Westly and Sean Harrigan, president of CalPERS, sent a letter to other board members Monday saying that carmakers were wasting shareholder money by fighting rules that might be adopted by states that account for 25% of the U.S. car market.

This year, California approved regulations requiring makers of cars and trucks to cut emissions of the heat-trapping gas starting with 2009 models, making it the first state to regulate exhaust tied to global warming. Automakers have threatened to file lawsuits blocking the standards.

"I'm deeply concerned that the industry's plans to fight new auto emission standards in our state could harm the long-term financial interests of share owners," Harrigan said in a statement. "Auto companies and their share owners are better served if share owner dollars are used to comply with these standards rather than fight them."