Industry leaders in real estate and governance nominated by CalPERS to complement existing Board members
TORONTO, Oct. 9, 2012 /PRNewswire/ - Bentall Kennedy today announced that it has appointed two additional independent Board members, both nominated by the California Public Employees' Retirement System (CalPERS): Olena Berg Lacy and Bernard Winograd.
Ms. Berg Lacy is currently Senior Advisor and Board Member at Financial Engines, and recently served as trustee to the Board of the Voluntary Employees' Beneficiary Association (VEBA) for UAW Health Care at General Motors (2008-2011), where she chaired the investment committee that was responsible for managing a $50+ billion portfolio. Ms. Berg Lacy is the former U.S. Assistant Secretary of Labor in the Clinton Administration, where she was responsible for the enforcement of ERISA, and was the former head of the Pension and Welfare Benefits Administration. She has also served as Chief Deputy State Treasurer for the State of California, in which capacity she represented the Treasurer on the Boards of CalPERS and CalSTRS. Earlier in her career, Ms. Berg Lacy served in various senior executive capacities within the commercial real estate industry.
Mr. Winograd most recently served as Executive Vice President and Chief Operating Officer of Prudential Financial Inc.'s U.S. businesses until his retirement in February 2011. Mr. Winograd joined Prudential in 1996 to lead Prudential Real Estate Investors. Mr. Winograd was subsequently promoted to the role of CEO of Prudential Investment Management in 2001, managing all of Prudential's investment management businesses prior to assuming his role in 2008 as EVP and COO of the U.S. operations. Before joining Prudential, Mr. Winograd was EVP, Chief Financial Officer and a member of the Board of Directors of Taubman Centers, one of the leading shopping center owners and operators in the U.S. Prior to his tenure at Taubman, Mr. Winograd was Treasurer of the Bendix Corporation and was Executive Assistant to the Secretary of the Treasury, Michael Blumenthal, in the Carter Administration.
"One of Bentall Kennedy's core values is best-in-class governance. The addition of Olena Berg Lacy and Bernard Winograd to what is already a 'gold standard' Board is evidence of the importance that the firm and its owners place upon this cornerstone corporate value," said Ted Eliopoulos, Senior Investment Officer for CalPERS real estate program.
"We are very pleased to be adding two such experienced and prominent directors to our Canadian and U.S. Boards," said Gary Whitelaw, Group CEO of Bentall Kennedy. "Both new Board members bring great depth and industry expertise that will enable us to continue to meet our clients' changing needs and top priorities in this competitive investment environment."
In accordance with CalPERS governance policy, Ms. Berg Lacy and Mr. Winograd both will sit as independent directors, maintaining Bentall Kennedy's longstanding principle of having a majority of independent Board members.
"Ms. Berg Lacy's extensive experience in pension fund governance and real estate investment strategy further enhances our strong fiduciary orientation and active real estate skills, while Mr. Winograd's reputation for leadership and innovation in the commercial real estate and multi asset class finance sector will be beneficial to all of our clients throughout North America," said Ron Ghitter, QC, Chair of the Bentall Kennedy Boards.
Both Ms. Berg Lacy and Mr. Winograd will serve as directors on Bentall Kennedy's Canadian Board and as managers on Bentall Kennedy's U.S. Board.
About Bentall Kennedy
Bentall Kennedy is one of North America's largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 500 clients across 140 million square feet of office, retail, industrial, hotel, and apartment properties totaling $29.4 billion (as at June 30, 2012) throughout Canada and the U.S.
Bentall Kennedy has a 100 year track record of delivering superior returns and a reputation for integrity, innovation and creating value. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing.
Bentall Kennedy is privately owned by senior management and two of North America's largest institutional investors, British Columbia Investment Management Corporation (bcIMC) and the California Public Employees' Retirement System (CalPERS).
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership and Bentall Kennedy (U.S.) Limited Partnership.
For more information, visit www.bentallkennedy.com.
bcIMC is an independent investment management corporation that manages a globally diversified investment portfolio of $92.1 billion as at March 31, 2012. Based in Victoria, British Columbia and supported by industry-leading expertise, bcIMC invests in all major asset classes including infrastructure and other strategic investments. bcIMC's clients include public sector pension plans, public trusts, and insurance funds. With gross real estate holdings valued at $16.7 billion as at March 31, 2012, bcIMC is one of Canada's major property owners and developers. bcIMC's Canadian real estate portfolio includes offices, retail malls, residential and industrial buildings, hotels, and interests in real estate management companies. For more information, please visit www.bcimc.com.
CalPERS is the largest public pension fund in the U.S. It administers retirement benefits for more than 1.6 million California state, local government, and public school employees, retirees, and their families on behalf of more than 3,000 public employers, and health benefits for more than 1.3 million enrollees. The average CalPERS pension benefit is $2,332 per month. The average benefit for those who retired in the most recent fiscal year that ended June 30, 2011, is $3,065 per month. For more information, please visit www.calpers.ca.gov.
SOURCE Bentall Kennedy