The California Public Employees Retirement System (Calpers) is urging Congress, the Securities and Exchange Commission and others to adopt a package of financial-market reforms. The nation's largest public pension fund, Calpers says it is time to eliminate conflicts of interest that can emanate from investment bankers, equity analysts, credit-rating services, lending institutions, outside attorneys and other consultants. It has offered to form a special commission to focus "on how to ensure that all the 'spokes' of the wheel" involved in a company's governance "are working to ensure transparency and accountability." Calpers is presently invested in Kerr-McGee Corp., EOG Resources Co., Amerada Hess Corp., Apache Corp., Occidental Petroleum Corp., Marathon Oil Corp, Benton Oil and Gas Co., Tom Brown Inc. and other oil- and related companies. The group has been in the news because it held a half-interest a few years ago in two investment partnerships, Jedi I and II, at Enron Corp. Calpers says its Enron stock and bond losses total $105.2 million, or 0.1% of its more than $151 billion of assets. The losses include $62.2 million in stock ($27.4 million in lost book value from the internally managed equity index portfolio, and $34.8 million realized losses by Calpers active managers) and $43 million of potential losses in bond holdings. Calpers also anticipates a loss from a private-equity investment in The New Power Co., valued at $36.8 million, which later was converted to Enron stock. The losses are offset by a $133-million gain from Jedi I and a possible future gain from the liquidation of Jedi II, the agency says. "Our pensioners-and pensioners everywhere-depend heavily on ethical, transparent and accountable financial markets for their retirement future," Calpers administration board president William D. Crist says. "For more than 10 years, Calpers has made constructive attempts to improve corporate governance in the U.S. and abroad. Enron teaches us that in spite of these efforts, shareholder value can be destroyed by faulty corporate governance. It clearly is time for us to tighten the screws."