The Responsible Contractor Policy, RCP, was approved and applied by CalSTRS since 2004. The RCP supports and encourages fair wages and fair benefits for workers employed in the construction, maintenance and operations of CalSTRS properties by the contractors and subcontractors of our investment managers. The policy is subject to fiduciary principles concerning duties of loyalty and prudence, both of which further require competitive returns on CalSTRS’ real estate investments. CalSTRS has received strong support from labor organizations and our managers.
DEFINITION OF A RESPONSIBLE CONTRACTOR
A responsible contractor, as used in this policy, is a contractor or subcontractor who pays workers a "fair wage" and a "fair benefit" as evidenced by payroll and employee records. Fair benefits are defined as including, but are not limited to, employer-paid family health care coverage, pension benefits and apprenticeship programs. What constitutes a fair wage and fair benefit depends on the wages and benefits paid on comparable investment projects, based on local market factors, that include the nature of the project (for example, residential or commercial, public or private), comparable job or trade classifications and the scope and complexity of services provided.
For more information, view or download the complete Responsible Contractor Policy.