In February 2001, CalPERS' Board made a decision to bifurcate the Focus List program, keeping the traditional "Focus List" and creating a new category referred to as the "Monitoring List."

Unlike CalPERS' public Focus List, companies named to the Monitoring List will generally remain confidential. CalPERS recognizes that some companies will likely make all the necessary reforms without undue publicity from being named to the public Focus List. As a result, CalPERS monitors and works with Monitoring List companies to ensure that they make satisfactory progress.

CalPERS may publicly recognize a Monitoring List company following positive corporate governance reform. However, if a company fails to deliver on commitments made to CalPERS, it could be added to the public Focus List at any time.