Facebook Governance Scrutinized

Calstrs, second-largest U.S. pension fund, looking at company’s practices.

Facebook Inc., the social-networking company planning an initial public offering, faces corporate-governance scrutiny from one of its investors, the California State Teachers’ Retirement System.

“We are in fact in the beginning stages of engagement with Facebook” over governance issues, Ricardo Duran, a spokesman for the pension fund, said in an interview. “We are planning to send them a letter.”

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