On Monday, March 14, the Investment Committee of CalPERS, California’s state employees’ pension fund, meets for the annual review of its climate change initiatives. Fossil Free California’s Steering Committee has submitted a letter to CalPERS Board and staff and will make public comments. FFCA’s letter asks for three actions:
(1) Follow CalSTRS’ example by immediately beginning to divest from US thermal coal, and extend that “decarbonization” to include companies that derive as little as 30 per cent of their revenues from extraction of thermal coal.
(2) Add “teeth” to CalPERS’ long-cherished process of shareholder engagement by setting firm criteria for measuring changes in fossil fuel companies’ business practices, and initiating divestment if these criteria are not met by date certain.
(3) In particular, FFCA asks CalPERS to reduce its exposure to ExxonMobil, its second-largest stock holding as of June 30, 2015, in light of the company’s financial and legal woes. The Department of Justice has just referred the matter of ExxonMobil to the FBI’s Criminal Investigative Division for further study.
Join us in Sacramento: 9 a.m., Monday March 14th at CalPERS Headquarters
Robert F. Carlson Auditorium
Lincoln Plaza North
400 P Street
Sacramento, CA 95811
If you have any questions, email the principal writer of the letter, Janet Cox, at janet at jwcox.com.