Posts Tagged ‘CalPERS’

CalPERS Votes to Expand Divestment from Tobacco

UPDATE, 12/19: Success!  On a motion by State Controller Betty Yee with a second by Priya Mathur, the CalPERS Investment Committee voted 9–3 to expand divestment from tobacco. CalPERS will continue the current tobacco divestment, and it has directed staff to expand the divestment to externally managed funds and to the Affiliate Fund portfolios.  The…

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Tell CalPERS: No reinvestment in tobacco!

Staff of the California Public Employees’ Retirement System (CalPERS), the largest public pension fund in the country, is recommending that the fund’s Board vote in December to reinvest in tobacco, based on profits the tobacco companies have made overseas since CalPERS divested 16 years ago. Q. Why is the tobacco decision important for fossil fuel…

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CalPERS' tobacco debate crystallizes sustainable investment dilemma

Following three months of troubled debate, the CalPERS Board of Administration (acting as the fund’s Investment Committee), will decide at its May 16 meeting whether to put to bed the possibility of reinvesting in tobacco after 16 years of divestment. In spite of restrictions on advertising and a decline in smoking in the U.S., the big tobacco firms’ international…

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Tobacco is a bad investment, CalPERS!

The California Public Employees’ Retirement System is considering a staff proposal this month that could lead to reinvestment in tobacco companies. It would also effectively foreclose divestment from companies that produce fossil fuels and other deadly products. If enacted, the proposal would “forbid CalPERS, in the management of its portfolios, from sacrificing potential investment performance or…

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CalPERS Meeting on Climate Change: FFCA Letter and Comments

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…

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New Year's resolutions for a 1.5° world

  I’ve been watching videos of COP21 panels and press briefings I missed or couldn’t get into in Paris, and the shift in tone—from something like grim determination early in the conference to relief and euphoria at the end—is really striking. Everyone knew that holding global warming to 2°C. would be painful and deadly, but…

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CalPERS tiptoes into engagement with coal companies

At their first meeting since the Governor signed SB185 requiring CalPERS and CalSTRS to divest from coal stocks, the public pension fund’s Investment Committee heard a consultant report on 1) the prohibitive transaction costs of divestment, and 2) all the money the fund ($293 billion and counting) might have had the Board not instructed staff to divest from South…

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Brown signs SB 185: Divest coal!

Governor Jerry Brown signed Senate Bill 185 today. Our two state pension funds are now required to purge their portfolios of that most pernicious of fossil fuels, coal. It’s time to celebrate! The enactment of SB 185 is an enormous step forward for the divestment movement—in fact, for the entire climate movement—because CalSTRS and CalPERS are the largest state…

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CalPERS, CalSTRS lose $5 billion on fossil fuels

Over the last fiscal year, CalPERS and CalSTRS held on to their investments in coal, oil, and gas. They now know that was a big mistake. Clinging to the myth of Old Energy’s profitability and the chimera of shareholder engagement, the two big California state pension funds squandered over $5 billion in pension assets. 350.org today released…

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