Posts Tagged ‘fiduciary duty’

CalSTRS Discusses Materiality of ESG Risk Factors

CalSTRS Investment Subcommittee’s recent discussions of ESG risk factors concerned the materiality of ESG risk factors – whether, and at what threshold, environmental, social, and governance factors materially affect the economic and financial value of an investment.

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Watch Live Video of CalSTRS Investment Committee

The Investment Committee of CalSTRS meets all day Friday, April 8 in Sacramento, beginning around 9 am. The Committee will consider a number of important items and policies. This meeting coincides with the newly released risk report on the Fund’s exposure from investments in fossil fuels. [ExxonMobil is CalSTRS’ 6th largest investment]. Fossil Free California’s …

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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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Rebuttals to an Anti-Divestment Op-Ed: Consider the Source

Fossil Free California and other climate activists are refuting a recent op-ed by William Shughart and Robert Wardle of Strata Institute that opposes CalSTRS’ divestment from thermal coal. As RL Miller of Climate Hawks Vote points out, “People need to know that this isn’t random – Strata is funded by Koch.” Shughart and Wardle’s guest…

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CalSTRS: Divesting from coal is not enough!

Climate risk is the number one threat facing the world; it’s also the number one risk to the global economy. The largest teachers’ pension fund in the United States, CalSTRS, recently voted unanimously to divest from US thermal coal—an important step in reducing carbon emissions. However, CalSTRS’ $1.5 million divestment from coal is overshadowed by…

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CalSTRS divestment: unhappy anniversary

Anniversaries are a time to pop open a bottle of champagne to toast the successes of the previous year; however, the first anniversary of Fossil Free California’s (FFCA) relationship with California’s state teachers’ pension fund, CalSTRS, has forced us to keep the bottle corked and hope for better days ahead. Why? Although teachers value CalSTRS…

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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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Vosburg: Shareholder engagement is futile

On Global Divestment Day, the second campaign-launch speaker in Sacramento was Jane Vosburg, a retired teacher and fervent activist for fossil fuel divestment. She is divestment coordinator for 350 Sonoma County and for the CalSTRS campaign of Fossil Free California. Her speech: “Action on climate change must happen now!” CalSTRS knows this. And CalPERS knows it. They also know that…

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CalPERS gift—a lump of coal

Here is more disturbing information about the dangers of coal, from Gary Horvitz. Gary is an erstwhile divestment activist and current CCL volunteer devoted to enacting carbon pricing worldwide. There is no dispute that coal is the dirtiest form of energy, contributing more carbon to the atmosphere than any other source of power. The coal life-cycle…

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Divest for financial security

Public policymakers, when they look carefully at the facts about climate change, usually conclude that it’s essential to divest from fossil fuels. The slide toward climate chaos must be resisted with every weapon, and it doesn’t make sense for public leaders to remain invested in products that are destroying the world they are trying to…

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