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Albany committee forwards updated ESG investment policy with value statement to city council
Summary
The Audit and Fiscal Sustainability Standing Committee voted to recommend that the City Council adopt an updated investment policy that includes a value statement and directs exclusions via the city's ESG implementation policy; staff may refine language before council review.
On Oct. 13 the Audit and Fiscal Sustainability Standing Committee recommended the City Council adopt an updated investment policy that adds a value statement to Albany's environmental, social and governance (ESG) investing framework and clarifies how excluded companies would be communicated to the city's investment manager.
The value statement language discussed would emphasize supporting responsible companies, avoiding ‘‘harmful industries,’’ and using multiple sources to evaluate alleged human-rights violations. Raina Schwartz, finance director, said the item was returning to the committee after adoption of a revised city investment policy and an ESG implementation policy and that the committee could provide direction on whether to include a value statement.
"This is an item that is…
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