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Albany narrows proposed ESG investment policy, adds exclusions and asks staff for value statement work
Summary
Albany City Council voted Sept. 2 to adopt a staff-recommended ESG investment framework that pairs industry exclusions, a third-party ESG risk ceiling and a best-in-class filter for eligible issuers, and directed a committee to draft a values statement to guide future screening.
Albany's City Council on Sept. 2 moved forward with a resolution directing staff to implement an environmental, social and governance (ESG) approach to the city's investments while adding several explicit industry exclusions and directing a committee to draft a broader values statement for council review.
The finance director presented a multi-pronged implementation policy that combines three elements: (1) industry exclusions, (2) an overall ESG risk limit based on third-party scores, and (3) a requirement that eligible issuers be in the top half of performers within their sub-industry. The approach aims to limit financial risk while aligning investments with the city's ESG priorities.
Under the policy staff described at the meeting, the exclusions and screening would be forward-looking and effective after adoption; currently held securities that fall within newly excluded…
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