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Committee recommends updated investment policy with ESG value statement for City Council review
Summary
The Audit & Fiscal Sustainability Committee voted to recommend an updated investment policy that adds a value statement referencing ESG practices and use of multiple data sources; staff said any company exclusions would be implemented by amending the ESG implementation policy and forwarded to the city’s investment manager.
The Audit & Fiscal Sustainability Standing Committee voted on Oct. 13 to recommend an updated City of Albany investment policy that includes a draft value statement on environmental, social and governance considerations.
Finance Director Raina Schwartz told the committee the item returns after Council adoption of a revised investment policy and an ESG implementation policy. She said the implementation policy—rather than the high‑level investment policy—contains the detailed directions the city gives to its portfolio manager,…
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