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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, and that any companies the council chooses to exclude would be communicated to the investment manager by amending that implementation policy.
Committee members discussed how often the policy and exclusions should be reviewed. One committee member said the draft should emphasize supporting “responsible companies,” avoiding harmful industries, and respecting human rights while using multiple information sources to identify violations that commercial ESG ratings may miss. Director Schwartz said quarterly ESG data will be provided to the council and could trigger earlier review, but recommended retaining an annual policy review minimum to comply with applicable state requirements for an appointed treasurer.
Schwartz also noted the city’s portfolio manager was able to execute changes shortly after September’s policy adoption: “That change occurred in the portfolio within about a month of the adoption,” she said, describing a small, quick divestment of specific holdings.
A committee member moved to recommend the updated investment policy as shown on screen, with a second noting staff may make legal or editorial adjustments before the Council packet; the motion carried and will be forwarded for full City Council consideration.
What happens next: the recommended policy, with any staff‑cleared language changes, will be included in the Council agenda packet for formal Council review and adoption. If Council decides to exclude specific companies, staff will implement that direction by updating the ESG implementation policy and sending the revised directions to the investment manager.
