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Supervisors send fossil fuel divestment resolution to full Board after lengthy debate and public comment
Summary
The GAO Committee heard a resolution urging the San Francisco Retirement System to renew its commitment to divest from publicly traded fossil fuel companies. Retirement board commissioner Victor Macros and Executive Director Jay Huish debated performance and engagement strategies; dozens of public commenters urged immediate divestment. The committee moved the resolution to the full Board with recommendation.
The Government Audit and Oversight Committee on Sept. 5 considered a resolution urging the San Francisco Employees' Retirement System (SFRS) to renew its divestment commitment from publicly traded fossil fuel companies and to provide an update on public and private equity fossil fuel holdings.
Supervisor Aaron Peskin, the resolution's author on the committee, framed the item as a fiduciary and climate concern. "Pension fund fiduciaries should consider their portfolios' exposure to climate-related risk and whether or not they are investing in a manner consistent with the best interests of their beneficiaries," Peskin said in presenting the item.
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