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Supervisors ask SF retirement board to consider divesting ~$26 million in Russian securities over anti‑LGBT laws
Summary
After presentations by LGBT advocates, the Board’s Government & Audit Oversight Committee asked the San Francisco Employees’ Retirement System to evaluate whether it can divest roughly $26 million in Russian securities consistent with its fiduciary duties; SFERS staff said formal analysis requires a Retirement Board directive.
San Francisco supervisors pressed the city’s retirement system on Tuesday to examine whether it can pull roughly $26 million in Russian securities after a panel of LGBT and human‑rights advocates described laws and violence targeting gay people in Russia.
Supervisor Scott Wiener opened the hearing by outlining recent Russian measures he called harmful to LGBT people, and by noting he had previously asked SFERS staff to analyze the feasibility of divesting. Wiener said an October response from SFERS reported about $37 million in holdings; SFERS Executive Director Jay Huish told the committee those holdings have since fallen to just over $26 million.
“Those holdings have been reduced from $37,000,000 down to just…
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