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Supervisors press SFERS on fossil-fuel risk; retirement staff outlines steps and a $100 million fossil-free purchase
Summary
At an Oct. 22 Rules Committee hearing, San Francisco supervisors questioned SFERS staff about progress toward divesting from high-carbon fossil-fuel holdings. SFERS Director Jay Huish described a three-level engagement policy, recent proxy-policy changes and a board-approved $100 million passive fossil-free index investment being finalized this year.
San Francisco supervisors pressed the San Francisco Employees' Retirement System on Oct. 22 over the pace and scope of its response to climate-related investment risk, while retirement staff laid out a plan that includes stronger proxy voting, expanded engagement and a planned $100 million passive fossil-free index investment.
Chair Supervisor Avalos opened the hearing by noting the Board of Supervisors' April 2013 resolution urging SFERS to address stranded-asset risk posed by fossil-fuel companies and asked SFERS Director Jay Huish to outline the system's work since that resolution. Huish told the Rules Committee that SFERS now uses a three-step framework: level 1 active proxy voting; level 2 activism and shareholder engagement; and level 3 restrictions or divestment.
"We adopted level 1 engagement earlier this year and have amended our proxy policy to ensure we vote in favor of more disclosure on climate risk when those resolutions arise," Huish said. He acknowledged that earlier in the proxy season SFERS…
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