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SFERS receives annual ESG update as staff reaffirms materiality-based approach
Summary
SFERS staff presented a broad ESG update, outlining a three-pillar program—active ownership, integration into investment due diligence, and market engagement—while warning of regulatory and proxy-voting shifts that have reduced shareholder-proposal activity in 2025.
San Francisco Employees' Retirement System staff delivered their annual ESG program update, briefing the board on how market, policy and legal shifts are reshaping sustainable-investing practices.
Allison Romano, chief investment officer, said the presentation reiterates SFERS’ three-pillar approach—active ownership, ESG integration into investment management, and collaboration and communication—and explained why staff shifted this year to emphasize how external developments affect the system’s sustainable-investing priorities. Andrew, an investment staff presenter, described how recent regulatory and market actions have reduced public shareholder‑proposal activity and altered proxy‑voting dynamics.
The presentation highlighted several…
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