Multiple public commenters urge CalPERS to publish Tesla report and consider divestment; board sets March staff report
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Summary
Several public commenters urged CalPERS to release a company-specific report on Tesla and to consider divesting roughly $2 billion in holdings; President Taylor confirmed staff plans to present a report in March.
Multiple speakers during public comment urged the CalPERS Board to act on a previously directed staff assessment of Tesla and to consider divestment.
On the phone, Edward Hasbrooke told the board he was "here to speak in support of divestment from Tesla" and urged the board to "direct your staff to complete the report that you directed them to prepare last September" and make it public prior to the next meeting. He said the continued holding of roughly $2,000,000,000 in Tesla stock "doesn't put the matter to rest" and that the board should put the report on the agenda for action.
Ruth Rudetsky, representing Divest Tesla, summarized recent negative headlines about Tesla autonomy and management and asked directly: "Where's the report? Why haven't you held staff accountable? Divest from Tesla now." Susan McCarthy from San Francisco said, "I ask that CalPERS divest from Tesla stock as part of your fiduciary duty because it's a highly risky investment." Ralph Pollard (Divest Tesla) reiterated technical, safety and management concerns and urged divestment before further losses.
President Theresa Taylor responded on the record that staff had been directed to prepare the company-specific report and that she understood staff would present it in March. There was no formal motion or vote on divestment at this meeting; public commenters asked that the item be published and placed on a future agenda for consideration and action.
The board then adjourned into closed session to receive the general counsel’s update on pending litigation.