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After heated public hearing, Alameda County directs treasurer to draft ethical investment policy with 90-day timetable
Summary
The Board directed Treasurer Hank Levy to draft an ethical investment policy after a polarized public hearing about divestment and human-rights screening; the treasurer asked for 90 days to produce a draft and raised implementation questions about negative screening vs. positive/impact investing.
The Alameda County Board of Supervisors on Dec. 10 voted to direct County Treasurer Hank Levy to develop an ethical investment policy, after a lengthy and at times emotional public hearing in which more than 100 people spoke for and against divestment.
Supervisor Keith Carson introduced the directive, saying the county should align its investments with community values and consult stakeholders including communities of color and unions. "We're going to propose and the board would have to take an action on it, to direct the treasurer to develop an ethical investment policy," Carson said when introducing the item.
Treasurer Hank Levy gave a detailed overview of the county’s existing investment policy and the legal constraints that govern governmental funds. He described the county’s 2020 policy language that includes socially responsible investment objectives and said he favors positive, impact-focused investing while acknowledging divestment (negative screening) is a possible tool if used with a clear, implementable plan. Levy also said he had initiated the sale of Alameda County positions in Caterpillar bonds and asked the board for two changes to the staff’s timetable: 90 days (not 35) to draft a policy and discretion to present the policy either as an integrated amendment to the county’s Investment Policy Statement or as a related guideline for regular adoption.
Public comment was intense and sharply divided. Hundreds of one-minute remarks included calls to divest immediately from companies alleged to enable human-rights abuses in the Israel–Gaza conflict and demands for language prohibiting future investments in certain industries. Other speakers urged caution, warned of economic consequences and said the item unfairly singled out one nation or community.
After the public hearing, the board adopted a motion, amended to incorporate Levy’s requests, directing the treasurer to prepare a draft ethical investment policy within 90 days and an implementation plan within a subsequent 190-day window; staff will consult the Treasury Oversight Committee and community stakeholders as part of the process. The motion passed on a roll call (Howard Aye; Marquez Aye; Tam Aye; Carson Yes; Miley Yes).
