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Crowd urges Antioch to add ethical investing clause; council splits on statement of investment policy
Summary
More than a dozen residents asked Antioch to adopt an ethical investment policy and to divest city funds from bonds tied to Lockheed Martin, Chevron and Caterpillar. After extended comment the council tied 2–2 on adopting the staff-proposed statement and directed the treasurer and the city's investment advisor to meet with advocates and return with recommendations.
Hundreds (dozens in person plus many speakers) turned out at the June 9 City Council meeting to press for an "ethical investment" policy and to ask the city to divest from corporate bonds held in the city portfolio tied to Lockheed Martin, Chevron and Caterpillar.
Speakers representing labor, youth groups, faith groups and local chapters of the Democratic Socialists of America argued the bonds support companies that are implicated by international civil‑society boycott/divestment lists and urged Antioch to follow nearby jurisdictions that have added ethical restrictions to investment statements. "Our tax dollars should not support the murder of civilians," one speaker said.
Council debate and vote: Council members discussed timing, legal constraints and the city treasurer's role. The city treasurer and the city's investment advisor (PFM) were not present. Facing a June 30 deadline to adopt a periodic statement of investment policy, councilors split on whether to approve the staff‑drafted document and simultaneously direct a review. A motion to adopt the current policy passed a 2–2 tie notation and therefore failed to carry; council directed the treasurer and PFM to meet with community representatives and return with options for consideration at a future meeting.
What to watch: Advocates asked for a firm timeline and an agendaed city response; staff said it can convene the treasurer and the investment consultant and return recommendations. The fiscal impact of revising the investment policy depends on market availability of replacement securities and legal constraints on planned maturities; staff advised any substantive change should be coordinated with the treasurer and city investment counsel.
Attribution: Quotes in this article are drawn from multiple community speakers who addressed the council and from city staff comments recorded at the June 9 meeting.
