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Public commenters urge WSIB to adopt responsible‑investment framework, press TowerBrook over Compassus labor complaints
Summary
At the June 18 WSIB meeting, dozens of oral and written public comments urged the board to adopt a responsible‑investment framework, divest from certain defense and fossil‑fuel holdings, and to press TowerBrook to resolve labor and patient‑care complaints at Compassus/Providence at Home.
Scores of public commenters told the Washington State Investment Board on June 18 that the board should align its investments with human‑rights and climate policy goals and press private equity partners over alleged labor and patient‑care failures.
“I'm concerned about the long‑term stability of the pension funds due to continued fossil fuel investments,” said Phyllis Farrell, a Plan 1 beneficiary and retired public‑school teacher, in one of the first in‑person comments. She told trustees that fossil‑fuel investments create stranded‑asset and climate risks that harm younger beneficiaries.
Multiple speakers linked private‑market commitments to labor and patient‑safety concerns at Compassus — a portfolio company mentioned repeatedly. “Thousands of our members are beneficiaries of this board,” said Stacy O’Kilfil, senior director at SEIU 1199 Northwest. O’Kilfil said WSIB has committed “$1.5 billion in various TowerBrook funds, including $450,000,000 in TowerBrook Investor 5,” and urged the board to “directly engage TowerBrook to settle a fair contract and address these outstanding complaints.”
SEIU members who testified described higher patient loads, missed visits, chronic understaffing and dozens of complaints filed with state regulators. “We deserve to make livable wages. We deserve benefits. We deserve to have adequate staffing,” said Mildred Palmer, a licensed practical nurse and SEIU local leader, adding that understaffing has reduced face‑to‑face patient time and posed safety concerns.
Other commenters pressed for divestment from defense and surveillance firms and named companies including Boeing, Lockheed Martin, Northrop Grumman and Palantir. Colleen Curtis of Amnesty International’s Bellingham chapter urged divestment from firms the organization has flagged in a recent report tied to arms or surveillance sales. Several speakers asked the board to review holdings against UN and international law lists.
Speakers also urged WSIB to adopt a formal “responsible investment” or standards framework at its July strategic planning retreat so the board can evaluate governance, human‑rights and climate‑related financial risks across both public and private portfolios. “We are asking that at your July retreat you establish a responsible investment standards framework,” said Rebecca Gibbons, a school nurse pensioner.
The chair acknowledged the comments and said staff had already met with SEIU earlier in the week and that staff will look into the issues raised. “We do engage with companies on many of the material investment issues you raised through both our asset stewardship and advocacy efforts, and we will continue to do so,” the chair said.
Next steps: commenters asked for clear follow‑up, including engagement outcomes with TowerBrook and a report after the board’s July retreat. The board did not take a formal vote on policy changes during this meeting.
