Published: December 17, 2015
San Francisco, CA – The Retirement Board of the San Francisco Employees’ Retirement System (SFERS) voted on Wednesday, December 9, 2015, to divest its public holdings in thermal coal companies. Retirement staff reported that the SFERS portfolio currently includes approximately $21 million in public investments in eight thermal coal companies – approximately $18.9 million in public equity investments and approximately $2.1 million in fixed income investments. The Retirement Board’s action directs SFERS staff to bring back to the Board its implementation plan to prudently divest of these holdings under the Retirement Board’s Social Investment Policy, as well as its recommendation for reinvesting the proceeds in alternative green energy investments, including renewable energy investments.
“This is a historic moment for San Francisco,” said Supervisor Malia Cohen, President of the Retirement Board. “Today we made it clear that we uphold our moral responsibility as much as we uphold our fiduciary responsibility. I hope the decision sends a strong message to the rest of the country.”
“Retirement staff is committed to working in accordance with our fiduciary duty to implement this important Board decision,” said Jay Huish, SFERS Executive Director.