WEST SACRAMENTO, Calif. – CalSTRS voted its 11.6 million shares against long-tenured board members John D. Baker II, John S. Chen, Lloyd H. Dean, Enrique Hernandez, Jr., Donald M. James, Cynthia H. Milligan, Federico F. Peña, Stephen W. Sanger, and Susan G. Swenson. These board members failed in their duty to shareholders to identify the weaknesses in the company’s risk and oversight mechanisms.
WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System today announced that Governor Brown has appointed Karen Yamamoto to the California State Teachers’ Retirement Board. The board oversees the retirement benefits for California’s prekindergarten–12 and community college educators covered under the California State Teachers’ Retirement System (CalSTRS).
Prohibits the CalSTRS and CalPERS boards, subject to fiduciary duty, from making additional investments or renewing existing investments, on or after January 1, 2018, in a company constructing, or funding the construction of, the Dakota Access Pipeline. Also, requires the CalSTRS and CalPERS boards, subject to fiduciary duty, to liquidate their investments in a company constructing, or funding the construction of, the pipeline on or before July 1, 2018.
Prohibits the CalSTRS and CalPERS boards from making additional or new investments or renewing existing investments in any company that contracts or subcontracts to build, maintain or provide material for President Trump’s Border Wall. Requires the CalSTRS and CalPERS boards to engage with, and to liquidate their investments in, such a company within 12 months of the company contracting or subcontracting to provide work or material for a border wall. The bill also requires the boards, by January 1, 2019, to report to the Legislature any investment actions related such companies, subject to the fiduciary duty of these boards and indemnifies board members, officers, employees and contracting investment managers for actions related to the bill.
Prohibits the CalSTRS and CalPERS boards from making additional or new investments or renewing existing investments in any investment vehicle issued, owned, controlled or managed by the government of Turkey, and requires divestment from those investments within six months of the passage of a federal law imposing sanctions on Turkey, subject to the fiduciary duty of the boards. Requires the boards, within one year of the passage of such a federal law, to report to the Legislature any investments in a Turkish investment vehicle and the sale or transfer of those investments, subject to the fiduciary duty of the boards. Also indemnifies present, former and future board members, officers and employees of and investment managers under contract with those retirement systems for actions related to the bill.
Requires that on and after January 1, 2019, the CalSTRS and CalPERS boards consider the financial climate risk, as defined, of each investment, or potential investment, as part of their discharge of their fiduciary duties with respect to the investment. Also requires, by January 1, 2020, and annually thereafter, the boards to report on the financial climate risks of their investments, including the carbon footprint of the investments as specified.
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