CalSTRS Applauds Citigroup’s Leadership on U.S. Commercial Firearms Policy
WEST SACRAMENTO, Calif. (March 26, 2018) – Today, Harry Keiley, the Chair of the Investment Committee for the California State Teachers’ Retirement Board, made the following statement regarding the March 22, 2018 announcement by Citigroup, Inc. that they are instituting a new U.S. Commercial Firearms policy. According to Citigroup, Inc., the policy prohibits the sale of firearms to customers who have not passed a background check or who are younger than 21; bars the sale of bump stocks and high-capacity magazines; and applies to clients who offer credit cards backed by Citigroup or borrow money, use banking services or raise capital through the company:
“On behalf of the California State Teachers’ Retirement Board, we applaud the stellar corporate leadership exemplified by Citigroup in implementing this impactful firearms policy. Citigroup’s actions serve to influence the efforts to prevent firearms from getting into the wrong hands. By modeling best practices and demonstrating actionable steps that others can take, Citigroup is at the forefront in trying to bring about change, and end ‘the cycle of tragedy and inaction.’
“As the world’s largest teacher pension fund, CalSTRS recognizes that classrooms are meant to be sacred spaces for our children to learn and grow; where fear and violence have absolutely no place and will not be tolerated.
“And as an active shareowner, CalSTRS commends Citigroup’s courageous change leadership and the powerful steps they are taking to tackle the challenges associated with keeping firearms out of the hands of those who wish to do harm. These acts of corporate courage serve to advance efforts to prevent even more heinous gun-related tragedies from taking place.”
CalSTRS’ holdings in Citigroup, Inc. are worth more than $1.35 billion, as of December 31, 2017.
The California State Teachers’ Retirement System, with a portfolio valued at $224.4 billion as of February 28, 2018, is the largest educator-only pension fund in the world. CalSTRS serves California’s more than 933,000 public school educators and their families, from the state’s 1,700 school districts, county offices of education and community college districts. A hybrid retirement system, CalSTRS administers a combined traditional defined benefit, cash balance and voluntary defined contribution plan. CalSTRS also provides disability and survivor benefits. CalSTRS members retire on average after more than 25 years of service, with a median retirement age of 62.9, and a monthly pension of approximately $4,475, which is not eligible for Social Security participation. For more data, download the CalSTRS Fast Facts 2017 brochure.
See how CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Global Reporting Initiative sustainability report: Global Stewardship at Work.