Local President Yvonne Walker said she’d support divestment from fossil fuels in general.
One more would have triggered divestment from businesses that work on the Trump administration’s proposed border wall. Dozens of Dakota Access Pipeline opponents packed Cal PERS’ February meeting, where they implored the board to shed its investments in the pipeline’s builder.
Many of them were retired public workers and teachers, who viewed global warming as a greater threat to their retirement security than Cal PERS’ unfunded pension obligations.
Cal PERS has been nudging companies to disclose climate risks with shareholder votes this year, including major oil producers like Exxon Mobil and Chevron.
It advertises those votes to demonstrate its impact on social and environmental issues.
Cal PERS has missed about $8 billion in potential earnings because of its divestment choices dating back to the 1980s, according to a February report by Wilshire Associates.