Do this with your own money, not with mine:
If you think that CalSTRS, the behemoth pension system that supports California’s retired teachers, is focused on pensions, you are wrong. The largest teacher-focused pension system in the country is abandoning its core fiduciary role to chase left-wing political goals. Its mission creep will hurt teachers, taxpayers, and students alike.
In April, CalSTRS issued an extraordinary press release stating their priorities for the companies they invest in, including corporate greenhouse gas disclosures. CalSTRS is interested in achieving a “net zero” emissions portfolio. Of course, CalSTRS is also interested in corporate diversity, and states: “CalSTRS will vote against an entire board of directors that does not include at least one woman and against a board’s nominating and governance committee if at least 30% of its board members are not women. Furthermore, CalSTRS will vote against the nominating and governance committees of Russell 3000 companies that do not disclose their board members’ diversity characteristics.”
CalSTRS’ Board has morphed into Alexandria Ocasio-Cortez with a $300-billion billy club to swing at businesses that aren’t sufficiently Progressive.
If you were scouring the news for a few words about supporting corporate boards trying to grow profits, entering or creating new markets, utilizing innovation, expanding geographically, then CalSTRS is not the investment entity for you.
2 comments:
This has been a direction they have long pursued, maybe with less fervor than now, but a great example of history showing no one ever learns anything from history.
The CalSTRS chief investment officer, Chris Ailman, is a divestment skeptic.
“I’ve been involved in five divestments for our fund,” Ailman told the CalSTRS board last week. “All five of them we’ve lost money, and all five of them have not brought about social change.”
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Fortunately that stupidity has not reached my city pension. Can't say how safe my potential county pension is.
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