Posted on 02/15/2005 9:01:50 AM PST by NormsRevenge
Trustees of the California Public Employees' Retirement System approved a campaign Monday asking automakers, utilities and other public companies to reveal their efforts to curb global warming.
The four-prong environmental initiative, approved unanimously by CalPERS board members, comes as the international Kyoto Protocol for cutting greenhouse gas emissions takes effect Wednesday.
It also comes after automakers spurned a meeting with CalPERS and the California State Teachers' Retirement System to explain a lawsuit against new state rules clamping down on greenhouse-gas exhaust from cars.
"This is a bad time for the automakers to be turning in the other direction," said CalPERS trustee and state Controller Steve Westly. "Detroit ought to be investing in cleaner vehicles, not a blockade."
Promoted by Westly and fellow trustee and state Treasurer Phil Angelides, the CalPERS campaign is aimed at exploring global warming and the potential financial risks faced by companies in its $182.9 billion investment portfolio.
CalPERS, the nation's largest public pension fund, and CalSTRS, the No. 3 fund, already have agreed to boost investments in clean technology. Both are considering plans to improve the energy efficiency of real estate in their portfolios.
One expert called the CalPERS environmental corporate governance campaign unprecedented for U.S. pension funds.
"That would be considered ahead of the curve. It's not something you traditionally see," said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. "In Europe, corporate social responsibility is in vogue. American governance has been focused on shareholder return."
In tackling global warming, CalPERS trustees say they want to ensure their investments in automakers, electric utilities and other public companies are not jeopardized by environmental issues. But investment officials said studies are inconclusive about whether good corporate environmental practices actually result in higher investment returns.
(Excerpt) Read more at sacbee.com ...
fyi
Carbon Dioxide is plant food.
Interesting harbinger for the future of Social Security Investment Accounts. Are investment funds the next tool for the advancement of the liberal agenda?
Will these efforts help Calpers meet its actuarial rate of return?
Doens't sound like CALPERS is meeting it's fiduciary responsibilities.
Huh? Just wait until all those batteries from hybrid cars need to be re-cycled. Or when all those wind farms get sued over bird smacking into turbine blades. A lot of these goodie two-shoes 'green initiatives' are going to be much more costly down the road than planned. It should be easy to affix costs but nobody does because it it not PC.
Agreed. It is a definite conflict of interest to occupy an elected position and an appointed position, simultaneously. The temptation to use one position to influence the other, or for the self promotion of political agendas is too great, as is demonstrated by Angelides and Westly. It is an oversight of the California Legislature that it is not illegal for elected officials to be public trustees while holding office. But then, these people are all Democrats. It's asking too much for them to be wise.
Actually, they're an old tool (think South Africa, "divestment" and 1980s).
"Bigger air conditioners."
California must truly think it is the center of the universe when it believes that it's extremist greenie efforts will make a flyspeck of difference in the alleged global warming when massively populated countries like China and India are exempt from the stipulations of the Kyoto debacle.
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