Commissioner bridges has indicated she is on her way. Commissioner driscoll. Commissioner makras will not be present. Commissioner meiberger is out of the country. Commissioner paskin jordan. Present mpt commissioner stansbury item 3 general Public Comment. Thank you. Speak into the m ic. Sorry i couldnt help myself, you always say it, i had to say it to you. [inaudible] good afternoon commissioners. Im patrick [inaudible]. Executive director hish to hand a verbatim transscript of last months meeting. [inaudible] i testified july 8, [inaudible] should table the [inaudible] investment. Mrs. [inaudible] noted the proposal doesnt meet guidelines. Commissioner driscoll asked whether it involves a prohibited [inaudible] commissioner stansbury asked [inaudible] regarding ers investment staff and whether they have experience with asset back liability securitization. Loan obligations and a finding Credit Ratings to individual securities noting they go hand in hend hand with a potential [inaudi
Seeing no discussion is there a motion to move the motion to approve this item 4 . I move. Thank you motion made and seconded. Is there objection . Lets take Public Comment. Sorry to get in your way, commissioner. Not in my way if nothing else i ask that you read the poll quotes in the transscript i handed out on page 5 and the foot notes. These draft minutes are deplorable. You should also table adopting them. [inaudible] executive secretary wasted no effort to accurately summarize and report the oral testimony presented by 5 members of the public. Mrs. [inaudible] david william, cay walker [inaudible] most of whom were reduced to a mere 7 word quote spoken in opposition to the proposed investment. The secretary appear tooz have done so deliberately. The minute omit commissioner makras final questions about the irr. The minutes omit commissioner stansburys question regarding a appropriate benchmark. There is nothing in the minute addressing stansburys question about irr on the [inaudi
The supervisor said i want to get a lot of money. So do i. Thousands of city workers signed petitions saying they dont want their what the city workers think and i think thats a statement really of the problem that we have here. The city workers retirees an active city workers have a right to have a pension fund that is going to be secure and theyre very concerned that proposals to turn it into hedge funds will put their pensions in jeopardy and the fact that you have somebody who sells Pension Funds, who invests in Pension Funds and is on the board and youre going to be reappointing this person to a five year term, what does that tell me an otherwise city workers . That you would have somebody that has a personal conflict of information on the pension board, whos questioning were having a trial. Ed lee was informing about this conflict of interest before he reappointed here and he continued to reappoint her. That tell ls me this mayor is not concerned about the retirees and active wor
The connection theyre trying to make here is that wendy paskinjordan has been a barrier to the Due Diligence of the board finding out whether or not they are sitting on significant carbon risk. I would say that its up to this board here to up hold the integrity of its board through this. And theres a difference between intent and action. Theyre very separate things and although intentd is significant the action is without a doubt where the rule was broken. So when funds were traded after ms. Paskinjordan was on the board that seems like a very strong indicator for an ethics violation and this is the opportunity to keep the first board at the highest caliber business examining this further. Thank you. Hello, im a San Francisco resident and member of fossil free San Francisco as well. I think the previous comments, i have heard an explicit call that she not be reappointed and they were basically giving their reasons why they dont think she is adequately representing her fiduciary duty on
Retirement board was asked to do. Another aspect thats change td since april of 2013 is the new energy landscape. Even a few years ago its here. Renewable cheap energy is seriously impacking traditional Power Generation an power companies. In the u. S. Coke brothers i could go on about that. The third is the carbon bubble. More and more authority, the bank of london, the british financial minister say wezre in the midst of a carbon bubble that could plummet and make the retirement board has to the tune of i think 3500 million thats worthless. So lets catch up. Thank you. Thank you for your Public Comment. That ng you. And again, im dpoing to have to remind everyone that your Public Comments must be confined to this item which is about wendy paskinjordans reappointment. Please continue your comments in relation to these items or else we will have to sprupt you. Interrupt you. Thank you very much. My name is brett, im Senior Analyst at 350. Org. My job is to track Public Institutions rea