that they would be looking out for the retirees funds and interest. without i m comfortable supporting this resolution. president chiu: supervisor farrell. supervisor farrell: thank you supervisor avalos and president chiu, i made amendments. a primary concern is the investment returns coming out of the retirement system specifically given that we depend so much on our city budget as employer but also as employees of the city and county of san francisco. those 7.5% annualized returns come to fruition. i realize that my amendments were duplicated so i will make a motion to remove referrer the result loss, line 23 and page 3, and ending on lne 22 page 4. colleagues i have that notion. president chiu: second by supervisor avalos. supervisor avalos. motion to amend? supervisor avalos: i want to thank supervisor farrell for his flexibility.i thought he was helpful to get together on the same page. president chiu: can we take without objection? supervisor yee. supervis
and different groups around the country that are challenging different cities like in seattle. our city has been a leader in addressing climate change historically and it is making great gains in reducing greenhouse emissions for the work of many of us. yes the san francisco retirement system has over half 1 billion dollars invested in fossil fuel companies. we should not be investing our city s pension fund and oil, gas and coal companies many of which are planning to continue to burning massive amounts of carbon into the environment, but rather ensure the safety of the communities and promote renewable alternatives. the city should be making investments consistent with the cleaner plan, support the public good. our pension fund should divest fossil fuels polluting our environment . invest in the energy sources of the future again thank you to supervisor avalos and the many richmond district residents and people throughout the city who have supported this. president chiu:
and to make myself available to you and answer questions that you may have on how we can begin to move this particular policy . agenda forward as you know there are other discussions that we are doing with, , not only talking about divestment from fossil fuels but also talking about it escapes me thank you, gun control. manufacturing gun control. and the predatory lending institutions of san francisco that have been identified as predatory lenders. i want to make sure that we are on the same page on that. thank you. president chiu: thank you. supervisor tank. this would be the largest investment effort of the sentences for retirement system that it will be taken to date. 583 million in public holdings; that means we will have to go imprudently reinvest all of the securities which it does come with risk. while it does make me uneasy i do realize that the retirement board does have our fiduciary responsibility in that language has been amended to the resolution, that th
ford is moving forward with the implementation of ab 832. government action is not enough. we have to recognize that we cannot burn all the oil and fuel and fossil reserves around. divestment is one tool that we have. the retirement board can invest responsiblywithout affecting the funds , security or yield. staff of the retirement board estimated out of the 15.6 billion the portfolio they have 583.7 million in the public holdings in the top 200 fossil fuel companies including 12 billion in exxon and 60 billion in chevron. the resolution calls for ceasing new fossil fuel investments and giving time to the board should divest in a responsible way. financial experts are studying how divest and can be done without increasing risks. the calculated that fossil fuels would increase the portfolio risk by only .01# for benchmark fund like the russell 3000 fund. for 73 percent of the rolling 10 year period the fossil fuel free portfolio outperformed the benchmark fund. the investment
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