In the past year, environmental, social, and governance (“ESG”) practices have faced heightened scrutiny in the United States from state attorneys general, state and federal.
In the event a plan participant files bankruptcy—typically chapter 7 or 13—a number of issues can arise for a pension plan. Since the modern Bankruptcy Code of 1978 was enacted, many courts.
New York City Pension Trustees Voted to Divest Estimated $4 Billion in Fossil Fuel Securities
Posted on 01/25/2021
New York City Mayor Bill de Blasio, Comptroller Scott M. Stringer, along with trustees of two of the City’s pension funds, announced these funds have voted to divest their portfolios of an estimated US$ 4 billion from securities related to fossil fuel companies. The divestment, expected to be one of the largest in the world, will address the significant financial and environmental risks that these fossil fuel holdings pose to the funds. In 2018, New York City became the first major city in the nation to commit to divesting major public pension funds from fossil fuel reserve companies. Since the initial announcement hundreds of other institutions, governments, and entities have joined this commitment.