Conceding to pressures to divest from fossil fuel companies, San Mateo County Treasurer Sandie Arnott directed the firm that manages the county’s assets to no longer invest in such companies.
The move, detailed in a letter from Arnott to Nancy Jones, the director of the firm PFM Asset Management, comes after supervisors voted 3-1 to approve the county’s 2022 Investment Policy Statement. No changes were made to the policy before approval despite calls from Supervisor David Canepa and other community members to end ties with fossil fuel companies.
During Tuesday’s meeting, Arnott argued her responsibility was to act in the best financial interest of the county. Less than 1% of the county’s assets are currently invested in fossil fuel companies, Canepa noted and Arnott confirmed during the meeting.
Interested in learning more about the effects of the change, supervisors directed Arnott to return in six months to revisit the issue.
But Canepa, the only member to vote against accepting the policy statement though Supervisor Dave Pine also voiced concerns, said Arnott has had adequate time to divest the county’s investments in the industry and said he couldn’t support a statement that didn’t do so.
He argued the investments go against the county’s stated priority of addressing climate change and was counter to previous legal actions the county took against large oil companies for their alleged contribution to sea level in the region.
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“We should not be supporting the Chevrons and Exxons of the world when they have known for decades about the cause of climate change including the release of carbon dioxide into the atmosphere from the burning of fossil fuels,” Canepa said in a statement.
In her letter, Arnott also requested a meeting with Jones to discuss potentially adding language about environmental, social and governance considerations to the investment policy.
Following the policy change, Canepa said “this decision to divest is long overdue.”
“Our investments should reflect our values of a clean energy future,” Canepa said.
Wow, what an impact - a big old honkin’ giant humongous less than 1% of assets! Yeah, that’ll show those big bad mean fossil fuel companies about SMC’s dedication to so-called global warming. Maybe instead, if SMC were really serious about making a statement instead of merely a token “woke” offering to get in the news they should direct PFM to divest from companies that use any products manufactured from fossil-fuels. Oh wait, they’d have to divest from all companies and hold cash.
I wonder how Sandie and David are coming to work every day? I presume by foot or bicycle? A cheap shot by politicians that has no impact whatever. I am investing in Chevron tomorrow.
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Wow, what an impact - a big old honkin’ giant humongous less than 1% of assets! Yeah, that’ll show those big bad mean fossil fuel companies about SMC’s dedication to so-called global warming. Maybe instead, if SMC were really serious about making a statement instead of merely a token “woke” offering to get in the news they should direct PFM to divest from companies that use any products manufactured from fossil-fuels. Oh wait, they’d have to divest from all companies and hold cash.
I wonder how Sandie and David are coming to work every day? I presume by foot or bicycle? A cheap shot by politicians that has no impact whatever. I am investing in Chevron tomorrow.
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Keep the discussion civilized. Absolutely NO personal attacks or insults directed toward writers, nor others who make comments.
Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't threaten. Threats of harming another person will not be tolerated.
Be truthful. Don't knowingly lie about anyone or anything.
Be proactive. Use the 'Report' link on each comment to let us know of abusive posts.
PLEASE TURN OFF YOUR CAPS LOCK.
Anyone violating these rules will be issued a warning. After the warning, comment privileges can be revoked.