Seattle employees pension fund won't divest from fossil fuels
The board that manages the pension fund for Seattle city employees decided Thursday against divesting the fund’s $2.5 billion in assets from fossil-fuel investments.
Seattle Mayor Ed Murray had sent a letter to the Seattle City Employees’ Retirement System board of administration asking the board to divest any holdings in companies whose primary business is the mining of coal.
Seattle City Council Members Mike O’Brien and Lisa Herbold as well as former mayor Mike McGinn also offered public testimony Thursday in favor of divestiture.
The board stated it would further consider increasing investments in renewable energy from 3 to 5 percent of the pension fund’s overall holdings — $50 million in all.
Read more: http://www.seattletimes.com/seattle-news/environment/seattle-employees-pension-fund-wont-divest-from-fossil-fuels/