Stock of Hess Corp. will be divested along with other energy companies if they don’t justify oil and gas reserves and stop denying climate change.
Investment committee research finds companies don’t meet divestment threshold
Action follows American Federation of Teachers’ critical report on Trump’s immigration policy.
The fund is also barred from making any future investments in these industries.
New York State Common Retirement Fund owns stakes in GEO Group, CoreCivic.
Review ordered personally by CalSTRS CIO Chris Ailman in a rare move.
Board of managers upholds 1991 policy to seek financial results, not social objectives.
Fund says its producers have a grim future as society abandons the fuel as an energy source.
To change problematic companies, institutional investors say to stay in and help restructure ESG policies.
Group decries push to dump fossil-fuel stocks, saying that will hurt returns.
Fund targets 4% global assets increase.