Report says CalPERS investments too focused on environmental and social activism
Friday, December 15, 2017
The American Council for Capital Formation (ACCF) said CalPERS board members have overemphasized what are called Environmental, Social and Governance (ESG) investments — and the sluggish returns on those investments are dragging down the pension fund’s bottom line.
The 30-page critique said CalPERS’ ESG investments have not been “translating into wins for its pensioners or the taxpayers who bear the burden for covering shortfalls” and “the use of these funds to advance an environmental agenda has plunged the system and California into a building financial crisis.”
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