One of the US’s biggest public pension schemes has rejected efforts by legislators to make it dump its holdings in fossil fuel companies, warning that such demands would hit the value of its members’ savings.
The $319bn California State Teachers’ Retirement System (Calstrs) has pushed back against a new bill from the California Senate which would block it from owning stakes in oil and gas producers.
“Our policy is unequivocal that we oppose bills that force divestment,” said Harry Keiley, chair of the Calstrs board, in a statement this week.
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