The California State Teachers’ Retirement System (CalSTRS) board has opposed legislation that would prohibit CalSTRS from making additional or new investments in fossil-fuel companies and require divestment from these companies by July 1, 2021.
CalSTRS said its board has a policy to oppose legislation that restricts or infringes on the plenary authority of the board to administer its retirement plans and infringes on the investment authority of the board. Nine board members voted to oppose the measure with one abstention and two votes favoring the bill.
“Our policy is unequivocal that we oppose bills that force divestment,” said Harry Keiley, CalSTRS chair. “We all want to get to the same place, to take powerful action to address climate change. We can do that and ensure a secure retirement for California’s hard-working teachers through our plan to leverage our relationships, coalitions and investments.”
CalSTRS invests in 174 companies with a combin
