The $346 billion California Public Employees’ Retirement System has come out swinging against a report on its ESG investing program from the American Council for Capital Formation, calling it “slanted.” In a statement, the retirement system announced, “The report argues that our efforts to engage with companies on policies that can impact their bottom line have harmed returns. The report is dead wrong.”

CalPERS defended its focus on environmental, social and governance issues, and noted it will continue to engage with companies “to help improve their governance practices or environmental stewardship, or to adequately plan for the impacts of climate change.”