CalPers STRS tchr

belated 5/16<div>
</div><div>see public pension</div><div>see divest</div><div>see Lena Gonzales CA</div><div>see Fossil Free CA UC
<div>=</div><div><div>The Sacramento Bee</div><div>Pension funds CalPERS, CalSTRS must divest from fossil fuels</div><div>How California's pension funds can invest in the future by ... in California are demanding divestment and standing up for climate justice.</div><div>.1 month ago</div><div>
</div><div>MarketWatch</div><div>CalPERS backs Berkshire shareholder measure to remove Warren Buffett as chairman</div><div>Influential pension fund also backs proposal for Berkshire to report its climate impact. Warren Buffett, seen speaking in 2013, has been both...</div><div>
</div></div><div>=<div>===</div><div>Climate change: Democratic Sens. <a href="https://calmatters.org/legislator-tracker/scott-wiener-1970/">Scott Wiener</a> of San Francisco, <a href="https://calmatters.org/legislator-tracker/lena-gonzalez-1981/">Lena Gonzales</a> of Long Beach and <a href="https://calmatters.org/legislator-tracker/henry-stern-1982/">Henry Stern</a> from Calabasas <a href="https://twitter.com/Scott_Wiener/status/1620160839365046272?s=20&t=_KVBb68DDqKwnIQBLx3OlA">introduced, or rather reintroduced, a package of bills</a>.

Wiener put forward SB 253, the Climate Corporate Data Accountability Act — a <a href="https://www.jdsupra.com/legalnews/key-corporate-climate-accountability-3692165/#:_{:text=Senator%20Scott%20Wiener's%20S.B.,to%20disclose%20their%20greenhouse%20emissions."}>bill that failed last year</a> to require corporations with more than $1 billion in revenue that operate in California to <a href="https://www.sacbee.com/news/politics-government/capitol-alert/article271831502.html">publicly disclose their greenhouse gas emissions</a>. He said the bill would make corporations “a heck of a lot more interested in buying clean energy.”

<ul><li>Wiener: “It gives large corporations two options:

disclose your emissions publicly or stop doing business in California —

and they won’t choose the latter.”
</li></ul>

Gonzalez introduced SB 252, a proposal that was <a href="https://calmatters.org/newsletters/whatmatters/2022/06/california-crisis-lawmakers-solutions/">also blocked last year</a> and that seeks to force the state’s public pension funds to divest from fossil fuels. Stern introduced <a href="https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB261">SB 261</a>, another measure that also failed last year. It requires companies that earn more than $500 million in revenue to prepare <a href="https://mobile.twitter.com/Scott_Wiener/status/1620160852031832065">climate-related financial risk reports</a>.

The climate efforts come in the midst of negotiations to cover a projected $22.5 billion budget deficit. Newsom has <a href="https://calmatters.org/environment/2023/01/california-climate-budget/">proposed cutting $6 billion</a> from the $54 billion, five-year <a href="https://calmatters.org/environment/2022/09/california-climate-change-legislature/">climate package he pushed through last year</a>.  
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</div><h1 class="page-header"> Press Democrat: New state senate bill would force CalPERS, CalSTRS to divest from major fossil fuel holdings</h1>

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</div></div></div><div class="field field-name-field-pubdate field-type-datestamp field-label-hidden"><div class="field-items"><div class="field-item even">February 17, 2022</div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><div>By MARY CALLAHAN</div>

<div>California’s two powerful public employee pension funds would be

required to withdraw their investments from fossil fuel companies to

help fight climate change under a state Senate bill introduced Thursday.</div>

<div>Authored by Sen. Lena A. Gonzalez, D-Long Beach, and co-sponsored

by Sen. Scott Wiener, D-San Francisco, the legislation would give the

California Public Employees' Retirement System and the California State

Teachers' Retirement System until July 2027 to divest a combined $9.9

billion from the Carbon Underground 200 — a list of companies considered

to have the greatest potential for future emissions from their coal,

oil and gas reserves.</div>

<div>

<div>The bill also would prohibit any new investments in those companies....</div></div></div></div></div></div></section></div>=<div times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb" style="background-color: rgb(255, 255, 255);">=</div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb" style="background-color: rgb(255, 255, 255);"><a href="https://www.desmog.com/2022/05/13/calstrs-calpers-pension-fossil-fuel-divestment-california/" style="text-decoration-line: none; font-weight: bold; outline: none;">https://www.desmog.com/2022/05/13/calstrs-calpers-pension-fossil-fuel-divestment-california/</a></div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb" style="">a newly published <a href="https://fossilfreeca.org/wp-content/uploads/2022/05/Hyperbole-in-the-Hearings.pdf" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="text-decoration-line: none; outline: none; box-sizing: border-box; background-color: transparent; box-shadow: none;">report</a> by Fossil Free California finds California’s pension fund managers are circulating divestment “misinformation” by exaggerating the costs involved in shedding their fossil fuel investments in documents prepared for state lawmakers.California lawmakers are currently considering <a href="https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202120220SB1173" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box; box-shadow: none;">Senate Bill 1173</a> (SB-1173), California’s Fossil Fuel Divestment Act, which would require the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS), to stop investing in fossil fuels before the decade is out. The move would impact billions of dollars currently invested in oil, gas, or coal on behalf of California’s teachers, <a href="https://www.desmog.com/2020/09/27/california-pension-fund-whose-members-include-firefighters-battling-wildfires-still-invested-coal/" data-wpel-link="internal" style="text-decoration-line: none; font-weight: bold; outline: none; background-color: transparent; box-sizing: border-box; box-shadow: none;">firefighters</a>, and other public employees.The report titled “Hyperbole in the Hearings” found that the pension “funds have wildly exaggerated losses from past divestments” like those involving tobacco, firearms, and some forms of coal. It concludes that CalPERS and CalSTRS estimates for costs associated with fossil fuel divestment are also exaggerated.Extraordinary sums of money, invested on behalf of California’s public employees and teachers, are on the line. The two pension funds have estimated holdings of $7.4 billion and $4.1 billion respectively in fossil fuel investments that would need to be divested if the law went into effect. [twt]no lnx twtSB-1173 is under consideration as the worst drought in 1,200 years continues to parch the American southwest this May and Californians are once again warily eyeing stunningly low reservoir levels. Federal officials have already diverted water from the Colorado River to ensure that the Glen Canyon Dam can generate hydroelectric power for millions, water restrictions will soon go into effect in parts of Los Angeles, and it’s been so dry that in some areas, experts are predicting lower-than-normal wildfire activity because it’s been too arid for the grass that usually fuels wildfires to grow.“This is a crisis unlike anything that we’ve seen before,” Deven Upadhyay, CEO for the Metropolitan Water District of Southern California, told the Washington Post.The drought and heat have been made far worse by climate change and the burning of fossil fuels. And as the hazards of climate change become increasingly disruptive, in California and around the world, there’s been a growing push for investors to stop funding fossil fuel companies and to walk away from oil, gas, and coal.Before it’s enacted, SB-1173 has to survive what California lawmakers call “suspense,” where the fiscal impacts of the law are considered — and it’s become known in the state as the place where bills “are killed without public debate.” That’s because debate between lawmakers during the suspense process is done behind closed doors and there’s no public vote when a bill is killed “on the suspense file.”In late April, CalPERS and CalSTRS submitted estimates for the costs of fossil fuel divestment for consideration during suspense — claiming that shedding a combined $11.5 billion in fossil fuel company holdings would cost them millions of dollars, with CalPERS estimating the transaction costs between $75 to $100 million and CalSTRS estimating up to $11.6 million.[“Any good investment advisor should be able to craft a strategy with minimal transaction fees.”– Tom SanzilloFossil Free California challenges those numbers, arguing that transaction costs should be minimal. “In reality, the trading cost of divesting (selling shares) should not add a huge amount to trading costs that are already in the budget,” the new report concludes. “Fund managers buy and sell shares all the time, and these costs are already covered in the ordinary course of business.”“The $75-$100 million in transaction costs is crazy,” said Tom Sanzillo, director of financial analysis for the Institute for Energy Economics and Financial Analysis, who did not author the new report but reviewed a draft. “Again there is no methodological explanation.”Sanzillo, who supervised New York’s state pension fund as it increased from $97 billion to $150 billion over four years, noted that divestment, from an administrative perspective, “should not cost much if anything.” He added that the rise of ESG funds — which emphasize environmental, social, and governance issues — and the number of other asset managers divesting from fossil fuels means that “any good investment advisor should be able to craft a strategy with minimal transaction fees. If they cannot, there are advisors who can.”The report also alleges that pension funds have overstated the costs of previous divestments from controversial industries like the tobacco industry (which CalPERS voted to divest from in 2000) and from thermal coal (divested under a 2015 state law). Officials from CalPERS and CalSTRS recently said that those earlier divestments cost pensioners $8 or $9 billion. But Fossil Free California’s report notes that those estimates appear to be based on their financial performance up to June 30, 2016 — nearly five years ago.The “Hyperbole in the Hearings” report cites an analysis by consulting firm Wilshire and Associates which found that “for the period up to June 30 2020, all active CalPERS divestment programs have delivered positive performance.”To some degree, that’s a debate made more difficult by the absence of official figures, the report authors added. “It’s regrettable that no real-world audit of past divestment costs has taken place: the Legislature is thus at the mercy of the Funds’ estimates,” Fossil Free California wrote.CalPERS declined to comment on the report. Both pension funds have previously argued that they prefer to engage with fossil fuel companies as investors, rather than walk away. In April, the CalPERS board of directors voted to oppose SB-1173 and another divestment bill related to Russian and Belarusian firms. Divestment would mean that “we will not have a seat at the table, and our seat will be taken by investors that may not have the same interest in long-term sustainability as CalPERS,” Danny Brown, chief of CalPERS’ legislative affairs division, said at that meeting.“CalSTRS’ mission is to ensure a secure retirement for California’s nearly 1 million working and retired public school educators,”  Rebecca Forée, a spokesperson for CalSTRS said in an email. The Teachers’ Retirement Board, which administers the fund, has said it opposes SB-1173. “CalSTRS’ approach is more holistic and includes measuring emissions, engaging directly with companies, working to expand government policies, and investing in solutions.”“The Teachers’ Retirement Board committed CalSTRS to a net zero investment portfolio by 2050 or sooner to guard against the worst impacts of climate change, preserve a livable planet and enhance the long-term value of our investments,” Forée added. “Based on the Board’s direction and their net zero pledge, we are focused on developing a Net Zero Action Plan. As part of the plan, CalSTRS is investing $20 billion in climate-oriented solutions, and these investments are accelerating as we identify new opportunities.”While they might disagree about the specific numbers, CalSTRS and Fossil Free California have appeared to agree that divesting from one fossil fuel, thermal coal, has been the pension fund’s best performing divestment. During a March 9, 2022, hearing, CalSTRS CIO Chris Ailman testified that while he believes “every divestment has cost us money … thermal coal divestment has come the closest to breaking even.”“The true cost of divestment is the failure to divest — staying invested in fossil fuels has been, and is, a financial risk.”– “Hyperbole in the Hearings”Arguments for divesting from fossil fuels have been bolstered by the sector’s recent struggles. The past five years have been full of extraordinary upheaval not only for coal companies but also for oil and gas companies — and investors have traveled a very rocky road during that time. Oil prices have swung wildly, infamously touching negative numbers in the early days of the Covid-19 pandemic before surging to over $100 a barrel today. Fossil fuels’ role in causing the climate crisis has certainly not escaped the eye of many investors, who have become increasingly skeptical about the long-term prospects for the 20th century’s energy giants.Take, for example, what’s happened to ExxonMobil over the past five years. CalPERS annual investment report shows that as the pension fund’s fiscal year drew to a close in 2016, it held over 13 million shares of ExxonMobil stock, with a market value of over $93 a share. Today, ExxonMobil’s stock is valued at around $85 a share — after dipping into the $30 range twice, in the spring and fall of 2020. Between those two dips, the long-time blue-chip company was dropped from the Dow Jones Industrial Average. And even as oil prices have surged again, Exxon’s stock prices remain below the over-$100 heights its shares reached in 2013 and 2014.Meanwhile, the Dow has soared from around 18,000 points in 2016 to over 32,000 points today, meaning that while Exxon’s value was falling, much of the rest of the stock market was surging.And Exxon is hardly alone. Reuters called the 2010s a “lost decade for shares of U.S. energy companies overall,” citing bankruptcies and overspending on shale, and noting that during that time, “the energy sector’s total earnings have declined 14.8%, while all other major sectors have seen growth of at least 28%.”That kind of financial underperformance adds to the pressure on CalPERS and CalSTRS to divest — as do the financial risks associated with the impacts of a rapidly changing climate. “Evidence shows that CalPERS’ and CalSTRS’ assertions that every divestment has cost them money are wildly exaggerated,” the report concludes. “What they don’t say is that the Funds have already lost tens of billions from value destruction in the entire Energy sector.”“The true cost of divestment is the failure to divest — staying invested in fossil fuels has been, and is, a financial risk.”And of course, as the drumbeat of climate change-related catastrophes grows ever faster, the hazards involved for California’s pension funds and their members aren’t just financial. “The data is clear: Fossil fuels are a risky financial investment, and they are furthering the climate crisis,” state senator Lena A. Gonzalez, who introduced SB-1173, wrote in an April op-ed in the Sacramento Bee. “From oil spills to land contamination and air pollution, it’s low-income Black and brown communities that suffer the most. In my district, Southeast Los Angeles and Long Beach suffer from high air pollution, public health burdens and social and economic disadvantages.”“California cannot be a climate justice leader,” she added, “if we continue to invest in the companies that are polluting our environment.”---LNX...SB-1173 is under consideration as the worst drought<a href="https://www.washingtonpost.com/weather/2022/02/14/southwest-megadrought-worst-1200-years/" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;"> in 1,200 years</a> continues to parch the American southwest this May and Californians are once again warily eyeing<a href="https://www.buzzfeed.com/jonmichaelpoff/california-water-shortage-reservoir-photos-2022" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;"> stunningly low</a> reservoir levels. Federal officials have already<a href="https://www.cnbc.com/2022/05/03/lake-powell-glen-canyon-dam-water-release-delayed-due-to-drought.html" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;"> diverted water</a> from the Colorado River to ensure that<a href="https://www.deseret.com/2022/4/27/23025672/when-the-desert-runs-dry-glen-canyon-drought-water-dam-lake-powell-colorado-river" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;"> the Glen Canyon Dam</a> can generate hydroelectric power for millions,<a href="https://www.washingtonpost.com/climate-environment/2022/05/09/california-drought-lawns-climate-change/" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;"> water restrictions</a> will soon go into effect in parts of Los Angeles, and it’s been so dry that in some areas,<a href="https://www.latimes.com/environment/story/2022-05-04/california-no-relief-from-drought-thanks-to-la-nina" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;"> experts are predicting</a> lower-than-normal wildfire activity because it’s been too arid for the grass that usually fuels wildfires to grow.<div class="elementor-element elementor-element-ef5f047 single-post-content elementor-widget elementor-widget-theme-post-content" data-id="ef5f047" data-element_type="widget" data-widget_type="theme-post-content.default" style="box-sizing: border-box; position: relative; width: 860px; margin-bottom: 20px;"><div class="elementor-widget-container" style="box-sizing: border-box; transition: background 0.3s ease 0s, border 0.3s ease 0s, border-radius 0.3s ease 0s, box-shadow 0.3s ease 0s, -webkit-border-radius 0.3s ease 0s, -webkit-box-shadow 0.3s ease 0s;"><div id="bsf_rt_marker" style="box-sizing: border-box;">“This is a crisis unlike anything that we’ve seen before,” Deven Upadhyay, CEO for the Metropolitan Water District of Southern California,<a href="https://www.washingtonpost.com/weather/2022/05/11/california-drought-summer-restrictions-snowpack/" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> told</a> the Washington Post.The drought and heat have been<a href="https://www.axios.com/2021/06/18/drought-record-heat-wave-west-climate-change" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> made far worse</a> by climate change and the burning of fossil fuels. And as the hazards of<a href="https://www.washingtonpost.com/climate-environment/2022/05/09/california-drought-lawns-climate-change/" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> climate change</a> become increasingly disruptive, in California and around the world, there’s been a<a href="https://www.fastcompany.com/90704940/was-2021-the-tipping-point-for-fossil-fuel-divestment" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> growing push</a> for investors to stop funding fossil fuel companies and to walk away from oil, gas, and coal.Before it’s enacted, SB-1173 has to survive what California lawmakers call “suspense,” where the fiscal impacts of the law are considered — and it’s become<a href="https://www.capradio.org/articles/2021/05/20/understanding-how-a-california-bill-dies-without-public-debate/" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> known in the state</a> as the place where bills “are killed without public debate.” That’s because debate between lawmakers during the suspense process is done behind closed doors and there’s<a href="https://calmatters.org/politics/2017/09/capitol-suspense-california-bills-vanish-almost-without-trace/" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> no public vote</a> when a bill is killed “on the suspense file.”In late April, CalPERS and CalSTRS submitted<a href="https://leginfo.legislature.ca.gov/faces/billAnalysisClient.xhtml?bill_id=202120220SB1173" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> estimates</a> for the costs of fossil fuel divestment for consideration during suspense — claiming that shedding a combined $11.5 billion in fossil fuel company holdings would cost them millions of dollars, with CalPERS estimating the transaction costs between $75 to $100 million and CalSTRS estimating up to $11.6 million.Fossil Free California challenges those numbers, arguing that transaction costs should be minimal. “In reality, the trading cost of divesting (selling shares) should not add a huge amount to trading costs that are already in the budget,” the new report concludes. “Fund managers buy and sell shares all the time, and these costs are already covered in the ordinary course of business.”“The $75-$100 million in transaction costs is crazy,” said Tom Sanzillo, director of financial analysis for the Institute for Energy Economics and Financial Analysis, who did not author the new report but reviewed a draft. “Again there is no methodological explanation.”Sanzillo, who<a href="https://www.congress.gov/116/meeting/house/109265/witnesses/HHRG-116-II00-Bio-SanzilloT-20190409.pdf" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> supervised</a> New York’s state pension fund as it increased from $97 billion to $150 billion over four years, noted that divestment, from an administrative perspective, “should not cost much if anything.” He added that the rise of ESG funds — which emphasize environmental, social, and governance issues — and the number of other asset managers divesting from fossil fuels means that “any good investment advisor should be able to craft a strategy with minimal transaction fees. If they cannot, there are advisors who can.”the report also alleges that pension funds have overstated the costs of previous divestments from controversial industries like the tobacco industry (which CalPERS voted to <a href="https://truthinitiative.org/research-resources/tobacco-prevention-efforts/california-state-pension-fund-extends-tobacco" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;">divest from</a> in 2000) and from thermal coal (divested under <a href="https://www.pionline.com/article/20170807/ONLINE/170809876/calpers-reveals-it-divested-from-most-thermal-coal-companies" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;">a 2015 state law</a>). Officials from CalPERS and CalSTRS recently said that those earlier divestments cost pensioners $8 or $9 billion. But Fossil Free California’s report notes that<a href="https://www.calpers.ca.gov/docs/forms-publications/calpers-and-divestment.pdf" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;"> those estimates</a> appear to be based on their financial performance up to June 30, 2016 — nearly five years ago.The “Hyperbole in the Hearings” report cites an analysis by consulting firm Wilshire and Associates which found that “for the period up to June 30 2020, all active CalPERS divestment programs have delivered positive performance.”To some degree, that’s a debate made more difficult by the absence of official figures, the report authors added. “It’s regrettable that no real-world audit of past divestment costs has taken place: the Legislature is thus at the mercy of the Funds’ estimates,” Fossil Free California wrote.CalPERS declined to comment on the report. Both pension funds have previously argued that they prefer to <a href="https://www.calpers.ca.gov/docs/corporate-engagement-climate-change.pdf" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; text-decoration-line: none; box-shadow: none;">engage</a> with fossil fuel companies as investors, rather than walk away. In April, the CalPERS board of directors <a href="https://www.pionline.com/pension-funds/calpers-board-opposes-2-state-divestment-bills" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; text-decoration-line: none; box-shadow: none;">voted</a> to oppose SB-1173 and another divestment bill related to Russian and Belarusian firms. Divestment would mean that “we will not have a seat at the table, and our seat will be taken by investors that may not have the same interest in long-term sustainability as CalPERS,” Danny Brown, chief of CalPERS’ legislative affairs division, <a href="https://www.pionline.com/pension-funds/calpers-board-opposes-2-state-divestment-bills" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;">said</a> at that meeting.“CalSTRS’ mission is to ensure a secure retirement for California’s nearly 1 million working and retired public school educators,”  Rebecca Forée, a spokesperson for CalSTRS said in an email. The Teachers’ Retirement Board, which administers the fund, has said it <a href="https://www.calstrs.com/files/54965536f/SB1173-amended-4-21-22.pdf" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="background-color: transparent; box-sizing: border-box; text-decoration-line: none; box-shadow: none;">opposes SB-1173</a>. “CalSTRS’ approach is more holistic and includes measuring emissions, engaging directly with companies, working to expand government policies, and investing in solutions.”“The Teachers’ Retirement Board committed CalSTRS to a net zero investment portfolio by 2050 or sooner to guard against the worst impacts of climate change, preserve a livable planet and enhance the long-term value of our investments,” Forée added. “Based on the Board’s direction and their net zero pledge, we are focused on developing a Net Zero Action Plan. As part of the plan, CalSTRS is investing $20 billion in climate-oriented solutions, and these investments are accelerating as we identify new opportunities.”While they might disagree about the specific numbers, CalSTRS and Fossil Free California have appeared to agree that divesting from one fossil fuel, thermal coal, has been the pension fund’s best performing divestment. During a March 9, 2022, hearing, CalSTRS CIO Chris Ailman testified that while he believes “every divestment has cost us money … thermal coal divestment has come the closest to breaking even.”Arguments for divesting from fossil fuels have been bolstered by the sector’s recent struggles. The past five years have been full of extraordinary upheaval not only for coal companies but also for oil and gas companies — and investors have traveled a very rocky road during that time. Oil prices have swung wildly, infamously touching negative numbers in the early days of the Covid-19 pandemic before surging to over $100 a barrel today. Fossil fuels’ role in causing the climate crisis has certainly not escaped the eye of many investors, who have become increasingly skeptical about the long-term prospects for the 20th century’s energy giants.Take, for example, what’s happened to ExxonMobil over the past five years. CalPERS annual investment report shows that as the pension fund’s fiscal year drew to a close in 2016, it held<a href="https://www.calpers.ca.gov/docs/forms-publications/annual-investment-report-2016.pdf" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> over 13 million shares</a> of ExxonMobil stock, with a<a href="https://ir.exxonmobil.com/historical-price-lookup?8c7bdd83-a726-4a84-b969-494be2477e47%5BXOM%5D%5Bdate_month%5D=06&8c7bdd83-a726-4a84-b969-494be2477e47%5BXOM%5D%5Bdate_day%5D=30&8c7bdd83-a726-4a84-b969-494be2477e47%5BXOM%5D%5Bdate_year%5D=2016&url=" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> market value</a> of over $93 a share. Today, ExxonMobil’s stock is valued at around $85 a share — after dipping into the $30 range twice, in the spring and fall of 2020. Between those two dips, the long-time blue-chip company was<a href="https://www.npr.org/2020/08/25/905818004/exxon-mobil-exits-the-dow-drops-its-oldest-member" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> dropped</a> from the Dow Jones Industrial Average. And even as oil prices have surged again, Exxon’s stock prices<a href="https://finance.yahoo.com/quote/XOM?p=XOM&.tsrc=fin-srch" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> remain below</a> the over-$100 heights its shares reached in 2013 and 2014.Meanwhile, the Dow has soared from around 18,000 points in 2016 to over 32,000 points today, meaning that while Exxon’s value was falling, much of the rest of the stock market was surging.And Exxon is hardly alone. Reuters<a href="https://www.reuters.com/article/us-global-markets-decade-energy/u-s-energy-shareholders-seek-to-leave-behind-a-lost-decade-idUSKBN1YV0CM" data-wpel-link="external" target="blank" rel="external noopener noreferrer" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none; box-shadow: none;"> called</a> the 2010s a “lost decade for shares of U.S. energy companies overall,” citing bankruptcies and overspending on shale, and noting that during that time, “the energy sector’s total earnings have declined 14.8%, while all other major sectors have seen growth of at least 28%.”That kind of financial underperformance adds to the pressure on CalPERS and CalSTRS to divest — as do the financial risks associated with the impacts of a rapidly changing climate. <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter" style="background-color: rgb(255, 255, 255); box-sizing: border-box; margin: 0px 0px 1em;"><div class="wp-block-embedwrapper" style="box-sizing: border-box; position: relative;"><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; display: flex; max-width: 550px; width: 550px; margin-top: 10px; margin-bottom: 10px;" /></div></figure>'Evidence shows that CalPERS’ and CalSTRS’ assertions that every divestment has cost them money are wildly exaggerated,” the report concludes. “What they don’t say is that the Funds have already lost tens of billions from value destruction in the entire Energy sector.”“The true cost of divestment is the failure to divest — staying invested in fossil fuels has been, and is, a financial risk.”And of course, as the drumbeat of climate change-related catastrophes grows ever faster, the hazards involved for California’s pension funds and their members aren’t just financial. “The data is clear: Fossil fuels are a risky financial investment, and they are furthering the climate crisis,” state senator Lena A. Gonzalez, who introduced SB-1173, wrote in an April op-ed in the Sacramento Bee. “From oil spills to land contamination and air pollution, it’s low-income Black and brown communities that suffer the most. In my district, Southeast Los Angeles and Long Beach suffer from high air pollution, public health burdens and social and economic disadvantages.”“California cannot be a climate justice leader,” she added, “if we continue to invest in the companies that are polluting our environment.”</div></div></div><div class="elementor-element elementor-element-69e5002 elementor-widget elementor-widget-shortcode" data-id="69e5002" data-element_type="widget" data-widget_type="shortcode.default" style="box-sizing: border-box; position: relative; width: 860px; margin-bottom: 20px;"><div class="elementor-widget-container" style="box-sizing: border-box; transition: background 0.3s ease 0s, border 0.3s ease 0s, border-radius 0.3s ease 0s, box-shadow 0.3s ease 0s, -webkit-border-radius 0.3s ease 0s, -webkit-box-shadow 0.3s ease 0s;"><div class="elementor-shortcode" style="box-sizing: border-box;"><div class="elementor-element elementor-element-1cb1728 elementor-widget elementor-widget-jet-listing-dynamic-terms" data-id="1cb1728" data-element_type="widget" data-widget_type="jet-listing-dynamic-terms.default" style="box-sizing: border-box; position: relative; width: 860px; margin-bottom: 20px;"><div class="elementor-widget-container" style="box-sizing: border-box; transition: background 0.3s ease 0s, border 0.3s ease 0s, border-radius 0.3s ease 0s, box-shadow 0.3s ease 0s, -webkit-border-radius 0.3s ease 0s, -webkit-box-shadow 0.3s ease 0s; margin: 0px 0px 10px;"><div class="jet-listing jet-listing-dynamic-terms" style="box-sizing: border-box;"><a href="https://www.desmog.com/topic/energy/" class="jet-listing-dynamic-termslink" data-wpel-link="internal" style="box-sizing: border-box; text-decoration-line: none; display: inline-block; box-shadow: none; font-weight: bold; text-transform: uppercase; line-height: 12px; letter-spacing: 0.02px; padding: 7px 9px; margin: 0px 10px 0px 0px;">ENERGY</a><a href="https://www.desmog.com/topic/politics-and-policy/" class="jet-listing-dynamic-terms__link" data-wpel-link="internal" style="box-sizing: border-box; text-decoration-line: none; display: inline-block; box-shadow: none; font-weight: bold; text-transform: uppercase; line-height: 12px; letter-spacing: 0.02px; padding: 7px 9px; margin: 0px 10px 0px 0px;">POLITICS AND POLICY</a></div></div></div></div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb" style="">=sac beeOPINION AND COMMENTARY Editorials and other Opinion content offer perspectives on issues important to our community and are independent from the work of our newsroom reporters. VIEWPOINTS How California’s pension funds can invest in the future by divesting from fossil fuels BY [state senate] LENA GONZALEZ SPECIAL TO THE SACRAMENTO BEE APRIL 20, 2022 </div>=sac beeOPINION AND COMMENTARY Editorials and other Opinion content offer perspectives on issues important to our community and are independent from the work of our newsroom reporters. VIEWPOINTS How California’s pension funds can invest in the future by divesting from fossil fuels BY LENA GONZALEZ SPECIAL TO THE SACRAMENTO BEE APRIL 20, 2022  The CalPERS building in downtown Sacramento. JAY MATHER Sacramento Bee file As the state and economy make the transition to cleaner energy sources to help reach a global goal of zero net emissions by mid-century to stop global warming, a growing number of institutions worldwide are choosing to divest trillions of dollars from fossil fuel companies. This is the ethically and financially responsible choice, and more union members in California are demanding divestment and standing up for climate justice. The California Faculty Association passed a resolution calling for the California Public Employees Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) to divest from fossil fuels. Their members count on them to make healthy financial decisions about their funds for retirement. The faculty group was joined in calling for divestment by state associations representing higher education faculty, the academic senates at California State University and the University of California, and local chapters of unions representing teachers in cities from Los Angeles to Oakland. These educators and public employees have made it clear that they do not want their hard-earned pensions to be invested in the destruction of our planet. TOP VIDEOS × OPINION Fossil fuel stocks have underperformed for the last five years and are exposed to significant market risks. Looking into the future, the financial risk will be even greater as California and governments around the world continue to commit to more ambitious goals for lowering emissions. Markets are moving away from fossil fuels and toward carbon-free technologies. It’s increasingly evident that fossil fuels are simply a bad investment. In fact, studies have shown that if CalPERS had divested from fossil fuels in 2010, it would have generated an estimated additional $11.9 billion in returns by 2019. But the risks go beyond the financial costs of fossil fuel mining and drilling. Fossil fuels also have a disastrous impact on our environment and our health. From oil spills to land contamination and air pollution, it’s low-income Black and brown communities that suffer the most. In my district, Southeast Los Angeles and Long Beach suffer from high air pollution, public health burdens and social and economic disadvantages. These places have been referred to as “Asthma Alley” and called a “Hot Spot for Polluted Air” by the media. It’s time to take more expeditious action to protect our vulnerable communities from the harmful effects of fossil fuel pollution. Economic prosperity and a clean environment are not mutually exclusive goals, and that’s where Senate Bill 1173 comes into play. SB 1173 continues the bold and progressive actions California must take to address climate change. It will prohibit CalPERS and CalSTRS from investing in fossil fuel companies and require that they divest from current investments by 2027. T. Among the nation’s largest pension funds, CalPERS and CalSTRS are powerful entities that can help make a difference through their investment power. They have an estimated $469 billion and $327 billion in assets, respectively, and they invest the retirement futures of California’s state and school employees. California cannot be a climate justice leader if we continue to invest in the companies that are polluting our environment. The data is clear: Fossil fuels are a risky financial investment, and they are furthering the climate crisis. From South African Apartheid to Big Tobacco, divestment has been proven effective in bringing about change. Let’s do what’s right for our communities and our future: Divest from fossil fuels, starting with state pension funds. Sen. Lena Gonzalez is a Democrat from Los Angeles County.
Read more at: <a href="https://www.sacbee.com/opinion/op-ed/article259465499.html">https://www.sacbee.com/opinion/op-ed/article259465499.html</a>#storylink=cpy=wacko epoch times?!sOUTHERN CALIFORNIALos Angeles Calls for State Pension Funds to Divest From Fossil FuelsBy City News Service April 5, 2022 Updated: April 5, 2022LOS ANGELES—A Senate bill to have the Public Employees’ Retirement System and the State Teachers’ Retirement System divest from fossil fuels was supported by the Los Angeles City Council on April 5.The council passed a resolution, introduced by Councilman Paul Koretz, to support Senate Bill 1173, which was introduced by Sen. Lena Gonzalez (D- Long Beach) and Sen. Scott Wiener (D-San Francisco).The resolution passed 12–0 and notes that the pension funds have more than $9 billion invested in fossil fuel production.“Given the damages of climate breakdown, it is in the best long-term interest of the city of Los Angeles to support the dismantling of the fossil fuel system, both physically and financially,” the resolution states.The bill, if passed, would prohibit the boards of the state’s pension systems from making new investments or renewing existing investments in a fossil fuel company. It would also require the boards to liquidate investments in fossil fuel companies on or before July 1, 2027.The board would not be required to take any action that is determined to be inconsistent with its fiduciary responsibilities established in the California Constitution.Joyce Kuo contributed to this report.
City News Service <header style="box-sizing: border-box; background-color: rgb(255, 255, 255);"><h2 style="box-sizing: border-box; line-height: 1.15; margin-top: 20px; margin-bottom: 25px;">Teachers’ Retirement Board opposes legislative proposal on fossil fuel divestment</h2></header><section class="profile-fields" style="box-sizing: border-box; margin-bottom: 25px; background-color: rgb(255, 255, 255);"><div class="body" style="box-sizing: border-box;"><div style="box-sizing: border-box;"><h3 style="background-color: rgb(255, 255, 255); box-sizing: border-box; font-weight: normal; line-height: 1.15; margin-top: 30px; margin-bottom: 15px; letter-spacing: 0em !important;">Senate Bill 1173 (Gonzalez) would prohibit CalSTRS from making additional or new investments in fossil fuel companies but risk teacher pension security</h3>Statement | Karen DoronWEST SACRAMENTO, Calif. (March 7, 2022) – At its March 2022 meeting the Teachers’ Retirement Board (board) voted to oppose Senate Bill 1173 (Gonzalez), which would prohibit CalSTRS from making additional or new investments in fossil fuel companies and require divestment from such investments by July 1, 2027. The 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. A majority of the board (nine) voted to oppose the measure with one abstention and two votes not in favor of opposing the bill.“Our policy is unequivocal that we oppose bills that force divestment,” said Teachers’ Retirement Board Chair Harry Keiley. “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.”<h3 style="background-color: rgb(255, 255, 255); box-sizing: border-box; font-weight: normal; line-height: 1.15; margin-top: 30px; margin-bottom: 15px; letter-spacing: 0em !important;">SB 1173 analysis</h3>In its <a href="https://www.calstrs.com/files/1628e7800/TRB+032022+Item+03.00+-+State+and+Federal+Legislation+v3.pdf" class="external" style="box-sizing: border-box; background-color: transparent; transition: color 0.3s ease 0s; border: 20px red;">analysis of SB 1173</a>, CalSTRS determined its exposure to fossil fuels by including companies that have fossil fuel reserves for energy application and sales being more than 1% of revenue. CalSTRS invests in 174 companies with a combined market value of approximately $4.1 billion that meet this definition. Fossil fuel divestment, combined with existing CalSTRS divestments, would create roughly a 1% tracking error, or deviation from the benchmark. Potential costs resulting from a tracking error would put at risk the CalSTRS Funding Plan to reach full funding for California’s public educators. Any resulting costs would increase the unfunded liability and may also result in an increase in the state’s contribution to the Defined Benefit Program.<h3 style="background-color: rgb(255, 255, 255); box-sizing: border-box; font-weight: normal; line-height: 1.15; margin-top: 30px; margin-bottom: 15px; letter-spacing: 0em !important;">CalSTRS’ approach to climate change</h3>CalSTRS believes climate change is one of the greatest threats to the future, with undeniable links to business and financial investments. The vast impacts of climate change threaten health and safety, our environment and the global economy, which put the CalSTRS Investment Portfolio at risk.CalSTRS is focused on ensuring a secure retirement for California’s nearly 1 million working and retired public school educators. Climate change is about more than fossil fuel companies; our entire investment portfolio is affected by climate risk. Divesting from fossil fuels ignores the larger climate change risks to the CalSTRS portfolio. CalSTRS’ approach is more holistic and involves our entire investment portfolio, including measuring emissions, engaging directly with companies, working to expand government policies, and investing in solutions.CalSTRS has been addressing climate risk in its portfolio for nearly 20 years. CalSTRS is aligned with the State of California in combatting climate change and worked closely with the state’s Department of Finance in the development of the California Climate Investment Framework. Our efforts to address climate risk are rooted in our promise of a secure retirement for California’s public school educators and their beneficiaries. In September 2021, the board gave further direction to address climate change by adopting a pledge to achieve a <a href="https://www.calstrs.com/path-to-net-zero" style="box-sizing: border-box; transition: color 0.3s ease 0s; border: 20px red;">net zero portfolio</a>.<h3 style="background-color: rgb(255, 255, 255); box-sizing: border-box; font-weight: normal; line-height: 1.15; margin-top: 30px; margin-bottom: 15px; letter-spacing: 0em !important;">Media contact</h3>Karen Doron Phone: 916-414-1440 M-F, 8 a.m. - 5 p.m. PDT <a href="mailto:Newsroom@CalSTRS.com" style="box-sizing: border-box; background-color: transparent; transition: color 0.3s ease 0s; border: 20px red;">Newsroom@CalSTRS.com</a><h3 style="background-color: rgb(255, 255, 255); box-sizing: border-box; font-weight: normal; line-height: 1.15; margin-top: 30px; margin-bottom: 15px; letter-spacing: 0em !important;">About CalSTRS</h3>CalSTRS provides a secure retirement to more than 980,000 members and beneficiaries whose CalSTRS-covered service is not eligible for Social Security participation. On average, members who retired in 2020–21 had 25 years of service and a monthly benefit of $4,813. Established in 1913, CalSTRS is the largest educator-only pension fund in the world with $319.8 billion in assets under management as of January 31, 2022. CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual <a href="https://www.calstrs.com/sustainability-report" style="box-sizing: border-box; background-color: transparent; transition: color 0.3s ease 0s; border: 20px red;">Sustainability Report</a>. For more information, visit CalSTRS.com.</div></div></section></div><div>=</div><div>
</div><div><div style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb">On February 17, Sen. Lena Gonzalez (D-Long Beach) introduced a bill in the California Legislature that would mandate that California’s public pension funds stop investing in fossil fuel companies. SB1173, the Fossil Fuel Divestment Act, would require these state pension funds to make no new investments in fossil fuel companies and to divest existing fossil fuel investments […]</div><div style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb">Dan Bacher February 21st</div><div style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb">
</div><div style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large"><h2 class="post-title" style="background-color: rgba(216, 216, 216, 0.2); box-sizing: border-box; overflow-wrap: break-word; margin: 0px 0px 16px; line-height: 24px;">C<a href="https://redgreenandblue.org/2022/02/21/california-state-senator-lena-gonzalez-introduces-fossil-fuel-divestment-bill/" style="text-decoration-line: none; outline: 0px; box-sizing: border-box;">alifornia State Senator Lena Gonzalez introduces fossil fuel divestment bill</a></h2><div class="at-above-post-arch-page addthis_tool" data-url="https://redgreenandblue.org/2022/02/21/california-state-senator-lena-gonzalez-introduces-fossil-fuel-divestment-bill/" style="box-sizing: border-box;">On February 17, Sen. Lena Gonzalez (D-Long Beach) introduced a bill in the California Legislature that would mandate that California’s public pension funds stop investing in fossil fuel companies. SB1173, the Fossil Fuel Divestment Act, would require these state pension funds to make no new investments in fossil fuel companies and to divest existing fossil fuel investments […]The California State Teachers’ Retirement System (CalSTRS) and the California Public Employees’ Retirement System (CalPERS), the largest non-federal pension funds in the country, have over $9 billion invested in fossil fuel companies and related energy sector industries. CalSTRS has about $469 billion in assets, while CalPERS has $327 billion in assets.A recent  report estimates that out of these funds CalPERS invests $5.5 billion in fossil fuel companies and CalSTRS invests $3.4 billion.For decades, predominately black and brown, low income communities have suffered from the harmful health effects of living in communities surrounded by oil and gas wells in California, a state that styles itself as a “green” and “progressive” leader but still does not have setbacks from oil and gas wells like other states like Colorado, Pennsylvania, North Dakota and even Texas do.For Nalleli Cobo of Los Angeles, the need for divestment from fossil fuel companies is very personal. When the California State Teachers’ Retirement System (CalSTRS) met publicly with advocates of fossil fuel divestment at a <a href="https://drive.google.com/file/d/1P6qUO7w7u6gNfg1dLhuTsNc_o0CoCyjR/view?usp=sharing" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">virtual Sustainability Symposium</a> on<a href="https://fossilfreeca.org/sustainability-symposium/" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;"> </a>February 9, Cobo shared her experience growing up near an oil well.“My health declined,” she testified. “I started getting body spasms so severe I couldn’t move. My mom would have to carry me from one place to another. At the age of 19, I was diagnosed with stage 2 cancer.”“It’s important that teachers’ money doesn’t go to killing kids, it doesn’t go to damaging their organs or their health; it goes to protecting them and guaranteeing a beautiful life for them,” Cobo said.Likewise, Lizbeth Ibarra, a 17 year old climate activist who grew up near the Chevron refinery in Richmond, asked CalSTRS, “How much more does my community have to suffer, how much does my future have to be in question for you to decide that your moral responsibility is to pull support from those causing the suffering?”“Do teachers know that you’re investing their money in supporting destructive projects, from <a href="https://www.citywatchla.com/index.php/cw/los-angeles/21549-investing-in-destruction-california-teachers-pension-money-should-not-be-funding-line-3" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">Line 3</a> to the <a href="https://www.stopeacop.net/why-stop-eacop" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">East Africa crude oil pipeline</a>?” she stated.Accompanying the introduction of the bill, Gonzalez held a press conference Thursday that featured Miriam Eide, Coordinating Director, Fossil Free California; Carlos Davidson, Professor Emeritus, San Francisco State University and California Faculty Association member; Raven Fonseca Jensen, Member, Youth vs Apocalypse;Senator Gonzalez, who as a mother of three and a resident of a district where residents suffer from exposure to toxics, knows first hand about the impacts of fossil fuel corporations on frontline communities.“Investing billions in the fossil fuel companies that are polluting our environment while at the same time trying to meet ambitious emissions reduction goals is contradictory and incongruous,” she said. “SB 1173 will ensure we remain true to our values and honor our commitment as a State to protecting the environment and the health and future of all Californians, including historically disadvantaged communities of color that are disproportionately impacted by the hazardous pollutants released into our communities by these companies.”In response to my question about how divestment bill proponents will overcome the grip that the oil industry lobby has on the Legislature, she said the Legislature passed a similar bill in 2015 requiring CalPERS and CalSTRS to divest from coal companies.She also noted that an estimated 1,500 institutions with over $39 trillion in  assets have already committed to divestment, including  the University of California, the California State  University, the State and City of New York, the State of  Maine, the Vatican, and the province of Quebec.“I think the political appetite is out there now for this bill,” she said.Miriam Eide, Coordinating Director at Fossil Free California, said after eight years of CalSTRS and CalPERS ignoring the calls of students, teachers, and state workers to divest their pensions, her group is “grateful to Senator Gonzalez for leading the way in today’s legislative push for pension divestment.”“Divestment is the right thing to do for climate change and is a smart financial move for our pensions,” echoed Carlos Davidson, CFA Peace & Justice Committee member and retired San Francisco State professor. “We have to stop pretending that fossil fuel companies are good corporate citizens. Their own scientists knew their product was causing climate change, but the companies kept it secret.””CFA wields a powerful credential in California, and we can best serve our principles of social and racial justice by taking a lead in climate justice for future generations of students, families and communities,” said Davidson, who helped organize the campaign for CFA to vote for CALPERS divestment last year.Another CFA member, Anne Luna-Gordinier, a sociology professor at Sacramento State who is of Cherokee and Choctaw ancestry, emphasized SB 1173 is urgently needed now, since “we are facing an existential crisis.”She cited a recent scientific journal article (<a href="https://www.nature.com/articles/s41558-022-01290-z" rel="noopener" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">https://www.nature.com/articles/s41558-022-01290-z</a>) revealing that the drought in the Western states that started in 2000 represents the driest two decades in 1200 years, in addition to citing a NOAA report stating that coastal areas in the U.S. will see frequent flooding due to climate change.Finally, Anaya Sayal, a member of Youth Vs Apocalypse, also urged support for SB 1173.“Divestment is essential to the wellbeing of the large community of people of color being affected by fossil fuel investments, along with the entirety of the planet, which is being greatly harmed,” stated Sayal. “Fossil fuels are heavily contributing to the climate crisis, placing future generations in a horrible situation, even though the current generation could make great strides towards solving this issue so the burden does not completely fall on them.”<h3 style="background-color: rgba(216, 216, 216, 0.2); box-sizing: border-box; overflow-wrap: break-word; margin: 0px 0px 22.4px; line-height: 24px;">Background: Big Oil’s Grip on Sacramento  </h3>The Western States Petroleum Association (WSPA), the largest and most powerful corporate lobbying group in Sacramento, has spent over $17.5 million alone lobbying the California Legislature and other state officials over the past three years.In 2021, WSPA spent $4,397,004 lobbying legislators and state officials to serve Big Oil’s agenda, according to data filed with California Secretary of State’s Office.The association spent $957,137 on lobbying in the fourth quarter of 2021. The money went to an array of in-house lobbyists and outside lobbying firms, topped by Ramball Environ in Philadelphia that received $116,981 in the fourth quarter and $366,864 in 2021.WSPA spent a total of $8.8 million in 2019 and $4,267,181 in 2020 on lobbying California legislators and officials as thousands of oil and gas drilling permits were approved by CalGEM, the state’s oil and gas regulatory agency: <a href="https://www.citywatchla.com/index.php/cw/los-angeles/21259-big-oil-spent-10-million-lobbying-california-officials-in-2020" rel="noopener" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">www.citywatchla.com/…</a><div style="background-color: rgba(216, 216, 216, 0.2); box-sizing: border-box;">In 2020, even a weak bill recommending health and safety setbacks around oil and gas failed to get through the oil industry-friendly California Legislature.Then in 2021, another stronger bill, SB 467, failed to pass throughout the legislature because of heavy oil industry lobbying of legislators, including those who had received big campaign contributions from the oil and gas industry. The bill would have banned fracking by 2023 eliminating fracking and instituting mandatory health and safety zones between oil and gas extraction and places where Californians live, work, and study.The inordinate influence by Big Oil on California politicians and regulators is most dramatically evidenced by the approval of thousands of new and reworked onshore oil and gas well permits by CalGEM, the state’s oil and gas regulatory agency, since Newsom took office in January 2019.On the same day the LA City Council voted to ban oil and gas wells in city limits, Consumer Watchdog and FracTracker Alliance reported at <a href="https://consumerwatchdog.us7.list-manage.com/track/click?u=16fdf633d6cc08468a8275737&id=30ffd0651a&e=012a06ab40" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box;">www.NewsomWellWatch.org</a> that Governor Newsom has approved 10,212 oil drilling permits since he assumed office in 2019. The total is nearly identical to the number of permits Governor Jerry Brown approved in his first three years.</div>Lobbying is just one of the seven methods that Big Oil uses in California to exercise inordinate influence over California regulators. WSPA and Big Oil wield their power in 7 major ways: through (1) lobbying; (2) campaign spending; (3) serving on and putting shills on regulatory panels; (4) creating Astroturf groups; (5) working in collaboration with media; (6) creating alliances with labor unions; and (7) contributing to non profit organizations.In one glaring example of oil and gas industry officials serving on regulatory panels, Catherine Reheis-Boyd, President of the Western States Petroleum Association, chaired  the Marine Life Protection Act (MLPA) Initiative Blue Ribbon Task Force to create “marine protected areas” in Southern California from 2009 to 2012, as well as serving on the task forces to create “marine protected areas” on the Central Coast, North Central Coast and North Coast from 2004 to 2012.----</div></div></div><div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large">=</div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large"><a href="https://theconversation.com/engine-no-1s-big-win-over-exxon-shows-activist-hedge-funds-joining-fight-against-climate-change-159983">https://theconversation.com/engine-no-1s-big-win-over-exxon-shows-activist-hedge-funds-joining-fight-against-climate-change-159983</a></div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large">desjardins</div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large">
</div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large"><p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">One of the <a href="https://www.reuters.com/article/us-exxon-mobil-proxy-activist-idCAKBN2C22SO" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">most expensive Wall Street shareholder battles</a> on record could signal a big shift in how hedge funds and other investors view sustainability.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Exxon Mobil Corp. has been fending off a so-called <a href="https://www.investopedia.com/terms/p/proxyfight.asp" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">proxy fight</a> from a hedge fund known as Engine No. 1, which <a href="https://reenergizexom.com/wp-content/uploads/2021/05/Investor-Presentation-Summary-May-2021.pdf" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">blames the energy giant’s</a> <a href="https://www.nytimes.com/2021/02/02/business/exxon-mobil-lost-22-billion-in-2020-its-worst-performance-in-four-decades.html" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">poor performance</a> in recent years on its failure to transition to a “decarbonizing world.” In a May 26, 2021 vote, Exxon shareholders <a href="https://www.cnbc.com/2021/05/26/engine-no-1-gets-at-least-2-candidates-elected-to-exxons-board-in-win-for-the-activist.html" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">approved at least two of the four board members</a> Engine No. 1 nominated, dealing a major blow to the oil company. The vote is ongoing, and more of the hedge fund’s nominees may also soon be appointed.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">While its focus has been on shareholder value, Engine No. 1 says it was also doing this to <a href="https://www.washingtonpost.com/climate-environment/2021/05/21/exxon-faces-shareholder-revolt-over-climate-change/" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">save the planet</a> from the ravages of climate change. It has been <a href="https://www.wsj.com/articles/exxon-vs-activists-battle-over-future-of-oil-and-gas-reaches-showdown-11621950967" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">pushing for a commitment</a> from Exxon to carbon neutrality by 2050.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">As <a href="https://scholar.google.com/citations?user=U96ThnoAAAAJ&hl=en&oi=ao" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">business sustainability scholars</a>, <a href="https://scholar.google.com/citations?user=37AiB_kAAAAJ&hl=en&oi=ao" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">we can’t</a> recall another time that an energy company’s shareholder – particularly a hedge fund – has been so effective and forceful in showing how a company’s failure to take on climate change has eroded shareholder value. That’s why we believe this vote marks a turning point for investors, who are well placed to nudge companies toward more sustainable business practices.<div class="slot clear" data-id="17" libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; clear: both;"><div class="promo" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline;"><div class="MuiBox-root-95 jss96 jss94" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin: 0px 0px 16px; padding: 16px; border: 0px; outline: 0px; vertical-align: baseline; border-radius: 4px;"><div style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; transition: opacity 300ms ease-in-out 0s; opacity: 1;"><h5 class="MuiTypography-root-111 jss97 MuiTypography-h5-120 jss102 MuiTypography-colorInherit-133" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin: 0px 0px 8px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; text-rendering: optimizelegibility; line-height: 1.33; letter-spacing: initial; text-transform: initial;">Hedge funds to the rescue?</h5></div></div></div></div><p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Climate strategies aimed at saving the planet are an odd play for a hedge fund. Such investment firms are better known for getting companies to stop investing in this type of thing so they can collect quick profits.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Recent research undertaken by one of us found that activist hedge funds <a href="http://www.doi.org/10.5465/amj.2019.0238" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">tend to target companies</a> that spend more of their resources on these types of sustainability initiatives. That is, they buy shares of a company to gain influence and then convince other investors to join them in demanding efficiency enhancements and cost-cutting protocols to return more cash to shareholders. A follow-up study found that companies <a href="https://doi.org/10.1002/smj.3126" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">cut spending</a> on sustainability initiatives within five years of a hedge fund getting involved.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">In other words, hedge funds focus on short-term returns – not long-term concerns such as climate change or even a company’s own future profitability. And this is because of how hedge funds fundamentally operate.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Hedge funds usually charge their investors – often wealthy individuals and institutional investors – <a href="http://dx.doi.org/10.1561/109.00000003" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">a 1% to 2% management fee in addition to a 20% cut of any gain in their investments</a>. In return, these clients <a href="http://dx.doi.org/10.1561/109.00000003" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">expect quick and substantial returns that substantially outperform the market</a>.<h2 libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 12px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255); text-rendering: optimizelegibility;">Engine No. 1, a new type of hedge fund?</h2><p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">This is what makes Engine No. 1’s fight so interesting.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">It began in early December 2020, shortly after tech investor Chris James launched Engine No. 1 with two other hedge fund industry veterans. The firm said it was “<a href="https://engine1.com/" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">purpose-built to create long-term value</a> by harnessing the power of capitalism.”<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Engine No. 1’s first order of business was to pick a fight with one of the world’s largest energy companies, Exxon Mobil. It <a href="https://www.reuters.com/article/exxon-shareholders-engine-no-1/exxon-faces-proxy-fight-launched-by-new-activist-firm-engine-no-1-idUSKBN28H1IO" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">sent a letter to the company’s board</a> on Dec. 7, 2020, urging it to focus on clean energy and shake up its board of directors – a bold move for an upstart investment firm with just a 0.02% stake in the <a href="https://finance.yahoo.com/quote/XOM/" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">nearly US$250 billion company</a>.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">But Exxon was an obvious target for this strategy. It <a href="https://www.bloomberg.com/news/articles/2021-03-24/u-s-oil-companies-lag-far-behind-greener-europe-rivals-green-insight" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">has been a laggard</a> on developing <a href="https://theconversation.com/oil-companies-are-thinking-about-a-low-carbon-future-but-arent-making-big-investments-in-it-yet-122365" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">low-carbon fuels</a> for years and <a href="https://www.scientificamerican.com/article/exxon-knew-about-climate-change-almost-40-years-ago/" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">has promoted misinformation</a> about the human impact on climate change for decades.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">After Exxon refused to commit to a transition to carbon neutrality, Engine No. 1 <a href="https://reenergizexom.com/wp-content/uploads/2021/03/Engine-No.-1-3.15-Definitive-Proxy-Statement-XOM.pdf" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">formally launched</a> its proxy battle in March to force a change of strategy at the company, which traces its history back to 1870, when <a href="https://exxonenergy.com.theyesmen.org/html/ourcoAboutHistory.htm" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">John D. Rockefeller founded the Standard Oil Company</a>.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">A proxy battle is when a group of shareholders tries to garner enough support from other investors – in the form of votes – to <a href="https://www.investopedia.com/terms/p/proxyfight.asp" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">force a company to do what it wants</a>, whether it’s to cut costs or change strategy.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Exxon said it <a href="https://www.reuters.com/article/us-exxon-mobil-proxy-activist-idCAKBN2C22SO" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">expected to spend $35 million</a> more than its usual costs to deal with the proxy battle; unfortunately, by increasing Exxon’s expenses, these are costs that are actually footed by investors. Engine No. 1 put its expenses at $30 million. The total cost, by some estimates, has exceeded $100 million.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Engine No. 1 was hoping to replace a third of the <a href="https://corporate.exxonmobil.com/About-us/Who-we-are/Corporate-governance/ExxonMobil-board-of-directors#ExxonMobilCorporationBoardofDirectors" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">oil giant’s board of directors</a> with four individuals who have more clean energy experience. The hedge fund was also seeking corporate governance reforms, a review of Exxon’s climate action plan – and its impact on the company’s finances – and greater public disclosure of its environmental and lobbying activities.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Even before the vote, the campaign was already changing the way Exxon does business. In the past few months, Exxon has proposed a <a href="https://www.reuters.com/business/sustainable-business/exxon-proposes-massive-carbon-capture-storage-project-houston-2021-04-19/" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">$100 billion carbon capture project in Houston</a> and <a href="https://corporate.exxonmobil.com/News/Newsroom/News-releases/2021/0201_ExxonMobil-Low-Carbon-Solutions-to-commercialize-emission-reduction-technology" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">committed $3 billion to low-emission technologies through a new venture</a>.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">Though Exxon denies any of these investments were due to pressure from Engine No. 1, it’s hard to believe the hedge fund wasn’t a catalyst. These are some of the <a href="https://corporate.exxonmobil.com/Sustainability/Sustainability-Report" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">biggest investments Exxon has proposed in sustainability in recent years</a>, and they came right after pressure from the hedge fund – as well as the election of a new U.S. president <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/27/executive-order-on-tackling-the-climate-crisis-at-home-and-abroad/" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">who has made fighting climate change a priority</a>.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Another likely reason for the new initiatives is that Engine No. 1’s campaign was enlisting significant support from other major Exxon investors, such as the California Public Employees’ Retirement System and the New York State Common Retirement Fund, which laid <a href="https://www.reuters.com/business/energy/calpers-back-activists-four-director-nominees-exxon-board-fight-2021-04-26/" style="background-color: rgb(255, 204, 102); outline: none; white-space: pre-wrap; overflow-wrap: break-word;">additional pressure on Exxon to do something about its lagging sustainability strategy</a>.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">So despite its pushback against Engine No. 1 and its proposed climate plan, clearly Exxon Mobil’s attention to its sustainability plans has been piqued.<h2 libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 12px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255); text-rendering: optimizelegibility;">What it all means</h2><p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">So why is Engine No. 1 really doing this – and do its motives matter?<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">While the firm is pushing hard for more investment in sustainability and clean energy, the focus in its statements on what’s driving this fight is mostly about shareholder value. And <a href="https://reenergizexom.com/wp-content/uploads/2021/03/Engine-No.-1-3.15-Definitive-Proxy-Statement-XOM.pdf" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">many of its demands</a>, such as better long-term capital allocation strategy, a plan to enhance shareholder value and a “misaligned” management compensation, are straight out of a <a href="https://corpgov.law.harvard.edu/2019/01/25/dealing-with-activist-hedge-funds-and-other-activist-investors-2/" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">typical hedge fund’s playbook</a>.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">What we see as fundamentally different here is the emphasis the hedge fund is putting on the connection between sustainability and long-term profits. It makes a strong case that the reason Exxon’s <a href="https://www.fool.com/investing/2021/02/14/im-not-in-love-with-exxon-mobils-low-carbon-strate" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">financial position has been deteriorating</a> is because of its failure to invest in low-carbon technologies.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">Or, like a hedge fund, Exxon has been focusing on the short-term gains from fossil fuels at the expense of its long-term future in a global economy that <a href="https://doi.org/10.1177/1476127013520265" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">puts a premium on sustainability</a> and a penalty on carbon-intensive activities.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Moreover, the readiness of so many major investors – including the <a href="https://www.washingtonpost.com/climate-environment/2021/05/21/exxon-faces-shareholder-revolt-over-climate-change/" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">three largest U.S. pension funds</a> and <a href="https://www.reuters.com/business/energy/exclusive-blackrock-backs-three-director-nominees-challenging-exxons-board-2021-05-25/" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">BlackRock</a>, the world’s biggest investment manager with $7.4 trillion in assets under management – in joining Engine No. 1 shows which way the winds are blowing, which Exxon seems to now also realize.<p libre="Libre" baskerville="Baskerville" georgia="Georgia" times="Times" new="New" roman="Roman" serif="serif" style="margin: 0px 0px 18px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background: rgb(255, 255, 255);">So the vote itself isn’t the story here. It’s that the weight of activist hedge funds – the <a href="https://doi.org/10.5465/amp.2018.0059" style="outline: none; white-space: pre-wrap; overflow-wrap: break-word;">most potent form of shareholder activism</a> – seems to be shifting in favor of sustainability. As we see it, this means companies and executives that don’t invest in the transition low-carbon energy will increasingly risk incurring their wrath.</div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large">
</div><div times="Times" new="New" roman="Roman" font-size="font-size" large="large"></div></div><div><div>=</div><div>yikes bill tracker</div><div>
</div><div><a href="https://projects.propublica.org/trump-midnight-regulations/">https://projects.propublica.org/trump-midnight-regulations/</a></div><div>
</div><div>small eg# finalized 1220</div><div>
</div><div><div>Loosening Efficiency Standards for Clothes Washers and Dryers</div><div>This rule would loosen water and energy efficiency standards by creating a separate class of clothes washers and dryers based on how long they take to complete a load. More efficient washers use less water, and take longer, because they require more time for the soap to penetrate soiled clothes. Major manufacturers oppose the change, but small-government conservatives still want to slash regulation.</div><div>
</div><div>Department of Energy, Office of Energy Efficiency and Renewable Energy • Read more: regulations.gov</div><div>FINANCE</div><div>This rule has moved ahead since Election Day</div><div>Loosening Restrictions on Banks Acquiring Deposits Through Brokers</div><div>This rule would loosen restrictions on banks accumulating deposits by acquiring them from other banks through brokers. Financial reform advocates have raised concerns about allowing less well-capitalized banks to grow to an unsafe size.</div><div>
</div><div>Federal Deposit Insurance Corporation • Read more: fdic.gov</div><div>FINANCE</div><div>This rule has moved ahead since Election Day</div><div>Confining Retirement Fund Pressure on Corporations</div><div>This rule would constrain the ability of private retirement fund managers to vote on shareholder resolutions that influence the behavior of public companies. Critics such as Investor Advocates for Social Justice and the California State Teachers’ Retirement System say it will reduce corporate accountabiltiy and oversight.</div><div>
</div><div>Department of Labor, Employee Benefits Security Administration • Read more: regulations.gov</div><div>OTHER</div><div>This rule has moved ahead since Election Day</div><div>Bolstering the Position of Faith-Based Organizations in Government Grants</div></div></div><div>=fossil free ca<h2 style="margin: 0px; padding: 0px; line-height: 51px; text-align: center; background-color: rgb(255, 255, 255);"><div style="text-align: left;">CalPERS Receives 0's and 1's</div><div style="text-align: left;">(out of 10) in Coal Policy</div></h2>Reclaim Finance released the <a rel="nofollow" target="blank" href="https://fossilfreeca.us17.list-manage.com/track/click?u=efbe9655614904b2e0dcd425e&id=b2e3eb0d49&e=b925a6f94d">Coal Policy Tool</a> on Tuesday rating global financial institutions' coal policy. CalPERS ranked among the worst in the world despite their claims to be sustainable.Check out our blog article on the <a rel="nofollow" target="blank" href="https://fossilfreeca.us17.list-manage.com/track/click?u=efbe9655614904b2e0dcd425e&id=4f9d891553&e=b925a6f94d" style="background-color: rgb(255, 255, 255);">US Finance S</a><a rel="nofollow" target="blank" href="https://fossilfreeca.us17.list-manage.com/track/click?u=efbe9655614904b2e0dcd425e&id=3f8dcc956e&e=b925a6f94d" style="background-color: rgb(255, 255, 255);">ector Lagging on Coal Policy</a>--Monday, we will be releasing a scathing report highlighting CalPERS' ongoing investments in coal. The report uncovers CalPERS's continued investments in coal and coal-related stocks despite the SB185 law regulating their investment in thermal coal. <a rel="nofollow" target="blank" href="https://fossilfreeca.us17.list-manage.com/track/click?u=efbe9655614904b2e0dcd425e&id=e7bb88b995&e=b925a6f94d" style="background-color: rgb(255, 255, 255);">Keep Reading</a></div><div>=ew 120  <a href="https://www.ecowatch.com/youth-activists-calstrs-2645003302.html">https://www.ecowatch.com/youth-activists-calstrs-2645003302.html</a>no lnx many Youth Activists Call on California State Teachers Retirement System to End 'Toxic Relationship' With Fossil Fuel Companies Common Dreams 38 minutes ago ENERGYAlex Milan Tracy / Anadolu Agency / Getty ImagesBy Eoin Higgins
Youth climate activists in California descended on the state's capitol Sacramento on Thursday to demand divestment from the fossil fuel industry from public school teachers' pension system.
"You want to be in a relationship with fossil fuel companies?" Sujeith, a sixth-grader from Oakland, asked the board of the California State Teachers' Retirement System, or CalSTRS. "What have they done before other than pollute the planet? That sounds like a toxic relationship."Thursday's action was aimed at pressuring the board of CalSTRS, which manages pensions for the state's public school teachers, to divest from fossil fuels. The fund has claimed that divestment would be a financial burden on its members."CalSTRS is playing roulette with our pensions and our children's future by holding onto these doomed assets," said CalSTRS member Paula Buel, a retired teacher who volunteers with climate advocacy group Fossil Free California.As Common Dreams reported, perceiving fossil fuels as "doomed assets" is no longer unique to the climate movement. CNBC anchor Jim Cramer called the industry "in the death knell phase" on Friday and announced he was no longer recommending investing in fossil fuels.While CalSTRS did vote on Thursday to institute "Belief 9," a policy statement on the risks of climate investment, that's no substitute for real action, said Fossil Free California executive director Vanessa Warheit."We appreciate CalSTRS' efforts to engage corporations to help mitigate their climate-related risk," said Warheit. "But engaging with the energy sector — which is currently 100% comprised of fossil fuel companies — is a waste of staff time and resources."Reposted with permission from Common Dreams.
British Medical Journal Praised for New Fossil Fuel Divestment ... ›Young activists drag 'oil tanker' down Capitol Mall in protest CalSTRS ›=</div><div></div><div>youth v apoc</div><div> less than 11 years to get the world off fossil fuels, and yet California State Teachers Retirement System (CalSTRS), still has more than $6 billion dollars invested in fossil fuels. Most teachers have no idea about these destructive investments! A coalition of active and retired teachers, elementary through junior college, and concerned citizens, have been speaking for the last five years at CalSTRS meetings. However, the Board members have yet to change their allegiance to the fossil fuel industry. They have even been censoring the youth testimonies so you are not able to find students’ voices included in the public record.</div><div><div><a href="https://news.littlesis.org/2019/08/14/private-prisons-now-face-87-4-financing-gap-as-banks-continue-to-flee-industry">https://news.littlesis.org/2019/08/14/private-prisons-now-face-87-4-financing-gap-as-banks-continue-to-flee-industry</a>As of August 2019, eight banks – JPMorgan Chase, Wells Fargo, Bank of America, SunTrust, BNP Paribas, Fifth Third Bancorp, Barclays, and PNC – have publicly committed to ending their future financing relationships with the private prison industry, including CoreCivic and GEO Group. Together these eight banks represent an estimated $2.35 billion – or 87.4% – of the credit lines and term loans that are central to these companies’ operations. Notably, all of the banks that provide credit and term loans to GEO Group have committed to end their future financing relationships with the industry. These commitments are the result of ongoing campaigns from #FamiliesBelongTogether and #BackersOfHate to end Wall Street’s financing and profiting off of the private prison industry. This mass exodus of banks has had a cascading effect on the industry. <a href="https://www.spglobal.com/marketintelligence/en/news-insights/trending/Gip-kVwrCnZWebSuOtxJUw2" style="box-sizing: border-box; text-decoration-line: none; background-color: transparent;">Fitch Ratings</a>, one of the three premier credit rating agencies, recently downgraded CoreCivic from BB+ to BB. This downgrade will make it more difficult for CoreCivic to secure the plentiful, cheap credit and loans they have accessed in the past. Moreover, California’s $356 billion pension fund, <a href="https://www.ai-cio.com/news/california-state-controller-eyes-calpers-private-prison-divestment/" style="box-sizing: border-box; text-decoration-line: none;">CalPERS</a>, is now considering divesting from the industry due to “egregious activities” at the border and the increased riskiness as banks continue to flee. Finally, <a href="https://www.cbsnews.com/news/private-prison-companies-were-supposed-to-thrive-under-trump-instead-theyre-under-fire/" style="box-sizing: border-box; text-decoration-line: none;">CBS MoneyWatch</a> reported that stock values for CoreCivic (CXW) and GEO Group (GEO) have been cut in half since April 2017.Estimated Impact on CoreCivic and GEO Group’s Future FinancingAs shown in the chart below, these eight banks provide an estimated combined <a href="https://populardemocracy.org/news/publications/wall-street-banks-still-financing-private-prisons" style="box-sizing: border-box; text-decoration-line: none; background-color: transparent;">$2.352 billion</a> of GEO and CoreCivic’s financing, or 87.4% of the total financing currently available to these private prison companies. Given the eight banks’ commitments to provide no new financing, GEO Group and CoreCivic will potentially face a $2.352 billion shortfall when the current agreements expire.</div><div></div></div><div> =CalSTRS, the largest public teachers’ pension fund in the country, currently invests over $6 billion in the fossil fuel industry—an investment that is both immoral and financially under-performing. Divesting this fund from fossil fuels will improve teachers’ retirement income, and send a huge message to global financial markets that fossil fuel investments are no longer acceptable. Reinvesting those funds in the clean energy economy will give our kids’ futures a fighting chance.So this year #YourTeacherHasHomework.  We want teachers to tell CalSTRS to divest from fossil fuels; and we want teachers to tell their union chapter to pass a <a href="https://docs.google.com/document/d/1n-tX54D2kquPImxXcSt_yT_FFrUahgxHftFElM7U-RU/edit?usp=sharing" target="blank" rel="noopener" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none;">resolution</a> for CalSTRS to divest.What You Can Do to Help<ul style="box-sizing: border-box; margin-top: 0px; margin-bottom: 10px; background-color: rgba(229, 229, 229, 0.5);"><li style="box-sizing: border-box;">Contact your teachers’ union and ask it to endorse a <a href="https://docs.google.com/document/d/1n-tX54D2kquPImxXcSt_yT_FFrUahgxHftFElM7U-RU/edit?usp=sharing" target="blank" rel="noopener" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none;">resolution</a> to divest CalSTRS.</li><li style="box-sizing: border-box;">Add your voice to the thousands who have already urged CalSTRS to divest: <a href="https://fossilfreeca.org/petition" target="blank" rel="noopener" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none;">Sign our petition</a></li><li style="box-sizing: border-box;">Want to gather petition signatures?  <a href="https://fossilfreeca.org/wp-content/uploads/2019/01/NEW_Petition2018-8.pdf" target="blank" rel="noopener" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none;">Download Blank Petition</a></li><li style="box-sizing: border-box;">Want to contact the Board directly? Send a personal message to the CalSTRS Board at <a href="mailto:board@calstrs.com" style="box-sizing: border-box; background-color: transparent; text-decoration-line: none;">board@calstrs.com</a></li></ul><a href="https://fossilfreeca.org/campaigns/#CalSTRS">https://fossilfreeca.org/campaigns/#CalSTRS</a><blockquote style="background-color: rgb(255, 255, 255);">May 8th, Fossil Free California teamed up with students from Youth vs. Apocalypse and Earth Guardians to bring our message straight to CalSTRS—divest from fossil fuels! More than 20 students skipped school that day to tell the CalSTRS Investment Committee to stop investing in the destruction of their future.</blockquote>CalSTRS was so taken aback that they attempted to censor the youths' testimony by refusing to record it on their video live-stream. That didn't stop the word from getting out, however, as several radio stations covered the event, including KPFA: <a rel="nofollow" target="blank" href="https://u1584542.ct.sendgrid.net/mpss/c/9gA/ni0YAA/t.2rv/iapUcntDRCGCnIyZkaI0LA/h1/9GJXOhJWbx9C2cbJgrP6rCEdVdz0ACjVqhyZEpGdO7fX1Hn4XqkPEitOHVsQ2UXnCQwooRRNrPeG3991NEGb5GJVFHiwJBnDjh8CiDdXgpD8zfHZEFqQYPkxTPIOBOoQfqNv-2Fh7V99TGiTqyeFUYcVOf4wn-2B46x0nTyWRyb-2Bp-2FzW8nB6Lx3IuBcyEU6ELmQv11w1Wk85pOHGgJiKz3912uTBmHd4rwJ690IgNdNFRRpKLWPs0uoHoPlabR2DJz9OyVziNeysd8MMuoxormn8-2FDklCilhws-2FDMA-2BG3eKHPmYWTD-2F2FpC5PSc0uSs0Lik-2F9VtPL3CnL-2FsAWmRhR6-2BvsSppY7b8oF-2BzgySv7KALhU5mMnZy498ZyhDPC7RbgC4K">listen here</a>.
Inspired by this success, the students have promised to return to CalSTRS' meetings in July and September, and FFCA has hired a part-time organizer to make sure that many more students join us at these next meeting</div><div><div></div><div><a href="https://www.desmogblog.com/2019/03/08/main-street-investors-coalition-national-association-manufacturers-shareholders-climate">https://www.desmogblog.com/2019/03/08/main-street-investors-coalition-national-association-manufacturers-shareholders-climate</a></div><div>
</div><div><div>no lnx doc?</div><div>By Karen Savage, Climate Liability News. Crossposted from Climate Liability News.</div><div>
</div><div>The National Association of Manufacturers (NAM), a 123-year-old trade group that has worked diligently to defend Big Oil in the burgeoning climate liability battles, has also taken on another opponent to the status quo: investors.</div><div>
</div><div>In addition to filing briefs in defense of the fossil fuel industry, launching campaigns to discredit the communities filing suits and intervening on the side of the federal government in a landmark constitutional climate lawsuit, Juliana v. United States, NAM has rallied behind efforts to keep corporate shareholders from influencing how oil companies conduct business.</div><div>
</div><div>In recent years, shareholders concerned about climate-related risks to the companies’ bottom lines, which includes liability suits, have introduced proposals urging oil and gas companies to reduce their carbon footprint and be more forthcoming about the climate risks to their bottom line.</div><div>
</div><div>Once largely unmoved by a hard-to-imagine future threat, investors now need only look out their windows or turn to news reports to see firsthand the catastrophic effects of climate change: The charred remains of entire communities in the aftermath of California wildfires; parts of Texas submerged by more than 4 feet of water in the wake of Hurricane Harvey; countless unnamed weather events from the record-shattering rain that swept through Louisiana in 2016 to the now-routine flooding in Florida and areas along the Atlantic seaboard.</div><div>
</div><div>While most shareholder proposals have failed, there have been some victories: In 2017, investors forced Exxon to produce its first climate-risks report and other proposals prompted Occidental Petroleum, BP and Shell to increase reporting on climate risks. BP announced in February that it will support a resolution calling for even more disclosure that will be proposed at its May 2019 shareholder meeting.</div><div>
</div><div>With the potential for more successful proposals, NAM has ramped up its opposition. Last year it launched the Main Street Investors Coalition (MSIC), a broad initiative to put the brakes on shareholder proposals involving climate change and other social justice issues. The group considers those efforts “politically motivated shareholder activism.”</div><div>
</div><div>NAM is also targeting proxy advisory firms, which are hired by institutional investors to analyze reports and recommend how shareholders should vote on certain issues. NAM supports new legislation in Congress calling for tighter regulation of proxy firms by the SEC and even funded its own study claiming proxy firms’ advice is often politically motivated or influenced by conflicts of interest, painting investors as uninformed and unconcerned with corporate profits.</div><div>
</div><div>
</div><div>Suggesting that institutional investors have a political agenda or don’t care about the bottom line is not true, said Timothy Smith of the Boston Trust and Investment Management Company, a state-chartered bank and trust company, who wrote a letter to the SEC rebutting NAM’s claims.</div><div>
</div><div>“That’s absolutely insulting to a pension fund, which has to care about shareholder value. It’s a very, very high priority,” Smith said.</div><div>
</div><div>Smith said investors have met with many of NAM’s member companies, most of which value shareholder participation. He said he has found none that share NAM’s pessimistic view of shareholder motivation. </div><div>
</div><div>To spearhead its effort, NAM tapped George David Banks to lead MSIC. Banks, the current executive vice president of the American Council for Capital Formation, a conservative think tank, served for a year as an advisor to President Trump on energy and climate policy. During a previous stint on the staff of Sen. James Inhofe (R-Okla.), he wrote that he considered oil lobbyists “partners.” </div><div>
</div><div>In addition, MSIC wants shareholders to rely on the government and not the individual companies to tackle climate change. But with the Trump administration’s propensity for appointing industry insiders to political positions — including the recent confirmation of former coal lobbyist Andrew Wheeler to lead the Environmental Protection Agency — the government has been dismantling existing environmental regulations and backpedaling away from climate action. </div><div>
</div><div>As part of its attack on shareholders’ efforts for more transparency and accountability, NAM also partnered with the Chamber of Commerce in November to launch a six-figure ad campaign warning that proxy firms lack oversight and endanger investors’ savings.</div><div>
</div><div>The initiative — dubbed proxyreforms.com — maintains that proxy advisory firms are putting their 401K retirement plans at risk by giving bad advice and ignoring small investors.</div><div>
</div><div>“There’s a growing risk to millions of workers and retirees like you,” warns a dire voice on a video posted NAM’s YouTube channel. “Your retirement savings could be in jeopardy.”</div><div>
</div><div>By painting proxy advisory firms as the enemy of individual investors, MSIC is misleading the public, said Sue Reid, vice president of climate & energy for Ceres, a non-profit organization dedicated to sustainable investing.</div><div>
</div><div>Reid said the suggestion that “big ugly billionaire–driven money-grubbing asset managers” are driving shareholder resolutions that work for them and not the “little guy” completely misses that many shareholder resolutions are backed by pension funds, which administer the savings of thousands of individual retirees.</div><div>
</div><div>“They might have a lot of money that they manage, but absolutely those are the resources of the ‘little guy,’” Reid said. “So for workers across the spectrum — an awful lot of blue collar workers across the United States — these are their hard-earned resources to support their retirement.”</div><div>
</div><div>Corporate Disconnect </div><div>Projects like MSIC and the Manufacturers’ Accountability Project call into question an apparent disconnect between NAM’s direction on climate change and that of many of its member companies. </div><div>
</div><div>In a letter to companies with executives on the NAM board, investors led by the California State Teachers’ Retirement System (CalSTRS), Walden Asset Management and the New York State Common Retirement Fund last year called for an end to attacks on shareholders by NAM and the MSIC. It also questioned the accuracy of the NAM-funded study. </div><div>
</div><div>“We are deeply concerned about the negative message that the NAM Report conveys about investor engagement and shareholder resolutions in general and climate change in particular,” the investors said in the letter. They said they were particularly concerned about the NAM-funded study, which suggests that shareholder resolutions — particularly resolutions related to climate change — do not increase investor profits. </div><div>
</div><div>“The report, which argues that shareholder resolutions on climate change are politically motivated and may negatively affect company performance and shareholder value, is clearly at odds with the policies and experiences of many NAM members. Further, NAM’s depiction of climate-related resolutions may permit an inference that the companies that serve on its board are skeptical about climate science or the action needed to address this urgent issue,” wrote the investors.</div><div>
</div><div>Smith, representing Walden Asset Management, a division of the Boston Trust and Investment Company, appealed at the time to NAM’s member companies to protect their reputations and integrity by distancing themselves from both NAM and MSIC. </div><div>
</div><div>“The irony is that many companies on the NAM board are active business leaders on climate change, yet their dues to NAM are funding an aggressive attack against the very investors they meet with regularly to address climate change.”</div><div>
</div><div>Corporate Change Comes From Within</div><div>
</div><div>Shareholder resolutions stem from not only concerns about future profitability, but also the social impacts of their investments. In recent years, shareholders have proposed hundreds of resolutions aimed at forcing companies to address the risks of climate change and make other policy changes.</div><div>
</div><div>These resolutions provide a way for shareholders to bring critical issues to the attention of a company’s management and board. Generally, any investor holding $2,000 worth of stock or 1 percent of a company can introduce a resolution. </div><div>
</div><div>It was pressure from shareholders that forced Exxon in 2014 to provide a report on its climate-risk calculations. That report, Energy and Carbon — Managing the Risks, was subsequently subpoenaed by the New York attorney general’s office in its investigation into a potential climate fraud lawsuit. The AG office has since filed suit against Exxon.</div><div>
</div><div>The passage of a shareholder resolution in 2017 forced Exxon to acknowledge for the first time that its core oil and gas assets face some risk of becoming stranded — or unusable — due to government policies and international agreements that seek to limit climate change. </div><div>
</div><div>
</div><div>Hoping to push Exxon to more fully outline which assets could become stranded, shareholders are now proposing a resolution that the company provide investors with an accounting of how it plans to meet its short-, medium- and long-term greenhouse gas targets as outlined in the Paris Climate Agreement. Exxon in January asked the SEC for permission to avoid a vote on that resolution. The SEC has not yet ruled on it.</div><div>
</div><div>NAM believes proxy advisory firms have been a reason for the recent success of some of those resolutions and is calling for increased SEC oversight to limit their influence.</div><div>
</div><div>“For far too long, proxy advisory firms have exerted undue influence over manufacturing companies, trying to force business decisions without any regard to investors’ best interests,” NAM president and chief executive Jay Timmons told Reuters.</div><div>
</div><div>NAM also submitted a letter to the SEC, urging the agency to “highlight the importance of effective guardrails around third parties (like proxy advisory firms and activist investors) that often detract from business growth and shareholder value creation” and to streamline the proxy process in order to allow companies to “continue to focus on growing their businesses and driving shareholder returns.” </div><div>
</div><div>NAM and the Main Street Investors’ Coalition did not respond to requests for comment. </div><div>
</div><div>Not only can shareholder resolutions lead to increased corporate earnings, but carbon asset risk resolutions could prevent companies from incurring additional liability for climate change damages, said Danielle Fugere, president of As You Sow, a non-profit advocating for corporate responsibility through shareholder advocacy. </div><div>
</div><div>“It will help companies move forward understanding that they need to start making changes, that they need to start reducing their carbon risk, that demand may in fact fall precipitously in the future and the world is moving to a low carbon energy system,” Fugere said. “If they are not on board, then they are at risk of being competitively disadvantaged.”</div><div>
</div><div>Nell Minow, a long-time shareholder rights advocate, said the Main Street Investors Coalition does not represent actual Main Street investors. </div><div>
</div><div>“In reality, it is a corporate-funded group with no real ties to retail investors,” Minow wrote in a post on the Harvard Law School Forum on Corporate Governance and Financial Regulation. “And its advocacy is as fake as its name.”</div></div><div>
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</div><div><div>The State Worker</div><div>Chronicling civil-service life for California state workers</div><div>
</div><div>THE STATE WORKER</div><div>Before CalPERS can save the world, public workers want it to save their pensions</div><div>BY ADAM ASHTON</div><div>
</div><div>aashton@sacbee.com</div><div>
</div><div>
</div><div>July 17, 2017 11:30 AM</div><div>
</div><div>Updated July 18, 2017 08:39 AM</div><div>
</div><div>Police Lt. Jim Auck makes a regular 400-mile trip to Sacramento delivering a message to the state’s biggest public pension fund.</div><div>
</div><div>He says his department can’t hire more cops in part because investment misses at CalPERS require cities like his to chip in more taxpayer money for public employee pensions.</div><div>
</div><div>That’s why he’s been urging the California Public Employees’ Retirement System at its monthly meetings to resist a recent wave of appeals for it to divest from politically unpopular industries, such as fossil fuels and firearms.</div><div>
</div><div>“We cannot afford to lose funding for law enforcement officers in exchange for a socially responsible investment policy,” Auck, treasurer of the Corona Police Officers Association, told the CalPERS’ Board of Administration at a May meeting.</div><div>
</div><div>His recent appearances at CalPERS meetings are signs that some law enforcement and labor organizations are speaking up against proposals that would force the retirement fund to withdraw its investments from specific industries.</div><div>
</div><div>The International Union of Operating Engineers, which represents some 12,000 state maintenance workers, is another organization urging CalPERS to focus on making money.</div><div>
</div><div>“It’s time for CalPERS to re-evaluate their investment strategies and focus more on improving their investment returns and less on ‘socially responsible’ investments,” said Steve Crouch, its director of public employees.</div><div>
</div><div>Opponents to divestment say those decisions are costly. CalPERS has missed about $8 billion in potential earnings because of its divestment choices dating back to the 1980s, according to a February report by Wilshire Associates.</div><div>
</div><div>That matters because both CalPERS and the California State Teachers’ Retirement System are badly underfunded, with each holding assets worth about two-thirds of what they’d need if they had to pay all of the benefits they owe immediately. If the funds don’t catch up, taxpayers eventually could be forced to make up the difference.</div><div>
</div><div>“The CalPERS board has a fiduciary responsibility to the membership to deliver the best returns possible,” Auck said. “While we don’t necessarily promote tobacco or some of the issues that they’re divesting from, they’re legal. Whatever is delivering the return they need, that’s where they need to put our money.”</div><div>
</div><div>Calls for divestment at CalPERS are not new to the fund. It pulled out of South African investments in 1986 as a statement against apartheid. It sold its tobacco stocks in 2000.</div><div>
</div><div>But the pace of divestment requests has increased recently.</div><div>
</div><div>In 2015, the Legislature approved a bill calling on CalPERS and CalSTRS to reconsider their coal investments. CalSTRS subsequently divested from coal; CalPERS next month is expected to release its decision.</div><div>
</div><div>The most prominent proposal this year would have compelled CalPERS to divest from companies that do business with the Dakota Access Pipeline, the controversial 1,200-mile pipeline opposed by the Standing Rock Sioux tribe in South Dakota. Assemblyman Ash Kalra, D-San Jose, later modified his bill to require CalPERS to publish a report on its pipeline-related investments.</div><div>
</div><div>Another bill would force CalPERS to cut its investments in Turkey. One more would have triggered divestment from businesses that work on the Trump administration’s proposed border wall.</div><div>
</div><div>RELATED STORIES FROM SACRAMENTO BEE</div><div> CalPERS beats earnings target for first time in three years</div><div>CalPERS beats earnings target for first time in three years</div><div> CalPERS just lost a lawsuit at the U.S. Supreme Court. That decision will cost Californians</div><div>CalPERS just lost a lawsuit at the U.S. Supreme Court. That decision will cost Californians</div><div>
</div><div>Those proposals all have passionate supporters.</div><div>
</div><div>Dozens of Dakota Access Pipeline opponents packed CalPERS’ February meeting, where they implored the board to shed its investments in the pipeline’s builder. Many of them were retired public workers and teachers, who viewed global warming as a greater threat to their retirement security than CalPERS’ unfunded pension obligations.</div><div>
</div><div>“You have my permission to divest,” retired teacher Martha Dragovich, 74, told CalPERS in February.</div><div>
</div><div>Some major labor organizations also favor divestment.</div><div>
</div><div>State government’s largest union, Service Employees International Local 1000, is one of them. Theresa Taylor, one of the local’s vice presidents, is a member of the CalPERS Board of Administration.</div><div>
</div><div>Local President Yvonne Walker said she’d support divestment from fossil fuels in general.</div><div>
</div><div>“We all understand the need to make profitable investments but fossil fuels pose a threat to everyone. We’ve learned this lesson before – placing dollars over principles is one of the key factors in today’s income inequality. We can’t change the past, but let’s make the right decisions for our future,” she said in a written statement.</div><div>
</div><div>CalPERS has sent its lobbyist to the Capitol repeatedly this year to argue against divestment. The pension fund contends that banning certain investments increases risk for the overall fund and diminishes its voice on corporate boards as a shareholder.</div><div>
</div><div>CalPERS has been nudging companies to disclose climate risks with shareholder votes this year, including major oil producers like Exxon Mobil and Chevron. It advertises those votes to demonstrate its impact on social and environmental issues.</div><div>
</div><div>State Controller Betty Yee, who has a seat on both CalPERS and CalSTRS, has made that case at public meetings where activists press the funds to divest from fossil fuels. But she joined CalSTRS last month in voting to cut its last investments in foreign coal companies.</div><div>
</div><div>“I consider divestment proposals on a case-by-case basis and CalSTRS’ divestment from non-U.S. thermal coal was clear-cut because the holdings were minimal, returns inadequate, and liabilities and risks significant,” she said. “With a fiduciary responsibility to keep retirement benefits funded, I believe full divestment from fossil fuels is not yet feasible. Even as we depend less and less on fossil fuels, the sheer volume of energy and magnitude of pension assets that need to be replaced is still too big.”</div><div>
</div><div>Most of the state’s unions have been trying to convey their worries about divestment while maintaining relationships with the Democratic leaders behind the proposals. Senate President Pro Tem President Kevin DeLeon, D-Los Angeles, backed the 2015 coal divestment bill, for instance.</div><div>
</div><div>Unions held back on Kalra’s Dakota Access Pipeline bill until he rewrote it in a way that did not force divestment. The new version, which simply requires disclosure of pipeline-related investments, cleared a Senate committee last week with endorsements from the powerful California Teachers Association and the state’s largest firefighter union, California Professional Firefighters.</div><div>
</div><div>California Professional Firefighters spokeswoman Carrol Wills said the union usually does not take positions on divestment proposals.</div><div>
</div><div>“We think the practice of direct engagement, currently employed by CalPERS and CalSTRS, is the appropriate way to effect change without sacrificing its fiduciary responsibility to act in the best interests of beneficiaries and employers,” she said.</div><div>
</div><div>Members of Auck’s police union in Corona of Riverside County plan to keep showing up at CalPERS meetings. Auck, 60, said officers followed news about the divestment proposals and decided to dip into their union funds to pay for the travel, worrying that CalPERS would hear only from people who favor divestment.</div><div>
</div><div>The department has about 30 fewer positions for sworn police officers than it had a decade ago, he said. The city expects to pay more money to CalPERS every year for pensions since the fund in December voted to lower its investment rate forecast, a decision that requires governments to kick in more money up front for their workers. That leaves Corona less room to bring back some of those law enforcement jobs, Auck said.</div><div>
</div><div>“We’ve lost billions of dollars because of divestment. That’s billions of dollars we could have had. Maybe we’d still have these same issues, but we don’t know that,” he said.</div><div>no lnx</div></div><div></div><div>BS</div><div><p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">By Chris Reed.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">New York Gov. Andrew Cuomo’s call for his state’s biggest government pension fund to <a href="http://www.timesunion.com/news/article/Cuomo-says-he-ll-work-with-DiNapoli-on-pension-12442458.php" style="padding: 0px; margin: 0px; outline: none; list-style: none; border: 0px none; transition: all 0.2s linear 0s;">stop new investments</a> in fossil-fuel companies and phase out existing investments is likely to lead to renewed calls for the Golden State’s two massive pension funds – the California Public Employees’ Retirement System and the California State Teachers’ Retirement System – to do the same.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">The Common Fund – New York’s pension fund for state and local public sector employees – has $200 billion in holdings. Cuomo, a Democrat who is expected to run for president in 2020, said it was time to craft a “de-carbonization roadmap” for the fund, which “remains heavily invested in the energy economy of the past.”<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">New York City Comptroller Scott Stinger agreed with Cuomo and called for changes in the investment policies of the city’s five pension funds, with holdings of about $190 billion.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">The announcements were hailed on social media as a reflection of the mission statement of the 2015 Paris Accord outlining international efforts to address global warming.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">It’s possible Brown could use his State of the State speech later this month to reveal his call for CalPERS and CalSTRS climate-change divestment. The pension giants have already been forced to end investments in coal companies because of a <a href="http://www.sacbee.com/news/politics-government/capitol-alert/article38233089.html" style="padding: 0px; margin: 0px; outline: none; list-style: none; border: 0px none; transition: all 0.2s linear 0s;">2015 law</a> signed by the governor, selling off shares worth less than $250 million, a tiny fraction of their overall portfolios.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">But selling off stakes in energy companies would be a much more impactful event. Giant firms like ExxonMobil are among the most common holdings of pension funds around the world.<h3 style="padding: 0px; margin: 36px 0px 12px; outline: none; list-style: none; border: 0px none; line-height: 1.09091;" open="Open" sans="Sans" tahoma="Tahoma" webkit-text-stroke="webkit-text-stroke" px="px" rgba="rgba" background-color="background-color" rgb="rgb">Some unions worry divestment will hurt CalPERS finances</h3><p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">And while the California Democratic Party has been largely unified behind Brown’s and the state Legislature’s efforts dating back to 2006 to have California lead the fight against global warming, such unanimity is unlikely should Brown follow Cuomo’s lead because some public employee unions are worried about divestment damaging the finances of CalPERS and CalSTRS.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">As of July, CalPERS had $323 billion in assets and said it was <a href="http://www.sacbee.com/news/politics-government/the-state-worker/article161359963.html" style="padding: 0px; margin: 0px; outline: none; list-style: none; border: 0px none; transition: all 0.2s linear 0s;">68 percent funded</a> – meaning it had about $150 billion in unfunded liabilities. As of March, CalSTRS had $202 billion in assets and said it was <a href="https://www.reuters.com/article/us-california-pensions-calstrs/calstrs-unfunded-liability-grows-under-new-returns-expectation-idUSKBN17204B" style="padding: 0px; margin: 0px; outline: none; list-style: none; border: 0px none; transition: all 0.2s linear 0s;">64 percent funded</a>, leaving unfunded liabilities of about $100 billion.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">CalPERS’ steady increase in rates it charges local agencies to provide pensions and the heavy costs facing school districts because of the Legislature’s 2014 CalSTRS’ bailout have taken a heavy toll on government budgets.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">Corona Police Lt. Jim Auck, treasurer of the Corona Police Officers Association, has testified to the CalPERS board on several occasions, imploring members to focus on making money with investments, not making political statements.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">According to a <a href="http://www.sacbee.com/news/politics-government/the-state-worker/article161772508.html" style="padding: 0px; margin: 0px; outline: none; list-style: none; border: 0px none; transition: all 0.2s linear 0s;">July account</a> in the Sacramento Bee, Auck said public safety is hurt when police departments must spend ever-more money on pensions.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">“The CalPERS board has a fiduciary responsibility to the membership to deliver the best returns possible,” Auck testified. “Whatever is delivering the return they need, that’s where they need to put our money.”<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">The International Union of Operating Engineers, which represents 12,000 state maintenance workers, has taken the same position, according to the Bee.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">In New York, Gov. Cuomo also is not assured of success. The sole trustee of the Common Fund is State Comptroller Thomas P. DiNapoli. While he agreed to work with Cuomo in establishing a committee to consider possible changes in its investment strategies, his statement pointedly emphasized that there were no present plans to change the fund’s approach to energy stocks.<p style="padding: 0px; margin: 0px 0px 24px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb">While DiNapoli cited his support for reducing global warming and the Paris Accord, his statement concluded with a sentence emphasizing his priorities: “I will continue to manage the pension fund in the long-term best interests of our members, retirees and the state’s taxpayers.”<div class="social-article" style="padding: 0px; margin: 0px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb"><div class="divider" style="padding: 0px; margin: 30px 0px; outline: none; list-style: none; height: 1px; line-height: 0px; overflow: hidden; clear: both; border: none !important; background: rgb(245, 245, 245) !important;"><div style="padding: 0px; margin: 0px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb"><div style="padding: 0px; margin: 0px; outline: none; list-style: none; border: 0px none;" open="Open" sans="Sans" tahoma="Tahoma" font-size="font-size" px="px" webkit-text-stroke="webkit-text-stroke" rgba="rgba" background-color="background-color" rgb="rgb"><a href="https://calwatchdog.com/2018/01/01/calpers-calstrs-likely-face-new-pressure-divest-fossil-fuel-companies/" style="padding: 0px; margin: 0px; outline: none; list-style: none; border: 0px none; transition: all 0.2s linear 0s;">Originally posted at Cal Watchdog.</a></div></div><div style=""> =919 supertyphoon 28 coal plants, 28 more coming, CA PP $ kpfa=https://YYY.theguardian.com/environment/2015/sep/02/california-pension-funds-divest-coalno lnx guard ukCalifornia passes bill forcing biggest pension funds to divest from coalBill targets state public employees’ and teachers’ pension plansGovernor Jerry Brown expected to sign bill into lawAnita Chabria in SacramentoWed 2 Sep 2015 18.48 EDT Last modified on Wed 14 Feb 2018 12.35 EST ‘Coal is the fuel of the past and it’s no longer a wise investment for our pensioners,’ said the California assemblyman who presented the bill. Photograph: Chris Ratcliffe/Bloomberg/Getty ImagesCalifornia lawmakers passed a bill on Wednesday requiring the state’s two largest pension plans to divest their holdings in thermal coal as part of a push this legislative session to address climate change.
The rise and rise of the fossil fuel divestment movement]
“Coal is the fuel of the past and it’s no longer a wise investment for our pensioners,” said assemblyman Rob Bonta, who presented the bill before the assembly, in a statement. “I’m pleased that my colleagues agree: it’s time to move on from this dirty energy source.”
SB 185, also called “Investing with Values and Responsibility”, passed the state assembly by a vote of 43-27, mostly along party lines with some Democrats abstaining. It will now head to the governor’s desk to be signed into law – Governor Jerry Brown has expressed strong support for the climate change package and will probably formalize the bill in coming days.
The measure calls for the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) to begin a divestment process in any holdings of thermal coal, and to complete that divestment within 18 months of the law being applied to a particular pension system.CalPERS and CalSTRS are the largest public pension funds in the US. CalPERS has about $292bn in assets and CalSTRS has $191bn in assets. CalPERS currently holds stock in about 30 coal companies, mostly in index funds, with a value of about $167m, according to legislative information on the bill.CalSTRS has “approximately a $40m holding” in coal, according to a statement provided by Ricardo Duran, media relations spokesman for the plan.CalSTRS has already begun examining the divestment issue, and expects that it will take four to eight months to complete that analysis.“Any effort to remove thermal coal from the portfolio must first meet the board’s standard of fiduciary care,” the statement read. “CalSTRS’ first priority is, and always has been, safeguarding the financial futures of our members and their families, and to make decisions solely in the interest of our members and their beneficiaries.”Thermal coal is used to produce electrical power throughout the United States, but in California, natural gas is more commonly used. However, “coal plants are the nation’s top source of carbon dioxide (CO2) emissions, the primary cause of global warming”, according to legislative information on the bill.“Coal is losing value quickly and investing in coal is a losing proposition for our retirees; it’s a nuisance to public health; and it’s inconsistent with our values as a state on the forefront of efforts to address global climate change,” the senate president pro tempore, Kevin de León, said in a statement. “California’s utilities are phasing out coal, and it’s time our pension funds did the same.”</div><div style=""></div><div style=""><a href="https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201720180SB964" style="box-sizing: inherit; text-decoration-line: none; overflow-wrap: break-word; transition: all 0.2s linear 0s;">SB 964</a>, authored by Sen. Ben Allen (D-Santa Monica), is a groundbreaking bill that defines "climate-related financial risk" in law, and requires CalPERS and CalSTRS, the two largest public pension funds in the U.S., to take that risk into account when making investment decisions. It also requires the funds to report on climate risk in their portfolios, to the public and the California legislature. This is the first bill of its kind in the nation, and passing it this year—before the Global Climate Action Summit in September—will set an example for other states and other public funds. It's another way California leads on climate.Fossil Free California will send petition signatures to appropriate Sacramento lawmakers at strategic times during the legislative session, beginning with <a href="http://sapro.senate.ca.gov/" style="box-sizing: inherit; text-decoration-line: none; overflow-wrap: break-word; transition: all 0.2s linear 0s;">members of the Senate Appropriations Committee</a>; then to all Senators before a Senate floor vote (the bill must pass by June 1); and then to key Assembly members as the bill moves through the second house.Some background: <a href="http://fossilfreeca.org/" style="box-sizing: inherit; text-decoration-line: none; overflow-wrap: break-word; transition: all 0.2s linear 0s;">Fossil Free California</a> and <a href="https://environmentcalifornia.org/home" style="box-sizing: inherit; text-decoration-line: none; overflow-wrap: break-word; transition: all 0.2s linear 0s;">Environment California</a> are co-sponsoring the bill. It was introduced in 2017 as SB 560, and held in committee; Senator Allen has now brought it back as SB 964. It passed the Senate Public Employment and Retirement Committee on April 9...and its near-term fate will be decided in the Senate Appropriations Committee during the second half of May.</div><div style="">=</div><div style=""><a href="http://www.alternet.org/environment/americas-largest-pension-and-health-care-fund-invested-136-million-monsanto">
</a></div><div style=""><a href="http://www.alternet.org/environment/americas-largest-pension-and-health-care-fund-invested-136-million-monsanto">http://www.alternet.org/environment/americas-largest-pension-and-health-care-fund-invested-136-million-monsanto</a></div><div style="">
</div><div style="">... recently informed by a former California public health employee, that CalPERS, the state's pension and health care fund, the largest in the nation, has invested <a href="http://files.alternet.org/uploads/pdfs/Cal_PERS_Monsanto.pdf" target="blank" style="text-decoration-line: none;">$136 million in Monsanto</a>.  </div>As a California activist committed to healthy communities, I see this investment as a huge conflict of interest. For its health plan subscribers, the CalPERS <a href="http://kern.org/hr/retirement/calpers/pers/" style="text-decoration-line: none;">mission</a> to “advance the financial and health security” of the participants does not align with the detrimental effects of the toxic herbicide Roundup, Monsanto’s number-one product. The day after finding out about this ill-advised investment, I sent a letter to CalPERS urging it to divest from Monsanto. It hasn't responded. Concerned Californians should be outraged by this investment by CalPERS in Monsanto and the harm that inevitably impacts the very retirees CalPERS is responsible to protect.We listed several items for the board to review which will hopefully initiate a decision by CalPERS to divest from any investment in Monsanto.In 2015, the International Agency for Research on Cancer, the World Health Organization's cancer agency, deemed that glyphosate, Roundup's key ingredient, is a <a href="http://www.alternet.org/environment/monsanto-suffers-several-2015-setbacks" target="blank" style="text-decoration-line: none;">probable carcinogen</a>. In addition to this, the California EPA decided that glyphosate-based herbicides (GBH) like Roundup must be labeled as containing a carcinogen. Roundup has been proven to cause liver disease at levels lower than what is allowed in our food. One out of 10 Americans now suffer from non-alcoholic fatty liver disease.Due to the spraying of this herbicide on crops as a drying agent and on GMO crops for weed control, glyphosate is now found in the majority of our food, streams, rain, tapwater and even our urine. It's also been detected in breast milk, vaccines and pregnant mothers.Glyphosate is a patented antimicrobial, <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3945755/" target="blank" style="text-decoration-line: none;">causing gut dysbiosis</a> and inflammation, which can lead to diabetes, obesity, autoimmune diseases and dementia.Glyphosate-based herbicides are also endocrine disruptors, which can lead to miscarriages, infertility and infant death. The <a href="http://www.nbcnews.com/health/more-us-babies-die-their-first-day-68-other-countries-6C9700437" style="text-decoration-line: none;">U.S. has 50 percent</a> more babies who die on the first day of life than all of the industrialized nations combined.Glyphosate-based herbicides are also neurotoxins, which can lead to learning disabilities, mental illness, addiction, depression and even acts of violence. 1 in 6 U.S. children have <a href="https://www.cdc.gov/ncbddd/developmentaldisabilities/features/birthdefects-dd-keyfindings.html" style="text-decoration-line: none;">developmental delays</a>.Glyphosate also acts a chelator, which causes mineral deficiency, which can lead to cancer.According to the California State Department of Public Health, 1,382,200 people were diagnosed with cancer in 2014, and 155,920 Californians are diagnosed with new cases of cancer every year. This is equivalent to nearly <a href="http://docplayer.net/3567471-California-cancer-facts-figures-2014.html" style="text-decoration-line: none;">18 new cases</a> every single hour. ...<div style="">=</div><div style="">Avery has served on the United Nations Secretary General's scientific advisory board, which provides advice on science, technology and innovation for sustainable development. She also had been associated with the National Research Council Global Change Research Program Advisory Committee, and advisory committees with NASA, NOAA, and the National Science Foundation.Over the last two years, Exxon has opposed shareholder resolutions calling for a board member with a scientific and climate change background.  The company had <a href="https://www.sec.gov/Archives/edgar/data/34088/000119312516539460/d14941ddef14a.htm" style="box-sizing: inherit; background-color: transparent; text-decoration: none; font-weight: bold;">urged shareholders</a> to reject the proposals under the leadership of Tillerson, who is poised to be confirmed as secretary of state as soon as next week.The company argued that its directors should have a "breadth of experience" and not be limited in their scope of expertise.Although the resolutions received support of just 21 percent of investors in 2105 and 2016, a number of large shareholder organizations have thrown their weight behind them, including CalPERS, which manages California's public employees retirement fund, and State Street Global Advisors, a worldwide investment management company. A similar resolution is up for consideration at the company's annual meeting later this year.Rev. Mike Crosby and the Province of St. Joseph of the Capuchin Order of friars had championed the resolutions. Crosby said Avery's selection is a sign the company may be more willing to begin accepting the mainstream understanding that climate change is not only happening but will impact the world's consumption of fossil fuels."It looks like they (Exxon) are changing their position," he said.  "This is a step in what we see as a gradual evolution by Exxon."Crosby said the company initially refused to even talk when the friars first raised the issue several years ago."We weren't getting anywhere with them," he said. "But they have been evolving. The last time we brought it up with them, they seemed more willing to talk."The election of Avery doesn't necessarily signal a wholesale embrace of climate change science, said Tim Smith, senior vice president of Boston-based Walden Asset Management, which promotes corporate responsibility on behalf of shareholders."This is terribly important symbolically; terribly significant for company governance," he said.  "We don't know that this is a big shift."It increases the company's competence in addressing the climate issue, he said.  "This should enrich the climate discussion by the company and hopefully make the company more accountable for the impact of climate."</div><div style="">---</div><div style="">https://www.calpers.ca.gov/page/newsroom</div><div style=""></div><div style=""><div class="page-header" style="box-sizing: border-box; padding-bottom: 0px; margin: 0px 0px 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(252, 182, 20); width: 750px; line-height: 25.6px; background-color: rgb(255, 255, 255);"><h1 style="box-sizing: border-box; margin: 10px 0px; font-weight: 300; line-height: 1.1;">CalPERS to Set Talks With Thermal Coal Companies</h1></div>October 8, 2015External Affairs (916) 795-3991<a href="https://www.calpers.ca.gov/page/newsroom/calpers-news/2015/coal-divestment-statement#" title="Call: (916) 795-3991" style="box-sizing: border-box; text-decoration: none; font-weight: 400; margin: 0px; border: currentcolor; left: 0px; top: 0px; width: 16px; height: 16px; right: 0px; bottom: 0px; overflow: hidden; vertical-align: middle; float: none; display: inline; background-color: transparent; position: static !important;"><img src="data:image/png;base64,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" title="Call: (916) 795-3991" style="box-sizing: border-box; border: currentcolor; vertical-align: middle; margin: 0px; left: 0px; top: 0px; width: 16px; height: 16px; right: 0px; bottom: 0px; overflow: hidden; float: none; display: inline; position: static !important;" /></a> Brad Pacheco, Interim Deputy Executive Officer, External Affairs Contact: Joe DeAnda, Information Officer <a href="mailto:newsroom@calpers.ca.gov" style="box-sizing: border-box; text-decoration: none; font-weight: 400; background-color: transparent;">newsroom@calpers.ca.gov</a>SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) announced that it will begin to engage thermal coal companies in its investment portfolio on climate change risks as a first step required by Senate Bill 185, authored by Senator Kevin de Leon, and signed by Governor Brown today."Climate change represents risks and opportunities for a long-term investor like CalPERS," said Anne Stausboll, Chief Executive Officer for the Pension Fund and co-chair of the Ceres Board, the nation's largest coalition of investors, environmental groups, and nonprofit organizations advocating for sustainable business practices. "We have a fiduciary duty to protect the Pension Fund and mitigate the effects of climate change on our investments. CalPERS has a long history of constructively engaging companies to advance sustainable business practices.""We applaud Senator de Leon and Governor Brown for their commitment and attention to this important issue," added Stausboll. "CalPERS has been at the forefront of tackling climate change issues through policy advocacy, engagement with portfolio companies, and investing in climate change solutions. We remain committed to encouraging our investment managers, portfolio companies, and policy makers to engage in responsible environmental practices as part of our duty as a principled and effective investor."CalPERS will take immediate steps to engage thermal coal companies as defined by the legislation. As of June 30, 2015, CalPERS invests in approximately 27 thermal coal companies with a portfolio value of about $57 million. Following its engagement with the companies, CalPERS will evaluate divestment as outlined in the bill.CalPERS is a founding member of the Investor Network on Climate Change, a leading network of 100 U.S. institutional investors representing more than $10 trillion, and addressing a policy agenda that calls on governments and regulators to introduce carbon pricing and disclosure. The Pension Fund is also a founding signatory of the United Nations-supported Principles for Responsible Investing (PRI) and helped craft its six tenets that serve as a guide for investors to better understand the implications of sustainability and how to incorporate these issues into their investment decision making and ownership practices.In September 2014, CalPERS signed the Montreal Carbon Pledge, which commits asset owners and investment managers to measuring and publicly disclosing the carbon footprint of their investment portfolios on an annual basis.Learn more about <a href="https://www.calpers.ca.gov/page/investments/governance" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">CalPERS role and leadership</a> to address climate change.For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $293 billion. For more information, visit www.calpers.ca.gov.</div><div style=""></div><div style=""><table class="table table-bordered table-striped table-hover table-condensed dataTable" id="dt" role="grid" aria-describedby="dt_info" style="box-sizing: border-box; border-spacing: 0px; width: 1140px; border: 1px solid rgb(186, 186, 186); clear: both; background-color: rgb(255, 255, 255); max-width: none !important; margin-bottom: 6px !important; margin-top: 6px !important;"><tbody style="box-sizing: border-box;"><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">Freeport-McMoRan Inc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">FCXPRA</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">Kinder Morgan Inc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">kmi</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">
</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="1"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">Kinder Morgan Inc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">kmi</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="338" company-name="SBA COMMUNICATIONS CORP." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">SBA COMMUNICATIONS CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">SBAC</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/27/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">Verizon Communications Inc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/23/2015</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">CHIPOTLE MEXICAN GRILL, INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">CMG</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/27/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">76,443</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">FLEETCOR TECHNOLOGIES INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">FLT</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">175,200</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">UNIVERSAL HEALTH SERVICES INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">UHS</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/27/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">330,588</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="204" company-name="OReilly Automotive, Inc." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">OReilly Automotive, Inc.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">ORLY</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">365,373</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="353" company-name="BLACKROCK INC." class="company-details" style="box-sizing: border-box; text-decoration: none;">BLACKROCK INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">BLK</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/24/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">391,149</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="1"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">CONSOL ENERGY INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">CNX</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/27/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">517,846</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="332" company-name="PACCAR INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">PACCAR INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">PCAR</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">525,197</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">MONSTER BEVERAGE CORP.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">MNST</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">571,615</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="349" company-name="URBAN OUTFITTERS INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">URBAN OUTFITTERS INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">URBN</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">575,921</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">NRG ENERGY INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">NRG</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">656,458</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">NETFLIX INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">NFLX</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">977,773</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="348" company-name="NEW YORK COMMUNITY BANCORP INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">NEW YORK COMMUNITY BANCORP INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">NYCB</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">1,009,676</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="342" company-name="OLD REPUBLIC INTERNATIONAL CORP." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">OLD REPUBLIC INTERNATIONAL CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">ORI</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">1,025,283</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">NOBLE ENERGY INC</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">NBL</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">04/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">1,027,684</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%; background-color: rgb(255, 255, 102);"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="336" company-name="WEC ENERGY GROUP INC." class="company-details" style="box-sizing: border-box; text-decoration: none;">WEC ENERGY GROUP INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">WEC</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">04/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">1,145,640</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%; background-color: rgb(255, 255, 102);"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">NABORS INDUSTRIES LTD.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">NBR</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">05/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">1,277,615</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%; background-color: rgb(255, 255, 102);"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">ANADARKO PETROLEUM CORP.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">apc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">04/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">1,524,377</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%; background-color: rgb(255, 255, 102);"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="335" company-name="CABOT OIL & GAS CORP." class="company-details" style="box-sizing: border-box; text-decoration: none;">CABOT OIL & GAS CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">COG</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">04/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">1,586,250</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%; background-color: rgb(255, 255, 102);"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">FIRSTENERGY INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">FE</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/27/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">1,681,685</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="331" company-name="AES CORP." class="company-details" style="box-sizing: border-box; text-decoration: none;">AES CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">AES</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">04/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">1,837,853</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%; background-color: rgb(255, 255, 102);"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="350" company-name="THE SOUTHERN COMPANY" class="company-details" style="box-sizing: border-box; text-decoration: none;">THE SOUTHERN COMPANY</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">SO</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">05/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">3,257,952</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%; background-color: rgb(255, 255, 102);"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">OCCIDENTAL PETROLEUM CORP.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">OXY</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">04/18/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">3,915,655</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%; background-color: rgb(255, 255, 102);"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="352" company-name="CHEVRON CORPORATION" class="company-details" style="box-sizing: border-box; text-decoration: none;">CHEVRON CORPORATION</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">CVX</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">05/24/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);">6,167,888</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%; background-color: rgb(255, 255, 102);"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="330" company-name="ANGLO AMERICAN PLC" class="company-details" style="box-sizing: border-box; text-decoration: none;">ANGLO AMERICAN PLC</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">ANGLO</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/15/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">7,045,480</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="73" company-name="Comcast Corp." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">Comcast Corp.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">CMCSA</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/20/2015</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">7,861,799</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="1"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">Comcast Corp.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">CMCSA</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/18/2015</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">7,861,799</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="351" company-name="EXXON MOBIL CORP." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">EXXON MOBIL CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">XOM</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/24/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">12,956,962</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="328" company-name="APPLE INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">APPLE INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">AAPL</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">02/25/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">16,508,932</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="343" company-name="GLENCORE PLC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">GLENCORE PLC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">GLENC</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/04/2016</td><td class="text-left sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">38,056,237</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr></tbody></table></div><div style="">=</div><div style=""><table class="table table-bordered table-striped table-hover table-condensed dataTable" id="dt" role="grid" aria-describedby="dt_info" style="box-sizing: border-box; border-spacing: 0px; width: 1140px; border: 1px solid rgb(186, 186, 186); clear: both; background-color: rgb(255, 255, 255); max-width: none !important; margin-bottom: 6px !important; margin-top: 6px !important;"><tbody style="box-sizing: border-box;"><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="331" company-name="AES CORP." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">AES CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">AES</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">1,837,853</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">ANADARKO PETROLEUM CORP.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">apc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">1,524,377</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="330" company-name="ANGLO AMERICAN PLC" class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">ANGLO AMERICAN PLC</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">ANGLO</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/15/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">7,045,480</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="328" company-name="APPLE INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">APPLE INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">AAPL</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">02/25/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">16,508,932</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="1"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="353" company-name="BLACKROCK INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">BLACKROCK INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">BLK</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/24/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">391,149</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="335" company-name="CABOT OIL & GAS CORP." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">CABOT OIL & GAS CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">COG</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">1,586,250</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="352" company-name="CHEVRON CORPORATION" class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">CHEVRON CORPORATION</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">CVX</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/24/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">6,167,888</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">CHIPOTLE MEXICAN GRILL, INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">CMG</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/27/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">76,443</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="73" company-name="Comcast Corp." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">Comcast Corp.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">CMCSA</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/20/2015</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">7,861,799</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">Comcast Corp.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">CMCSA</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/18/2015</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">7,861,799</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="1"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">CONSOL ENERGY INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">CNX</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/27/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">517,846</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="351" company-name="EXXON MOBIL CORP." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">EXXON MOBIL CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">XOM</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/24/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">12,956,962</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">FIRSTENERGY INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">FE</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/27/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">1,681,685</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">FLEETCOR TECHNOLOGIES INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">FLT</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">175,200</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="1"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">Freeport-McMoRan Inc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">FCXPRA</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="343" company-name="GLENCORE PLC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">GLENCORE PLC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">GLENC</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/04/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">38,056,237</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">Kinder Morgan Inc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">kmi</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">Kinder Morgan Inc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">kmi</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">
</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="1"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">MONSTER BEVERAGE CORP.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">MNST</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">571,615</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">NABORS INDUSTRIES LTD.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">NBR</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">1,277,615</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">NETFLIX INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">NFLX</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">977,773</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="348" company-name="NEW YORK COMMUNITY BANCORP INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">NEW YORK COMMUNITY BANCORP INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">NYCB</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">1,009,676</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">NOBLE ENERGY INC</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">NBL</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">1,027,684</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">NRG ENERGY INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">NRG</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">656,458</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="204" company-name="OReilly Automotive, Inc." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">OReilly Automotive, Inc.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">ORLY</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">365,373</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">OCCIDENTAL PETROLEUM CORP.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">OXY</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">3,915,655</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="342" company-name="OLD REPUBLIC INTERNATIONAL CORP." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">OLD REPUBLIC INTERNATIONAL CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">ORI</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">05/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">1,025,283</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="332" company-name="PACCAR INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">PACCAR INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">PCAR</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">525,197</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="338" company-name="SBA COMMUNICATIONS CORP." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">SBA COMMUNICATIONS CORP.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">SBAC</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/27/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="350" company-name="THE SOUTHERN COMPANY" class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">THE SOUTHERN COMPANY</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">SO</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">3,257,952</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">UNIVERSAL HEALTH SERVICES INC.</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">UHS</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/27/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">330,588</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="349" company-name="URBAN OUTFITTERS INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">URBAN OUTFITTERS INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">URBN</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">05/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">575,921</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr><tr role="row" class="odd" style="box-sizing: border-box; background-color: rgb(232, 232, 232);"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">Verizon Communications Inc</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">04/23/2015</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);">
</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(255, 255, 255);" width="1"> </td></tr><tr role="row" class="even" style="box-sizing: border-box;"><td class="sorting_1" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);"><a href="https://www.calpers.ca.gov/page/investments/governance/proxy-voting/key-decisions#" id="336" company-name="WEC ENERGY GROUP INC." class="company-details" style="box-sizing: border-box; text-decoration: none; background-color: transparent;">WEC ENERGY GROUP INC.</a></td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">WEC</td><td style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">04/18/2016</td><td class="text-left" style="box-sizing: content-box; padding: 5px; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 1px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);">1,145,640</td><td class="text-center" style="box-sizing: content-box; padding: 5px; text-align: center; line-height: 1.6; vertical-align: top; border-style: none solid solid; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-right-color: rgb(186, 186, 186); border-bottom-color: rgb(186, 186, 186); border-left-color: rgb(186, 186, 186); background-color: rgb(232, 232, 232);" width="4"><span class="fa fa-lg fa-check-circle" title="Available" style="box-sizing: border-box; display: inline-block; font-stretch: normal; line-height: 0.75em; text-rendering: auto; -webkit-font-smoothing: antialiased; transform: translate(0px, 0px); vertical-align: -15%;"> </td></tr></tbody></table></div><div style=""></div><div style="">2014</div><div style=""><div class="page-header" style="box-sizing: border-box; padding-bottom: 0px; margin: 0px 0px 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(252, 182, 20); width: 750px; line-height: 25.6px; background-color: rgb(255, 255, 255);"><h1 style="box-sizing: border-box; margin: 10px 0px; font-weight: 300; line-height: 1.1;">Divestment from Fossil Fuels Is Not the Solution</h1></div>July 11, 2014The authors of the July 10 Sacramento Viewpoints piece, "CalPERS should pull money from fossil fuels industry,” call for CalPERS to divest from fossil fuels.We all have a shared concern with climate risk, but our view is that the solution lies in tackling energy companies through an engagement process focused on finding solutions, rather than walking away.We engage with more than 100 companies, on an annual basis to ensure the high standards of corporate governance that underpin effective climate change risk management, and we invest in climate change solutions across our Global Equity, Private Equity, and Real Estate portfolios.The issues raised by climate change are complex and challenging. Over the last two decades, we have been at the forefront of tackling climate change issues through policy advocacy, engagement with portfolio companies, and investing in climate change solutions, something we would not be able to do if we did not have a seat at the table. We have also reduced the carbon footprint of our own operations - since 2006 we have reduced greenhouse gas emissions by 30%.CalPERS was a founding member of the Investor Network on Climate Risk - a leading network of 100 institutional investors representing more than $10 trillion, addressing a policy agenda that calls on governments and regulators to introduce carbon pricing and disclosure, so that risks can be tackled effectively.CalPERS is also actively collaborating in the Ceres led Carbon Asset Risk Initiative - that draws together 70 global investors managing more than $3 trillion of collective assets. The initiative asks 45 large oil and gas, coal, and electric power companies to assess the financial risks that climate change poses to corporate business plans - companies include ExxonMobil, Royal Dutch Shell, BHP Billiton, Rio Tinto, and Vale.CalPERS has a fiduciary duty to be a principled and effective investor to meet our financial commitments to our members and future members.Addressing climate change is paramount to this commitment, and we will continue to partner with other like-minded investors to advocate for change on this important issue.</div><div style=""></div><div style="">Nermeen Shaikh: At its annual meeting in Dallas, Texas, ExxonMobil shareholders rejected a series of resolutions Wednesday calling for climate action, including resolutions backed by CalPERS, the California Public Employees’ Retirement System, as well as the New York [state] Comptroller Thomas DiNapoli and the Church of England. Shareholders did pass a measure to let minority shareholders nominate outsiders for seats on the board, raising the possibility that a climate activist could someday become a director at Exxon. It was the first Exxon annual meeting since a series of revelations that for decades the company covered up its own scientific findings linking rising carbon emissions to dangerous climate change. At the shareholders meeting, the granddaughter of a former Exxon scientist questioned theCEO of Exxon about the company’s record. This is part of what she said.Anna Kalinsky: It’s good to have the opportunity to speak to you. So, my name is Anna Kalinsky. And my grandfather, James F. Black, was a scientist for Exxon for over 40 years. He started with Standard Oil during World War II, later earned dozens of patents for Esso and, later, Exxon. In 1977, he briefed the company’s top executives on the scientific realities of climate change. He said that present thinking holds that man has a time window of five to 10 years before the need for hard decisions regarding changes in energy strategies might become critical, like you acknowledged on your slides. This is over 30, almost 40, years ago.Amy Goodman: That was Anna Kalinsky, who is the granddaughter of James Black, who was a scientist for Exxon for over 40 years. We’re going to hear Rex Tillerson’s answer, the CEO of Exxon, in a moment. But first to Anna herself, who’s joining us now from Dallas along with<a href="http://350.org/" target="blank" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; transition: color 0.2s linear 0s; background: transparent;">350.org</a> co-founder <a href="http://ecowatch.com/author/bmckibben/" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; transition: color 0.2s linear 0s; background: transparent;">Bill McKibben</a>.We welcome you both to Democracy Now! Anna McKibben—Anna Kalinsky, let’s begin with you. Talk about what your grandfather found as an Exxon scientist.Anna Kalinsky: Absolutely. So, like I said, my grandfather worked for Exxon for about 40 years. And in 1977, he gave a presentation to top Exxon management. And he laid out very clearly that the planet was warming, that this was because of rising carbon dioxide levels in the atmosphere and that those levels were rising because of the burning of fossil fuels. And at the time, he told Exxon that humankind had five to 10 years to start really making the hard decisions regarding climate change or else the situation could become dire.Nermeen Shaikh: And, Anna Kalinsky, how many other scientists at Exxon at the time, in the 1970s, were doing comparable research, research comparable to what your grandfather, James F. Black, did?Anna Kalinsky: So, I don’t have an exact number for you, but we know that at the time there were other scientists at Exxon doing climate research and that other organizations, in addition to Exxon, were receiving similar briefings.Amy Goodman: I want to play Exxon CEO Rex Tillerson’s response to your question at Wednesday’s meeting.Rex Tillerson: We will continue to engage in the policy discussions, as we currently do, with a number of broad-based groups on all sides of these issues and we’ll continue to be active in the discussions legislatively in Washington and elsewhere, including through the IPCC, on what we think are thoughtful, sensible policy actions that accommodate both our need for economic growth as well as addressing these risks, which are going to be very, very daunting.Amy Goodman: So that’s Rex Tillerson, the CEO of Exxon. Anna Kalinsky, your response to his answer to your question?Anna Kalinsky: I find it incredibly frustrating. To say that we’re looking at all sides of the climate change issue is ignoring that there has been global consensus on the realities of climate change for years and that Exxon has now, at this point, had four decades of knowledge about climate change, has their own scientists working, who know about these sorts of things. And for CEO Tillerson to say that Exxon wouldn’t be taking decisive action either to cut ties with groups which deliberately spread climate change misinformation, groups like the <a href="http://ecowatch.com/?s=ALEC" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; transition: color 0.2s linear 0s; background: transparent;">American Legislative Exchange Council</a> [ALEC] and that Exxon also, even though they acknowledged during their shareholders meeting that climate change is real and that burning of fossil fuels has an effect, that it was more important for them to focus on their immediate bottom line, it’s incredibly disheartening.Nermeen Shaikh: Well, your grandfather, James F. Black, presented his climate research findings to Exxon executives in July 1977, as you pointed out to the Exxon CEO. He concluded by saying, quote, “There is general scientific agreement that the most likely manner in which mankind is influencing the global climate is through carbon dioxide release from the burning of fossil fuels. A doubling of carbon dioxide is estimated to be capable of increasing the average global temperature from 1 degree to 3 degrees centigrade, with a 10 degree centigrade rise predicted at the poles.” Anna, that was your grandfather’s report in 1977 to senior Exxon executives. So could you say a little about what you think the situation would be today, had Exxon executives listened to the advice of your grandfather?Anna Kalinsky: Absolutely. And something I think that’s important to note is that Exxon actually did for a while take what my grandfather said seriously. He gave that initial briefing in 1977 and in 1978 Exxon had him give a similar briefing to a larger group. And for a while, they actually were funding climate change research. And for a few years, Exxon really was on the cutting edge of climate change science. And then, that spun around to the situation we’re at today, where Exxon publicly and anonymously is funding these groups that spread climate change misinformation. But I think that had my grandfather been listened to back in the ’70s and had an organization like Exxon really taken action, we would be much closer or already at a much more greener climate, an economy of greener energy sources instead of our continued reliance on fossil fuels.Amy Goodman: Anna—Anna Kalinsky: And I—yes?Amy Goodman: Can you talk about the petition you delivered at the Exxon shareholders meeting and when you came to understand, as you were growing up, how significant your grandfather was in this whole climate change issue in exposing the large fossil fuel companies, like Exxon and how you decided to speak out yourself?Anna Kalinsky: So, I came down as a volunteer with <a href="http://climatetruth.org/" target="blank" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; transition: color 0.2s linear 0s; background: transparent;">ClimateTruth.org</a>, which is a group that works against the spread of climate change denial, climate change disinformation. And when I went to the shareholders meeting, I delivered a petition with almost 35,000 signatures asking—or demanding, rather, that Exxon leave ALEC, that they cut associations with ALEC, one of those groups which spreads climate change misinformation.But as for my relationship with my grandfather growing up, he died a few years before I was born, so I never actually had the opportunity to meet him. But I was the only scientist growing up in my family. I graduated last year with an undergraduate degree in chemistry, just like he did. And so, he was always a mythological sort of figure for me. He was the person where my love of science came from. And so, I grew up with stories from my mother about things that my grandfather did, his research. The climate change was one of the things that I learned about.And then, this past fall, when InsideClimate News started publishing the articles about how Exxon has known about climate change since the ’70s and how he was featured very strongly in that, it was something that gave me a lot of pride. I was really excited that my family was a part of this. And as time has gone on, you know, I’ve continued to feel that way. So, when ClimateTruth.org asked me to come down here, I was really proud to carry on the family legacy of speaking out against Exxon and speaking kind of on behalf of science and not political rhetoric.YOU MIGHT ALSO LIKE<a class="black-to-green" href="http://ecowatch.com/2016/05/26/donald-trump-energy-plan/" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; transition: color 0.2s linear 0s; background: transparent;">5 Things You Need to Know About Donald Trump’s Pitiful Plan for the Planet</a><a class="black-to-green" href="http://ecowatch.com/2016/05/26/dicaprio-r20-climate-solutions/" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; transition: color 0.2s linear 0s; background: transparent;">Leonardo DiCaprio Foundation Grants $650k to Accelerate Climate Change Solutions</a></div><div style=""></div><div style=""><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="CAAQAA" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFSgAMAB6BAgAEAA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="http://www.calstrs.com/news-release/calstrs-takes-action-divest-all-non-us-thermal-coal-holdings" ping="/url?sa=t&source=web&rct=j&url=http://www.calstrs.com/news-release/calstrs-takes-action-divest-all-non-us-thermal-coal-holdings&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFjAAegQIABAB" style="cursor: pointer; text-decoration-line: none;">CalSTRS Takes Action to Divest of All Non-U.S. Thermal Coal ...</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f hJND5c TbwUpd" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="iUh30" style="font-style: normal;">www.calstrs.com/news.../calstrs-takes-action-divest-all-non-us-thermal-coal-holdings</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="GHDvEf ab_button" href="https://www.google.com/search?q=calpers+calsers+coal+divest&oq=calpers+calsers+coal+divest&aqs=chrome..69i57.14423j0j4&sourceid=chrome&ie=UTF-8#" id="am-b0" aria-label="Result Options" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQ7B0wAHoECAAQAg" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none 0s ease 0s; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQqR8wAHoECAAQAw" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s ease 0s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="http://webcache.googleusercontent.com/search?q=cache:tNeDhfegX3EJ:www.calstrs.com/news-release/calstrs-takes-action-divest-all-non-us-thermal-coal-holdings+&cd=1&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=http://webcache.googleusercontent.com/search%3Fq%3Dcache:tNeDhfegX3EJ:www.calstrs.com/news-release/calstrs-takes-action-divest-all-non-us-thermal-coal-holdings%2B%26cd%3D1%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQIDAAegQIABAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;" />
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Action follows priordivestment of U.S. thermal coal holdings ... In February 2016, the Teachers' Retirement Board voted todivest the fund of all U.S. thermal ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="CAkQAA" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFSgAMAF6BAgJEAA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="http://www.pionline.com/article/20170807/ONLINE/170809876/calpers-reveals-it-divested-from-most-thermal-coal-companies" ping="/url?sa=t&source=web&rct=j&url=http://www.pionline.com/article/20170807/ONLINE/170809876/calpers-reveals-it-divested-from-most-thermal-coal-companies&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFjABegQICRAB" style="cursor: pointer; text-decoration-line: none;">CalPERS reveals it divested from most thermal coal companies ...</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f hJND5c TbwUpd" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="iUh30" style="font-style: normal;">www.pionline.com/.../calpers-reveals-it-divested-from-most-thermal-coal-companies</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="GHDvEf ab_button" href="https://www.google.com/search?q=calpers+calsers+coal+divest&oq=calpers+calsers+coal+divest&aqs=chrome..69i57.14423j0j4&sourceid=chrome&ie=UTF-8#" id="am-b1" aria-label="Result Options" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQ7B0wAXoECAkQAg" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none 0s ease 0s; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQqR8wAXoECAkQAw" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s ease 0s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="http://webcache.googleusercontent.com/search?q=cache:oefbUembhUkJ:www.pionline.com/article/20170807/ONLINE/170809876/calpers-reveals-it-divested-from-most-thermal-coal-companies+&cd=2&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=http://webcache.googleusercontent.com/search%3Fq%3Dcache:oefbUembhUkJ:www.pionline.com/article/20170807/ONLINE/170809876/calpers-reveals-it-divested-from-most-thermal-coal-companies%2B%26cd%3D2%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQIDABegQICRAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;" />
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TheCalSTRS board voted to divest from U.S. thermal coal ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="CAgQAA" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFSgAMAJ6BAgIEAA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="http://www.pionline.com/article/20170608/ONLINE/170609871/calstrs-divesting-from-non-us-thermal-coal-companies" ping="/url?sa=t&source=web&rct=j&url=http://www.pionline.com/article/20170608/ONLINE/170609871/calstrs-divesting-from-non-us-thermal-coal-companies&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFjACegQICBAB" style="cursor: pointer; text-decoration-line: none;">CalSTRS divesting from non-U.S. thermal coal companies - Pensions ...</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f hJND5c TbwUpd" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="iUh30" style="font-style: normal;">www.pionline.com/article/.../calstrs-divesting-from-non-us-thermal-coal-companies</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="GHDvEf ab_button" href="https://www.google.com/search?q=calpers+calsers+coal+divest&oq=calpers+calsers+coal+divest&aqs=chrome..69i57.14423j0j4&sourceid=chrome&ie=UTF-8#" id="am-b2" aria-label="Result Options" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQ7B0wAnoECAgQAg" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none 0s ease 0s; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQqR8wAnoECAgQAw" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s ease 0s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="http://webcache.googleusercontent.com/search?q=cache:xv8ODVQXhbwJ:www.pionline.com/article/20170608/ONLINE/170609871/calstrs-divesting-from-non-us-thermal-coal-companies+&cd=3&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=http://webcache.googleusercontent.com/search%3Fq%3Dcache:xv8ODVQXhbwJ:www.pionline.com/article/20170608/ONLINE/170609871/calstrs-divesting-from-non-us-thermal-coal-companies%2B%26cd%3D3%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQIDACegQICBAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;" />
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cursor: pointer; display: block; padding: 7px 18px; outline: 0px;">Jun 8, 2017 - CalSTRS' investment committee approved divesting all non-U.S. thermal coal ... CalPERShas taken no action on divesting from thermal coal ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="CAcQAA" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFSgAMAN6BAgHEAA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://calpensions.com/2017/04/24/underfunded-calpers-calstrs-dislike-divestment/" ping="/url?sa=t&source=web&rct=j&url=https://calpensions.com/2017/04/24/underfunded-calpers-calstrs-dislike-divestment/&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFjADegQIBxAB" style="cursor: pointer; text-decoration-line: none;">Underfunded CalPERS, CalSTRS dislike divestment | Calpensions</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f hJND5c TbwUpd" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="iUh30" style="font-style: normal;">https://calpensions.com/2017/04/24/underfunded-calpers-calstrs-dislike-divestment/</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="GHDvEf ab_button" href="https://www.google.com/search?q=calpers+calsers+coal+divest&oq=calpers+calsers+coal+divest&aqs=chrome..69i57.14423j0j4&sourceid=chrome&ie=UTF-8#" id="am-b3" aria-label="Result Options" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQ7B0wA3oECAcQAg" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none 0s ease 0s; user-select: none; background-image: none; 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cursor: pointer; display: block; padding: 7px 18px; outline: 0px;">Apr 24, 2017 - A bill that began life as a requirement that CalPERS and CalSTRS divest ... divestment, if fiduciarily responsible, of thermal coal companies not ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="CAUQAA" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFSgAMAR6BAgFEAA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="http://www.publicceo.com/2018/01/calpers-calstrs-likely-to-face-new-pressure-to-divest-from-fossil-fuel-companies/" ping="/url?sa=t&source=web&rct=j&url=http://www.publicceo.com/2018/01/calpers-calstrs-likely-to-face-new-pressure-to-divest-from-fossil-fuel-companies/&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFjAEegQIBRAB" style="cursor: pointer; text-decoration-line: none;">CalPERS, CalSTRS Likely to Face New Pressure to Divest From ...</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f hJND5c TbwUpd" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="iUh30" style="font-style: normal;">www.publicceo.com/.../calpers-calstrs-likely-to-face-new-pressure-to-divest-from-foss...</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="GHDvEf ab_button" href="https://www.google.com/search?q=calpers+calsers+coal+divest&oq=calpers+calsers+coal+divest&aqs=chrome..69i57.14423j0j4&sourceid=chrome&ie=UTF-8#" id="am-b4" aria-label="Result Options" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQ7B0wBHoECAUQAg" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none 0s ease 0s; user-select: none; background-image: none; 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</li></ol></div></div></div><a class="fl" href="http://webcache.googleusercontent.com/search?q=cache:uDJ818i5Sd8J:www.publicceo.com/2018/01/calpers-calstrs-likely-to-face-new-pressure-to-divest-from-fossil-fuel-companies/+&cd=5&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=http://webcache.googleusercontent.com/search%3Fq%3Dcache:uDJ818i5Sd8J:www.publicceo.com/2018/01/calpers-calstrs-likely-to-face-new-pressure-to-divest-from-fossil-fuel-companies/%2B%26cd%3D5%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQIDAEegQIBRAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;"></a><a class="fl" href="http://webcache.googleusercontent.com/search?q=cache:uDJ818i5Sd8J:www.publicceo.com/2018/01/calpers-calstrs-likely-to-face-new-pressure-to-divest-from-fossil-fuel-companies/+&cd=5&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=http://webcache.googleusercontent.com/search%3Fq%3Dcache:uDJ818i5Sd8J:www.publicceo.com/2018/01/calpers-calstrs-likely-to-face-new-pressure-to-divest-from-fossil-fuel-companies/%2B%26cd%3D5%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQIDAEegQIBRAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;">Jan 2, 2018 - CalPERS, CalSTRS Likely to Face New Pressure to Divest From ... already been forced to end investments in coal companies because of a ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="CAYQAA" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFSgAMAV6BAgGEAA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://www.sacbee.com/news/politics-government/the-state-worker/article161772508.html" ping="/url?sa=t&source=web&rct=j&url=https://www.sacbee.com/news/politics-government/the-state-worker/article161772508.html&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFjAFegQIBhAB" style="cursor: pointer; text-decoration-line: none;">CalPERS divestment worries California unions | The Sacramento Bee</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f hJND5c TbwUpd" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="iUh30" style="font-style: normal;">https://www.sacbee.com/news/politics-government/the-state.../article161772508.html</cite></div>Jul 17, 2017 - Some unions say CalPERS and CalSTRS can't afford to leave money on ... CalSTRSsubsequently divested from coal; CalPERS next month is ...</div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="CAQQAA" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFSgAMAZ6BAgEEAA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://www.sacbee.com/news/politics-government/the-state-worker/article165901712.html" ping="/url?sa=t&source=web&rct=j&url=https://www.sacbee.com/news/politics-government/the-state-worker/article165901712.html&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFjAGegQIBBAB" style="cursor: pointer; text-decoration-line: none;">CalPERS divests from coal | The Sacramento Bee</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f hJND5c TbwUpd" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="iUh30" style="font-style: normal;">https://www.sacbee.com/news/politics-government/the-state.../article165901712.html</cite></div>Aug 7, 2017 - CalPERS divested its stock in 14 coal companies to comply with a 2015 law carried by Senate President Pro Tem Kevin de León. President ...<div class="TXwUJf" style="">Missing: <s>calstrs</s> ‎| ‎Must include: ‎<a class="fl" href="https://www.google.com/search?q=calpers+%22calstrs%22+coal+divest&sa=X&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQ5t4CMAZ6BAgEEAQ" style="text-decoration-line: none; cursor: pointer;">calstrs</a></div></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="CAMQAA" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFSgAMAd6BAgDEAA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://www.kpbs.org/news/2017/nov/02/can-calpers-divestment-make-difference-controversi/" ping="/url?sa=t&source=web&rct=j&url=https://www.kpbs.org/news/2017/nov/02/can-calpers-divestment-make-difference-controversi/&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQFjAHegQIAxAB" style="cursor: pointer; text-decoration-line: none;">Can CalPERS Divestment Make A Difference In Controversial Projects ...</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f hJND5c TbwUpd" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="iUh30" style="font-style: normal;">https://www.kpbs.org/news/.../can-calpers-divestment-make-difference-controversi/</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="GHDvEf ab_button" href="https://www.google.com/search?q=calpers+calsers+coal+divest&oq=calpers+calsers+coal+divest&aqs=chrome..69i57.14423j0j4&sourceid=chrome&ie=UTF-8#" id="am-b7" aria-label="Result Options" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQ7B0wB3oECAMQAg" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none 0s ease 0s; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQqR8wB3oECAMQAw" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s ease 0s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:RW6OwuNkLZUJ:https://www.kpbs.org/news/2017/nov/02/can-calpers-divestment-make-difference-controversi/+&cd=8&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=https://webcache.googleusercontent.com/search%3Fq%3Dcache:RW6OwuNkLZUJ:https://www.kpbs.org/news/2017/nov/02/can-calpers-divestment-make-difference-controversi/%2B%26cd%3D8%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwik0O_CvcLdAhUFjq0KHW0oDjkQIDAHegQIAxAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;" />
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