CalPERS Beneficiaries Testify Calling on Pension Fund to Drop Exxon
Dozens of people testify at September Board meeting calling on CalPERS staff to protect retirement security.
SACRAMENTO – Dozens of CalPERS beneficiaries testified September 16 in front of the CalPERS Board of Directors and more than 2,000 beneficiaries and supporters sent letters to CalPERS’ staff. They are calling on the fund to exit Exxon given the company’s actions against shareholders and the risk continued investment in the company poses to retirement security.
Following testimony from CalPERS’ beneficiaries and a rally with unions, community and environmental groups outside CalPERS’ Downtown Sacramento headquarters, current and former union members raised serious concerns about continuing to invest in Exxon:
Steve Goldsmith, a CalPERS beneficiary, Torrance resident and member of the community organization Torrance Refinery Action Network:
“We have a refinery right in our community that Exxon operated for many years so this is about their behavior up close. Exxon disregarded community safety multiple times. Is Exxon a good investment for Calpers members? Their long track record in southern California says no.”
Allie Lindstrom, a senior strategist with the Sierra Club
“In the spirit of accountability, and the high standards this fund aspires to, I believe that the Board, public, and peer institutions require more insight into the methods of the solutions fund, and how it will overcome these challenges…We need greater transparency for the $100bn invested in Climate Solutions.”
Yvette DiCarlo, a CalPERS beneficiary and SEIU Local 1000 member
“Exxon is a liability. Put Exxon on the other side of the ledger, it is not the asset CalPERS may have previously thought it was. There's a reason that California is suing big oil. Other states and entities are starting to win settlements and lawsuits too. It's well past time to divest from Exxon, so please start with an immediate end to all new bond investments.”
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About California Common Good:
California Common Good (CCG) is an innovative coalition of labor, community and environmental groups, anchored by the Alliance of Californians for Community Empowerment (ACCE), United Teachers Los Angeles and AFSCME 3299. CCG is advancing coalition campaigns for housing justice, workers rights and climate action, with an emphasis on the interests and needs of low-income and working-class communities of color. Central to our strategic approach is working to hold big corporations accountable to the common good.
