No Oil

Tuesday, June 07, 2022

Marina Del Rey, back in the dayFrom an email of June 2nd:

The UC Retirement Savings Program fund menu will no longer hold companies that own fossil fuel reserves.

Effective June 30, 2022, companies that own fossil fuel reserves will be removed from the fund options in the UC Retirement Savings Program - 403(b), 457(b) and DC plans.

UC is making this change because the Chief Investment Officer to the Regents has determined that the long-term prospects of companies that own fossil fuel reserves no longer meet the financial criteria for inclusion in the fund offerings for the Retirement Savings Program. The removal of fossil fuel-related companies will reduce the long-term financial risks associated with fossil fuel reserves. This reduction in risk is consistent with the approach already implemented in the UC Pension, Endowment and Working Capital pools...

Note the change in attitude from the prior chief investment officer (then called chief financial officer):

Or direct to https://www.youtube.com/watch?v=ZTXbABD-3o4.

That was then. Now: (really 2019)

Or direct to https://www.youtube.com/watch?v=FAvXWlC9D88.