Pension managers say divestment doesn't change company behavior
As organizations face increasing pressure to divest from gun, oil, and other stocks, two pension managers say no.
By John Gittelsohn|May 01, 2018 at 04:48 PM
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(Bloomberg) –Managers of the California State Teachers’ Retirement System and the New York State Common Retirement Fund said they oppose divesting from controversial companies because it doesn’t change corporate behavior.
“Divestment hasn’t made the world a better place,” Christopher Ailman, chief investment officer of CalSTRS, the second-largest U.S. pension fund with about $225 billion in assets, said Tuesday at the Milken Institute Global Conference in Beverly Hills, California.
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