Fossil

Last week, we posted the audio of the September 17th sessions of the Regents meeting including the Investments Committee meeting.* As we noted, that session was notable for the announcement - also made via op ed in the LA Times - that the university was going "fossil free" in its portfolio for the endowment and pension plan. The statement at the meeting of the chief investment officer, Jagdeep Singh Bachher, that the decision was largely based on some kind of risk/financial calculation was a bit disingenuous. It clearly had more to do with pressure from students, faculty, and the external politics of the state. Gov. Newsom has ordered CALSTRS and CALPERS to do likewise.** But, to be fair, there could be some risk of a challenge to the tax status of the funds if the Regents, as trustees of the funds, were to be seen as departing from their fiduciary responsibilities.

In any case, you can see Bachhar's statement at the link below:

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*http://uclafacultyassociation.blogspot.com/2019/09/listen-to-regents-sessions-of-sept-17.html
**http://www.californiacountynews.org/news/2019/09/governor-signs-order-shift-pension-funds-away-fossil-fuels