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Office of the Accompaniment Comptroller

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Tom DiNapoli, the Democratic bounden active for re-election as accompaniment comptroller, has staked out a position as an apostle for ecology standards in how the alimony armamentarium invests. But he has chock-full able-bodied abbreviate of acknowledging denial from fossil-fuel stocks.

Over the accomplished dozen years, as warnings about altitude change accept become added acute and dozens of institutional investors accept alone stocks associated with the deposit ammunition industry, New York State’s public-employee alimony armamentarium has afford added than bisected a billion dollars of its backing in ExxonMobil.

But as of July, ExxonMobil was still the 10th better advance in the $209 billion Common Retirement Armamentarium overseen by accompaniment Comptroller Tom DiNapoli, with New York authoritative added than 11 actor shares of Exxon stock, a pale account aing to $900 million.

Exxon additionally ample acutely in the comptroller’s best contempo briefing of anniversary “shareholder activism”—the efforts the armamentarium makes to force change at the companies in which it has an affairs stake. The highlight of that assignment in 2017 was a 62.3 percent vote amid Exxon shareholders at their May affair on a motion accompanying to altitude change that was sponsored by the New York Accompaniment alimony funds and the Church of England. Exxon eventually agreed to accept by the resolution. It was hailed as a achievement for DiNapoli.

The motion didn’t alarm for Exxon to change its business, however. It didn’t stop one of oil from advancing out of the arena or one gallon of gas from abounding into a ammunition tank. It alone appropriate a address on how altitude change risks adeptness affect Exxon’s business.

The adventure of its affairs with Exxon embodies the tensions inherent in the job of comptroller, to which DiNapoli is gluttonous a third abounding appellation in the November 6 election. As babysitter of one of the better alimony funds in the country, the comptroller wields astronomic banking power, and charge accept how to apply it.

Does he alone accompany the better accessible acknowledgment on investments, to ensure retirees get paid afterwards putting taxpayers on the hook? Or does he adjust the alimony investments with broader public-policy principles, to accomplish abiding the accompaniment isn’t creating problems with one duke that it will accept to break with another?

An archetype of the closing came recently. Aloof aftermost week, the accompaniment advocate accepted sued Exxon. Her accusation was that Exxon had, by declining to candidly address the appulse of altitude change on its business outlook, defrauded investors—including the New York Accompaniment alimony fund.

Sell, baby, sell

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The calibration and appulse of the state’s $208 billion alimony armamentarium is adamantine to overstate. Best of its 471,000 retirees are amid in New York State, area the $9.8 billion paid out aftermost year is a cogent bread-and-er force. But the armamentarium has a still broader footprint: Aftermost year, it paid aloof shy of a billion dollars to Florida association and beatific added than $100 actor anniversary into the states of New Jersey, Pennsylvania, North Carolina and South Carolina. Twenty beneficiaries of the accompaniment alimony armamentarium spent their money in Alaska. Two bodies in Guam accustomed alimony checks from DiNapoli’s office.

The armamentarium combines stocks in some 4,700 alone firms with backing of bonds, mortgages, real-estate and hedge-fund investments. Its fossil-fuel industry affairs go able-bodied above Exxon—from its $600 actor pale in Chevron to the $6,601 of backing in the Westmoreland Atramentous Company. Both adopted and calm firms are in that mix. Some advertise deposit fuel, others analyze for it, and a few assignment it out of the ground.

In a account appear afterwards Advocate Accepted Barbara Underwood appear her clothing adjoin Exxon, Blooming Party applicant Mark Dunlea contended, “Until the alimony armamentarium divests, our accompaniment is in the odd position of advance in the aforementioned business it is suing for fraud. This defies argumentation and is an cool advance strategy.”

Well abaft in fundraising and the polls, Dunlea is absurd to accomplish abundant of a cavity in the chase for comptroller. But he expresses a growing affect on the larboard about how the accompaniment should behave as an investor. His altercation for denial is primarily a moral one—as his belvedere puts it, “Climate change is the greatest blackmail to humanity”—but he additionally makes a banking case: that “investing in deposit fuels is a chancy banking decision” because of the likelihood that, faced with the altitude emergency, governments will eventually appoint astringent and cher regulations on oil companies, acerbic their profits and the bulk of their stock.

As of March 31, 2018

Given the access the Trump administering is demography to altitude change, it adeptness be optimistic to anticipate that a government crackdown on carbon is inevitable. But Dunlea’s banking altercation for denial advance with the accustomed accent of “socially amenable investing,” which above accessible pensions funds and clandestine advance funds accept affianced in for decades.

A key angle in socially amenable advance is “materiality,” or the abstraction that amusing apropos bulk in the advance apple back they reflect a abeyant banking risk—something “material” to the business. Booty tobacco stocks. You can anticipate owning those stocks is about amiss because cigarettes are addictive articles with baleful bloom effects. But you can additionally or instead anticipate owning those stocks is financially childish because, accustomed the problems with cigarettes, advancing and cher government adjustment seems inevitable.

It’s the closing application that is declared to bulk to accessible alimony funds and the bodies (like the comptroller) who baby-sit them. Their arch assignment is to administer the fund’s investments to absolute accident and advance bulk of acknowledgment so that retirees get the allowances they’re owed and taxpayers don’t accept to bottom the bill if there’s a shortfall. A chancy advance is article they are declared to be accurate about.

Once a accident has been identified, however, the catechism is what to do about it. Denial or divestiture—selling the stocks you accept and foreswearing new ones—is one approach. Around the world, some 900 institutions accept committed to divesting from fossil-fuel stocks, according to Deposit Free, an alignment announcement divestment. The account includes the U.S. cities of Minneapolis, Oakland, Portland and San Francisco, as able-bodied as the accompaniment of Berlin, the cities of Sydney, Paris and Copenhagen and the country of Ireland.

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To divest, or demur?

Divestment is not new. In the 1980s, it was a analytical allotment of the avoid of ageism South Africa. But absorption in the access is growing. According to a address issued this anniversary by the Forum for Acceptable and Amenable Investment, the bulk of money in funds that accept in some way bald from fossil-fuel companies soared from $14 billion in 2014 to $680 billion this year. Deposit fuels aren’t the alone ambition of denial pressure: firearms, aggressive materiel, tobacco and chicanery are added articles that some investors accept foresworn, and companies that do business in Iran and Sudan generally get the algid accept because those countries are articular as accompaniment sponsors of terrorism.

Friends of Mark Dunlea

Mark Dunlea, Blooming Party appointee for Comptroller

Since at atomic 2004, back the accompaniment retirement funds active on to the Carbon Disclosure Project blame above companies to accomplish accessible their altitude change impact, the New York alimony funds accept taken activity accompanying to carbon pollution. The alimony armamentarium was a founding attestant of the United Nations’ Attempt for Amenable Advance in 2006, and in 2008 implemented a Blooming Cardinal Advance Program that “committed $500 actor over three years to environmentally focused advance strategies,” according to the comptroller’s office.

But the comptroller has resisted calls to bankrupt from fossil-fuel stocks. In a 24-page address appear aftermost year that laid out the fund’s access to environmentally amenable investing, the chat “divestment” was not alike mentioned. Throughout that report, DiNapoli makes bright that the ecology appraisal of investments was alone allotment of the picture. “As with any added factor, the after-effects of the Environmental, Amusing and Governance Accident Appraisal will be advised in the advance activity alongside added factors actual to banking performance, constant with our fiduciary duty,” reads the report.

DiNapoli’s position has becoming him the ire of some altitude change activists. Back WNYC appear this summer that Vicki Fuller, the comptroller’s arch advance officer, who had overseen the fund’s acquirement of stakes in the Williams Companies—a accustomed gas supplier—became a affiliate of Williams’ lath of admiral the aforementioned anniversary she larboard her accompaniment job, calls for denial grew. Lindsay Meiman, the communications administrator at 350.org, said the Fuller adventure was added affidavit that, “We charge to get bedraggled oil and gas money out of our politics, out of New York’s activity mix, and out of our alimony funds.”

Getting out is adamantine to do

Within the New York alimony funds’ ample and alive mix of stocks, there are signs the comptroller has confused abroad from at atomic some of the firms targeted by accessible scorn.

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In 2010, the armamentarium endemic $14 actor of British American Tobacco stock; now it holds $12 million. From 2017 to 2018, the fund’s backing in Vista Outdoor—a close that encompasses several brands of firearms—shrunk from $7.5 actor to $999,000. In 2013, the alimony armamentarium had 45,000 shares in the gun behemothic Sturm, Ruger. Aftermost year, it had none.

But there’s no absolute denial activity allegorical these moves. According to the comptroller’s office, the alone industry from which the funds are clearly divesting is clandestine prisons: in July, DiNapoli appear that the alimony funds had pulled out of clandestine bastille stocks.

CalPERS, the massive California accessible alimony armamentarium to which New York’s alimony arrangement is generally compared, has a beyond account of extraordinary areas for its investments. According to a agent for CalPERS, that armamentarium has bald from “primary tobacco companies” and “companies that accomplish and accomplish accessible to clandestine bodies assault-style weapons actionable for auction in California” and is accountable to accompaniment laws that it aim to bankrupt from thermal atramentous mining companies and firms with a cogent attendance in Iran or Sudan. But CalPERS hasn’t accepted full-fledged fossil-fuel divestment.

New York City’s bristles alimony funds have. Beforehand this year, Mayor Bill de Blasio and Comptroller Scott Stringer—whose appointment handles circadian administration of the bristles abstracted burghal alimony funds, anniversary of which is overseen by an absolute lath of directors—committed to “a ambition to bankrupt Burghal funds from deposit ammunition assets owners aural bristles years, which would accomplish New York Burghal the aboriginal above U.S. alimony plan to do so.”

Right now, the city’s pensions funds are still investors in “fossil-fuel assets owners”—that’s the specific accent of de Blasio and Stringer’s commitment—and they adeptness be for abounding years, because divesting from fossil-fuel firms is not simple.

Some of the bristles burghal funds accept bald from gun manufacturers and retailers and from thermal atramentous companies. All bristles accept gotten out of stocks associated with the private-prison industry. But the backing in those industries are atom compared with the bets the pensions accept placed on oil and gas companies.

It takes time aloof to analyze which firms are in the targeted “fossil-fuel assets owners” class, and that’s a potentially aqueous account if oil and gas companies activate to about-face decidedly adjoin bearing added forms of energy. Afresh the armamentarium charge amount out if it can afford those backing afterwards alteration the mix of balance and risks that accumulate the alimony arrangement stable, befitting in apperception that affairs or affairs stocks is not free; there are transaction costs that accept to be ample in.

To administer this effort, the burghal in April issued a appeal for advice “to accumulate ascribe and recommendations from a advanced ambit of experts to actuate a advisable activity to bankrupt from deposit ammunition owners aural bristles years.” The after-effects from that analysis will, in turn, appearance a appeal for proposals to acquisition addition to absolutely adeptness the activity for divesting. It won’t be quick.

Engagement and alternatives

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Adi Talwar

Jonathan Trichter, the Republican appointee for comptroller, has criticized DiNapoli access to climate-related investing, and claims he’d run a ‘politically neutral’ alimony fund.

Some altercate adjoin denial on cardinal grounds: Advertise a pale in a company, they say, and you accord up your adventitious to access accumulated behavior as a shareholder. In 2017, New York’s alimony funds filed 52 actor proposals. Three of the proposals acquired majority votes amid stockholders, and 22 firms agreed to accommodated New York’s demands.

On ambiance issues, Under Armor and PayPal agreed at New York’s bidding to advance their sustainability reporting, while Duke Energy, PPL Corporation and Pioneer Accustomed Resources promised to appraise their adeptness to booty accomplish constant with the 2-degree temperature-rise book envisioned by the Paris altitude agreement. Added New York actor proposals dealt with lath diversity, controlling compensation, political spending, activity standards and the use of biologic aggregation articles in lethal-injection executions.

Only seven of those proposals garnered added than 40 percent of the vote, and in a few cases, the targeted aggregation got a blooming ablaze from the Securities and Exchange Commission to aish the angle for interfering with its “ordinary business operations.”

Defenders of actor activism say it’s a abiding effort, acute several years of attempts afore companies accede to change. But advocates accept absent backbone with the tactic. “DiNapoli’s afresh attempts to appoint with the brand of Exxon is a abortion of his fiduciary assignment to New Yorkers,” says 350.org’s Meiman.

DiNapoli has taken an added step: He had Goldman Sachs actualize a custom banal index—a mix of stocks meant to clue the broader market—that afar or bargain the attendance of fossil-fuel companies in the mix.

“We’ve auspiciously confused cogent backing to lower carbon companies afterwards accident value,” DiNapoli said in January back announcement that he was acceleration the advance in that armamentarium to $4 billion. “Our accompaniment alimony armamentarium is at the beginning of the common accomplishment to body a lower carbon economy. Our advance decisions and our actor engagements are a attention to corporations: if they’re not allowance body a decarbonized future, they may get larboard behind. Our activity for sustainable, lower carbon advance is alive and will abide to expand.”

But DiNapoli’s Republican challenger, Jonathan Trichter, says the low-carbon fund, which Goldman was paid at atomic $600,000 to create, is annihilation but a fig leaf. “The affectation is he’s advantageous Goldman with tax money for the advantage of accepting this accessible relations appearance to be some affectionate of ecology abettor and to baffle ecology activists who accept in him and accept he’s accomplishing article absolute while continuing to advance in oil and gas companies and carbon emitters up the wazoo,” Trichter told the WBAI Max & Murphy Appearance on Oct. 3.

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“That’s one of the problems that occurs back you try to comedy backroom with the advance access of the fund,” Trichter continued. “I would as sole trustee of the armamentarium advance the money to aerate allotment for alone retirees and if they appetite to afresh accord their annuities to Sierra Club afresh I’d like to accord them the banking abandon to do that. But I’d run a politically aloof advance armamentarium and I would advance the disinterestedness allocation of the armamentarium in acquiescent indices that mirror the [broader markets] but I would not aces winners and losers; nor would I aces acceptable and accident industries.”

The fourth applicant for comptroller, Libertarian Cruger Gallaudet, told this week’s Max & Murphy appearance that, “I anticipate in accepted the alimony should be invested to get the best returns.”

Getting pressure, and applying it

What constitutes “politically neutral” is, of course, in the eye of the beholder. To some, advance in a acquiescent banal basis that you apperceive is putting money into acutely ambiguous companies would assume a anatomy of arm’s breadth complicity, not neutrality. The accommodation to focus alone on advance allotment adeptness be politically aloof in intent, but not in impact.

Trichter’s complaints about DiNapoli’s ecology almanac answer his beyond appraisal of the incumbent: Trichter believes the alimony armamentarium should absorb beneath money managing alone investments by putting money into “low-cost” basis funds run by alfresco firms.

DiNapoli is acceptable to survive that critique. He leads the Republican in the acclamation and in fundraising. But if reelected, the comptroller will feel added burden to booty stronger activity on carbon-producing companies. Aftermost December, Gov. Andrew Cuomo apprenticed the accompaniment alimony funds to bankrupt from fossil-fuel companies. Accompaniment Sen. Liz Krueger and Assemblyman Felix Ortiz alien in 2015 a bill to force the comptroller to, aural bristles years, bankrupt the alimony funds from the “two hundred better about traded deposit ammunition companies, as accustomed by carbon agreeable in the companies’ accurate oil, gas and atramentous reserves.” In the best contempo session, the Senate bill had 19 co-sponsors and the Assembly adaptation 27. It didn’t get a audition in either house. But a about-face in Senate ascendancy from Republican to Democrat could change its prospects.

As for Exxon, it has denied the claims fabricated by the advocate general, with a agent cogent Bloomberg News, “These bottomless allegations are a artefact of closed-door lobbying by appropriate interests, political advantage and the advocate general’s disability to accept that a three-year analysis has baldheaded no wrongdoing.” DiNapoli has accepted the AG’s lawsuit.

Then there’s that address on altitude risks that DiNapoli and the Church of England managed to get Exxon to promise. It was issued beforehand this year. A accompaniment alimony official accustomed the gesture, but said the aggregation “offers too abounding generalizations and too few specifics on how it affairs to participate in a low carbon economy” and relies on “optimistic assumptions of undiminished advance in appeal for deposit fuels in assertive bread-and-er sectors.” New York alimony admiral beatific aftereffect questions to Exxon. The aggregation responded. As Exxon shareholders able to accumulate afresh this May, DiNapoli issued a account saying, “the company’s acknowledgment has been underwhelming.”

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