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CalPERS to Divest from Manufacturers of Assault Weapons Illegal Under California Law

The California Public Employees’ Retirement System (CalPERS) Board of Administration today directed its investment staff to divest from investments in manufacturers of assault weapons that are illegal for sale in the state of California.

Following the December 2012 tragedy at Sandy Hook Elementary School in Newtown, Connecticut, CalPERS Board Member and State Treasurer Bill Lockyer called on CalPERS to review its investments in manufacturers of assault weapons that are illegal for sale under California law. Upon review of all asset classes, and in accordance with the CalPERS divestment policy, investment staff identified approximately $5 million invested in two firearms manufacturers.

“As trustees, we take divestment very seriously,” said Rob Feckner, CalPERS Board of Administration President. “As Californians, we also take gun violence very seriously. Eliminating these investments allows us to keep our duty to our members and, in some small part, do what we can to help stop the proliferation of weapons that can magnify and multiply horrific acts of mass violence."

CalPERS holdings represent a “de minimus” value of less than one one-hundredth of one percent of the Fund’s total assets. Related transaction costs are expected to have no impact on the Fund.

“Our staff will immediately begin to sell the assets and will deploy proceeds from the sale back to asset classes from which they came,” said Henry Jones, Chair of the CalPERS Investment Committee.

Next Finance , February 2013

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