Vermont House Speaker Shap Smith praises passage of resolution to urge divestment of coal, ExxonMobil stocks Feb. 29, 2016, 5:26 am by Press Release
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Vermont House Urges State Pension Investment Managers to Study Threat of Risky ExxonMobil and Coal InvestmentsMontpelier, Vt. – Vermont House Speaker Shap Smith today praised the passage of a resolution that urges the State’s pension managers to remove from their portfolio risky ExxonMobil and coal investments that could pose a threat to the state’s investment returns.
“The House took action because of legitimate concerns that corporate fossil fuel companies have not disclosed the financial risks posed by climate change,” said Speaker Smith. “ExxonMobil and coal companies are some of the world’s worst climate offenders. For too long, these corporations have put profits ahead of the health of our planet. Now we see financial consequences as coal companies hemorrhage dollars and file for bankruptcy. We call on the State’s investment managers to evaluate how the reckless behavior of fossil fuel companies will impact our investments’ long-term success.”
The House-backed resolution urges the committee that oversees retiree pension funds (VPIC) to develop a responsible strategy to eliminate ExxonMobil and coal stocks from its investment portfolio. The measure asks VPIC to study alternative investment opportunities including socially responsible and renewable energy stocks.
Speaker Smith praised the House’s approach for honoring Vermont’s commitment to sound investment practices and proactively looking ahead to assure the long-term health of the State’s pension funds: “We have an obligation to the 49,000 members of our retirement systems to manage public employee and taxpayer dollars with the utmost care. With fossil fuel stocks—particularly coal—suffering from declining profitability,
it’s time for the State’s pension fund managers to assess how continued investment in coal and fossil fuels is impacting our strategic goals,” Smith concluded.
http://vtdigger.org/2016/02/29/house-speaker-shap-smith-praises-passage-of-resolution-to-urge-divestment-of-coal-exxonmobil-stocks/