this area awe june capital and as you've proposed a resolution to exxon mobil they return some of the profits to find the stakeholders unitarian association and the presbyterian church usa have proposed a stakeholder measure to chronicle phillips they tie their contemplation to the value of their proven reserves both of the proposals have been rejected baselines the fcc rulings that the company can at their own discretion refuse to accept a proxy that there are many reasons why a company can refuse

stakeholder proposals and both of those cases it's because the fcc says a company didn't have to consider a stakeholder proposal that goes to its ordinary business operations and i don't see any much possibility at all that any of those huge fossil fuel companies are interested in a proposal that tells them to change their basically business as for the cooker asset initiative the letter signed by many in september of 2013 and sent to the largest companies ask them to disclose their roanoke valley the first was e on mobile they said they per sieve no risk because their belief is that

they're so big and power that government will never ask them to leave their reserve in the ground. >> time thank you very much. >> thank you very much. >> bret. >> welcome. >> thank you good afternoon. >> and happy birthday to supervisor avalos all right. >> (clapping.) i'd like to thank a few the board members commissioner bridges and during the last few committee meetings the first was about the goals and timeline again federal and state? the social investment states quote in the event of the engagement has not the retired results i mob e must be clear on your

timeline measurements for the policy to work i'd like to read two lines as i mentioned from a letter from the law firm that represented phillips that was drafted point security commission their clients and piers peers will ignore the oil growth with the executive contemplation with the attempt to deincentive i 7 permits the company to include the stakeholder that relates to the companies ordinary operation the word ordinary to provide the management with flexibility in directing core matters that have to do with the companies this is

from a large group of stakeholder the problem at hand is protected by the 360 we need to move forward it is i brought that letter as a warning to issue it is enumeration and the clock is running out because of the size of the portfolio risk know that there is a history of defeat in engaging with if so fossil fuel companies please set goals in a expeditious timeline. >> 30 seconds. >> i want to say that alike 50

or thirty years ago gas companies are feeling the competition and price vital and the high break even costs and industry to name a few you might say the last 5 years which is where it has underperformed is a greater than representation of the future. >> thank you bret. >> lynn (calling names). >> hi, i'm lynn i'm a retiree i speak on behalf of the climate we don't have years and years to make that decision if you pass level 2 i'd like to have a time limit to move on to 3 because i think we need to take action now

i support not starting any not investments in fossil fuels at this point just move quickly through the stage but please do it thank you. >> okay (calling names). >> i support the goals of fossil fuel free fossil free san francisco i'd like to see monthly or quarterly reporting that the numbers you have in your bulletin you send our bulletin out not often enough but as part of that to add those reports and also to be looking i'm sure your luke for alternatives awhile your deinvesting i'd like to say that

saudi arabia and the united immigrants are devesting looking for alternative and saudi arabia has a oil reserves and immigrants are 9 percent and they have discovered they're not going to make it with just oil an article from dubai said oil can't compete with their national bank you have to look at in terms of the financial to have to look, of course, in investments once our divesting all the fuels from fossil fuels

are divesting one things there is no evidence of informs actually files companies investing more in time that's your agenda i don't know what you, do on level 2 to try to turn that around it doesn't sound their will the alternated to look for you know the world is changing towards you know clean energy and other infrastructure that protects the water that has to do with anti pollution and note that type of investment will work that i you know i hear what stan burger is saying about the members are saying i don't think they always care about our contribution this is a small you know amount in

terms of overall investment i'm a member i really care separately from this group what happens in the environmentalist you know this is a big thing for a lot of us that live in san francisco in terms of the overall business sector a big thing when you have those middle eastern companies that are luke for alternatives ireland when it failed the will fame on happened they only had one crop type thing and you know, i think that's what's happening with the business people they're not necessarily a investing in terms of - >> kathy.

>> (calling names). >> maybe i could hold it. >> good afternoon, commissioners can you hear me it's working. >> okay so i want to make 4 quick points the points are to speak to making sure we have explicit goals and making sure we have the adequate record and defined timeframe and making sure theirs consequences with the results of the level two first in terms of of implicit goals thank you for incorporating some an explicit goal there are on that need to be incorporated f one of the goals that the fossil companies

should cease expenditures in search of more fossil fuel and condominium to a new business model that doesn't rely only fossil file reserves i'd like to see an imposed amendment made to beef up the goals in that way my second points, of course, thanks very much for moving in the right direction and i'll support the quarterly report to the full commission because the full commission provides it is recorded it provides public comment, and so i think those reports need to be made to the body as a whole my third point on timeframe because of the urgency of the situation many have pointed out i believe that one proxy period

is enough it is by the end of one proxy period to assess what kind of progress if we've modest progress companies abandoning their business plan yes, if no progress is made along those directions then there's got to be consequences it is level two does not accomplish it goal we need a strong recommendation to move to level 3 again i'll add my thanks to commissioner bridges for stating this is the reality and the world we live in and pensioners i'm a pensioner we're concerned definitely about the size of of our pension checks but definitely also that the legacy we leave to in this

case my kin - >> thank you kathy. >> (calling names) and so i'm patrick i'm speaking for the motion and against commissioner stansbury commissioner stansburys request to slow things down because of my hearing loss i tend to think that commissioner paskin-jordan was asking to put the brakes on that no? okay. i'm mistaken on that point and i'll encourage you as you testified to the board of supervisors on january 7th will take a beat on this and move that along quickly to stage 2

as for commissioner stansburys decongregation to constitutional rights you might want to take back to your men that the city employer net contribution rate in the upcoming fiscal year gives the city a break between the before adjust and the after adjustment for the city's contribution rate and share with the members no notable reduction so the city is pocketing the money the cost bearing is more appropriately cost shifting cost

shifting according to my estimates is $300 million over the last 3 years since propose d was implement it's high time commissioner stansbury that you start advocating to lower the membership break at the same time that the city's contribution rates are seeing on and on a net reductionreduction reduction. >> hello. thank you for letting me speak i'm deborah i'm here to support my colleagues for a fossil free san francisco this watch happened at the headquarters of calpers in

sacramento we made our case for deinvestment we've been speaking with cal conspiracies and calpers members we're happy they're doing the kind of engagement but equipped that deinvestment is the way to go in climate change and it's urgency month is of people in our dmn are a beneficiary of that pension we have to depend on right investments and we know we can't think about just today but long term investment so everyday we see noting evidence that the fossil fuel investments not only the cool and another down turns but fossil fuels are going to be

losing value someone mentioned the and i date of birth national bank that thor and wind are becoming more worthy of investment than fossil fuels thereby summon the financial pages we see the changes in the financial picture we know that financially we have to look forward and not backward just to back up everything mile colleagues have said about the moral reasons for divesting that are just as strong in the financial arena we have to change in a fossil fuel to a returnable incur thank you for going forward with our level 2

engagement that's a valuable thing to try i hope you'll foreperson follow through with what works and move to level 3 when you possible can thank you very much. >> thank you. >> thank you i'd like to start off although i support level 2 i want to thank commissioner bridges as we move forward immediately i think other foundations have followed this prospective in terms of rockefeller foundation they're in the process of divesting there's a concern that the fiduciary duty of the small business lib rockefeller foundation are not the same as the fiduciary duty of this board i'm to reiterate the point a

fiduciary duty in analyzing the risk of remaining in investments as well i'd like to remind people that the it cc has stated if we continue business as unusually usual in 15 years the planet will be unhabitual i don't think i've heard in the proposal of a timeline suggested there was talk about time but nothing in there to moderate move forward with level 2 without a timeline is not anything but a policy if we're going to be serious we have to have a timeline i'll suggest a proxy season since one it near completion no longer p than 18 months from now at the same time, i think in addition to

investing in fossil free funds the staff should take actions in freezing fossil fuel investments i think the investments are decreasing lower than the elements but the december vote is of concern my understanding they'll be investing further into fossil fuel i'm to thank commissioner paskin-jordan and the other commissioner we should consider the partial investment for the worse offenders where a cool or type of company as far as level one has been effective that is not effective the fund is still in danger of assets nothing has changed and

yeah. thank you. >> thank you. >> (calling names). >> welcome jed. >> thank you very much jed for fossil fuel free san francisco we need to - yes tobacco went straight to level 3 and sudan went to level 3 they deinvested from sudan you backed up that 4 months ago and stated at level 2 with sudan for 6 months i shouldn't have to use my time to help the board with information to help them make decisions i strongly support for action joining the u npr i as great as it is not resulted in

engaging the tracking list that didn't specifically engage the 2 hundred companies that are not in engaged activity series right now we really want to see measurable goals and timeline it's unclear whether we worked with multi agencies why for the staff to at a further time present a future timeline the motions are taken on the actual plan to have a plan in the future it's unclear why we're not voting on am specific level to engagement plan of a portfolio of actions goals those actions are trying to chief a a timeline i used to work in science if we put forward a proposal without a quantifiable or measurable terms or any time

by which to have the goal it's not a plan we suggest an engagement letter be sent to the 2 hundred companies we suggest that can be done in the next couple of months two or three months later bans that we'll work with the other institutional investors to put forth a resolution that could be considered for the 2016 proxy season i'll echo my colleagues after the 2016 proxy season is over we use that as the guideline to measure how effective level 2 has been to the portfolio i want to thank commissioner bridges for her comments made my heart sing and the second on the comments of the worse offenders it's up to those jeremy has

advocated for the worse companies offender that's probably exxon are you preempted to deinvest from exxon what is reasonable no new investment in fossil fuels could be - >> welcome martha how are you. >> i'm just fine thank you. >> my name is martha hay thorn a retired city worker i'll speaking for local 10 to one i want to support what with my colleagues forced i will free california have been macro it's a an important one we want to speak in favor of level two

engagement and like to submit into the record the full text of our march 5 resolution to you the board for the divestment of fossil fuels from our retirement system i will summarize the resolution as follow whereas the burning of informs actually file will continue to cause grave long term after short term impact is to the safety and health of the s f e r f beneficiaries and will put an enormous drain on the public therefore, be it resolved the sf e r s immediately cease any not investments in fossil fuels that includes holding in informs fill fuels and therefore, be it resolved that we invest in renewable energy

and therefore, be it resolved the board do you want the engagement immediately pa make monthly reports eliminating the risks to our retirement system and make a determination because you can whether engagement has the prospect of success at the end of 18 most and therefore, be it resolved most importantly that the spurs board insures through divestment between 3 to 5 years none of our directly assets will include holdings in fossil fuel thank you >> thank you martha. >> bill followed by andy. >> good afternoon, commissioners supervisors

pensioners and he representative from pensioner groups as well as neighbors i stand here today as someone who in his 20s was at columbia when the students were trying to get columbia university in new york to divest from south eventual i've think arrested from che iron across the way i've been looking at issues with comments made by the commissioners supervisor cohen brought up the history of previous actions along those lines in the case of tobacco there's

the ever increasing expenses of health care and all the things whereas with fossil fuels you're talking about not only the increasing costs another a status level but those things are accelerating as a british person said within another lifetime we'll be looking at 20 percent of the gross world product going to e military and mitigate the damages caused by global warming 83 he said about three or four years ago i don't remember his name that means a status

investment is losing money so as people as perceptionsers and members of the san francisco community those are all expenses part of it i support 350 and fossil free california san francisco those are expenses that are going to be coming fast and furious and determining what this pension board can do right now and getting the facts together is going to help you make sound prudent fiduciary responsible decisions and a healthy environment. >> thank you, bill.

>> randy. >> good afternoon. my name is a andy gillis i'll a san francisco resident and member of the occupy san francisco there's still a few of us around i would definitely urge the commission to do you want level 2 engagement at the at least the level 3 is definitely where we should be heading defining the timelines are crucial in making in work but i'd like to reiterate some things i know everyone in the room is well aware of 38 they beer repeating climate change is real and happening now