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

that is not a matter of opinion or con judiciary 90 percent of the clean out on the grounds that is happening now it is fairly unpredictable but happening faster than the world scenarios if there was a war with enemy troops threatening our way of life we mobilize all the resources to stop this i would say we're fighting the birth threat in the country and the world has every faced time is of the essence we owe it to our children and future generations to do everything we can to slow the worse effect of global warming divestment from

fossil fuels besides been a sound decision because climate change will send the fossil fuel industries down the doctrine draining there will be the most ethical choices to shift to a sustainable economic model you can be courage and still make fiscally prudent and sound investments the riskiest investment is an investment in climate chaos san francisco is a trendsetter for the world we need to be courageous and take the step to deinvest from fossil fuel and show the world that can be and must be done of it's a

small percentage of the retirement fund it send a big message to the rest of the world. >> all right. any other speakers. >> claire. >> thank you, again commissioners and last minute not to prolong that public comment i'll speaking important the retire employees of san francisco when i present that morning that item to the mile-per-hour to lemon them know this is armed services consideration they wholeheartedly support level 2 we want to congratulate you and thank you very much on our motion for level 2 and all the support and there was consensus with that and also there were many, many comments from members with regard to alternative investments it's interesting to find that even though you think

we're retired and not paying attention i'll expressed with the acronym with the members who respond to me with their e-mails they're following the investments and issues i would like to see a kwooerl reporting because the commissioners and i co-authored a monthly article additional to publish that so our members get the information as we'll be following the hedge fund issues and other issues of concern our members watch that article very, very carefully and let us know if we make mistakes and what they like and don't i'll urge the consideration of quarterly reporting that will be published somewhere i don't expect the s b r s to put out a

quarterly letter but i'd like to hear the vote commissioner stansbury if you'd like to reconsider your position we would like to hear that. >> thanks claire i'm a retiree from sfmta i met almost all of you i start out by thanking for protecting our number one job i can thank the investment managers for devesting several million dollars in fossil fuels they're getting the idea i'm critical of the process that is disturbing to here i'm not going to vote for this hey let us talk some people have made good

suggestions i hope your considering and i read the news letter it's informative and the committees report it's interesting anyway, the idea about a timeline where you can make the decision decide the proxy season you have a whole year we'll get the proximate i didn't votes and see how this goes and the other suggestion i think would be incorporated is the measurable thing could be ask the companies to stop exploring for 0 more oil the old add angel when you're in a hole stop digging we keep digging and making things worse. >> i have support all the level 2 ideas and the mp r i and agree

with the speaker san francisco is a leader i worked for the first transit policy we're a leader and in terms of managing contracts with the city we had things like domestic partners way ahead of everyone else it was kind of a pain getting a lot of money to but it works that's what san francisco does business and leading it is great i urge you to take san francisco leadership i thought what a good question commissioner stansbury raised how does this thing pass it will be passed any of the resolutions that's why all of us from a fossil fuel sf he think

that the divestment is a way to go we're turning a point and unfortunately environmentally it's getting worse. >> seeing no other speakers i see one more speaker. >> good afternoon, commissioners i thought my name with an those on the list i agree with the other speakers have been saying i'll not take up too much of our time as a retired employee i've taken an informal survey of active employees and the vast majority are in agreement our moving forward thank you very much. >> any other speakers seeing no

one i'll close public comment do we have a motion anybody need to ask all in favor, say i. of the motion. >> opposed? >> nay. >> thank you, everybody it is 325 we'll take a 5 minute break

and staff want to add anything to the item. >> we'll accept it as summit and we will bring it back at the april meeting as an action item we'll calendar it correctly and give us a two minute summary of the item. >> staff was asked to evaluate the potential of a fossil free index passive investment opportunity for the retirement board and what we have

determined is under section 2 c of the board social investment policy short of divestment the board may cpr consider while ada other entities providing the if the board proofs a level 2 this would be an action as the staff through the analysis provide a come forward with the recommendation that you direct staff to engage with folks who can provide those types of index fund on investment up to one hundred million dollars in a fossil frugally free index.

>> questions by the commission and confirmation. >> you mentioned the risk aspect in our analysis can you discuss the inflation risks maintaining when you sell oil and my wife and i stocks those are the protection of the portfolio so if you could discuss the loss of inflation i'll be very, very appreciative number one and number 2 is the timeframe for your analyze it is 20 years obviously 20 years is not a long period of time to look at investment for a fund that is supposed to last in perpetuity do you have a long-range horizon i'd like to see that that is important in terms of the risk aspect obviously the return aspect of 20 years a relating short period

of time and number 3 has to do with names the companies that we are in the index and put out of the index is that done by the provider can you expand open the names which one are included in the benchmark that will be very, very useful i didn't see any discussion on fees number 3 or 4 to me what are we're going to sell part of the vote at the last meeting to lower the lower the lower the lower the eligibility over time it is not just funded from cash it is assets that will be dispopulated those are the four areas of inquires i appreciate your time. >> anything i'll open it up

for. speaker cards >> (calling names). >> no, we already did those. >> are we on item 57 if you want to pass this is perfectly fine. (calling names) >> good morning. thank you for allowing the public to speak forgive me for speaking on - i want to address the question i understand you invested a hundred million dollars of a cartridge fund carriage by the

way, i've spent years in petroleum carcinogen is an immature form of oil carcinogen is bidding man is something you can refine and put in our gas tank our polluting than that more conventional oil so that's what you sell to make that work turning 0 a substitute for oil at the end of the day uss carr gunmen products for kro 2 than oil investing in a fossil fuel free is great but carr get up is cooking the mraebt more worse than other fossil fuels i didn't

know we purchased getting into caesar gunmen so answering the question of what are we're going to sell sell the carr gunmen. >> david page. >> welcome back jack and i was planning to support the resolution you're not voting on it but address commissioner melberger you recall at our workshop the response was good in the 1970s when oil and fossil fuels comprised 15 percent of the stock of the markets value it was difficult to for see

divestment but so much of the fuel has ground the informs actually fuels are not as big as they used to be at that time it was inquestionable a form of transportation namely electric vehicles i power my car with the solar roof and 3 percent of the sales in california. >> 30 seconds. >> 32 percent of people in california have sold their panels i don't need oil it's not a protection from the future we don't need it. >> i didn't submit a card but i'd like to speak on this sure. >> support the woman that just

spoke encouraging you to sell caesar gunmen as quickly as you possibly can i didn't royals that was dirtier than other forms of coal and oil you need to sell it to deinvest in the fund in part stop the tracking that is going to exacerbate earthquakes and the chemicals singing into our ground water the sooner you sell carr gunmen the better we'll be. >> (calling names) do you have a card welcome. >> thank you for having me back i'll be referring to the charts

in our packet hopefully you have them informs actually t i will fuel has made progress i'm sure you're aware of staff provide a list of fossil fuel holdings and it's report inform the board in february of last year with the available statistics we looked at the holding from the day the board of supervisors prepared their unanimous voted urging informs actually fuels to the board on may open that day the holdings has lost the retirement system $100,792,000,000 if the board had pulled out the informs actually fuel holder this system would have gained $100.4 million

with the index the point the deliberation of this board is costing the retirement board system over $100 million that is los lost costs over the last year this is the other chart things look more dramatic the price volatility is something under the tag links of cooker last year alone for the duration the retirement fund lost $50 million that's not including the 50 asking million dollars those numbers that derived from the fund be position that's the data we had at that time and today's report the list from 3.3 percent portfolio to 7 percent but we recognize the suggestion

a long term low risk investor ex-what does the future look like if we don't have to dig deep those stongz have underperformed to know this is a closer recommendation of the long term future of the 50 as was appoint by commissioner melberger the coal companies and others fuel companies are feeling the support. >> 30 seconds. >> and high break even costs and the climate and the market are changing it's up to the board to be good risk managers i'll leave you with a quotas an all out decision will be based on inplea of and imperfect information so the climate

change should produce higher quality investment. >> deborah (calling names). >> hello board unfortunately, we've lost speakers due to the retirement board attrition which i think we've all been fume with the last several months not us so (laughter) you know we're obviously they supportive of the board taking the step of making this investment we were kind of disappointed to see in the staff report that this was again an example of kind of taking a vote to allow an investment to be made at some future time as

someone that has been lucky enough to sit there our meetings 0 usually this is to x company y and the representative is here to answer our questions it's unclear up why the process here is so different than other investments you'll need a resolution just to then follow your normal process for the investment i'm pretty much that 0 vote would not have been necessary there are material losses from the lack of action i think as humans we don't put the burden of proof but bret appointment the cost of inaction is measured in the millions of dollars and the triple in the small amount

of time we've been intrag with the board the status we're having a lot of questions about this fossil 3 investment you know but the same questions are not being asked of the current investment i'm picturing an astrology with the i want to point out a factual inaccuracy this board deinvested from south africa that was not featured open the document you received but the board has deinvested several times i would like to point out once more that the examples listed for tobacco it was simultaneous and for sudan

it was 6 months. >> 30 seconds. >> so the timeline is very, very reasonable and within the precedent the board set on major issues we hope that next month a solid plan to allocate fund the reasoning for the one hundred million dollars tap we don't august with is largely based on the idea that fossil fuels will be mitigating over time and the top 5, 6, 7 oil companies are sold-out their divestment investments over time. >> thank you. any other speakers. >> kathy i wanted to bret to go first, i knew he would be more

effective in not deinvested in other times i want to say i'm supportive of investing in a fossil free index i think this should be done now and i think that the - there was a remark that was made in the report i read something about the fossil fuel companies are investing themselves in returnable energy projects over time i wanted to point out the top 5 oil companies have sold off their alternatives energy investments over the last 3 years so i think that is something i wanted to correct and to point out that i think that makes a more reason why it makes sense to invest in a fossil free fund that doesn't

include the to say i will fuel companies and they're not going to change over into energy companies anytime soon thank you. >> hi margaret hawthorne speaking ann as an individual representing our members one of the resolves is invest in fossil fuel i don't understand why we have to wait another month just a couple of months we invested in black stone in buildings that are vooeth people in barcelona and san francisco that doesn't come up for scrutiny why this. >> seeing no other speakers -

step forward. >> herbert wiener i say to the oil companies one message frat you. >> any other speakers if not i'll close the comments please call the next item. >> item 6 review approval for request for proposals for hedge fund consulting and fund to fund services. >> commissioner driscoll i know that's a dual rfp almost confusing the way it staff is

directed to run it in terms of scoring of the fund to fund managers after you scored those factors you select the best from the best i'll not give restraining order percent to parts 2 and 3 i would give 80 percent those are the steel factors we should be politically the greatest and the issues under part one are important but getting the best together focus on the skills you want to do our own scoring mechanism we've gone through this there's a one set of wealthy it's not been decided which model i've talked to another pension funds have done that loading on pension fund it

is part of a formula. >> any other questions. >> let's go back to the commissioner. >> those are questions we're asking them to consider the final score should be done slightly in different was why not do it differently. >> why don't you put thought into that and see whatever shows up minimal from anyone. >> professor. >> thank you let me go in the order that the rfp that will be the easy to follow the introduction is fine page 3