>> good morning and welcome to the retirement board meeting here in san francisco. this meeting is being held in hybrid format with the meeting occurring in-person and live in sfgovtv. before we begin i would like to remind individuals that the meeting in-person, that all health and safety protocols and building rules must be adhered to at all times. requirements may result in your removal from this room. i will appreciate your cooperation with these important rules and requirements with the interest of everyone's safety. please also note that hand sanitizers are available in every building and mask right side available upon request at the front desk. madam secretary please call the roll. >> thank you, commissioner bridges. >> present.

>> commissioner griscal is absent. commissioner gandhi is absent. commissioner han. >> present. >> president safai? >> present. >> commissioner thomas. >> present. >> thank you, we do have a quorum. >> all right, how many people is that? that's one, two, four. >> four. >> we have four. >> only four, so nobody can go to the bathroom. okay, madam secretary, please call that, thanks a lot scott and aj. [laughter]. madam secretary. >> president if we can schedule the lunch for 1:00 o'clock. >> i'm sorry, i cannot do that today, i have to be somewhere at 12:30 so we're going to take a break a little bit before 12:30. >> all right. >> please call the first item.

>> communications, we welcome the public's communication during public comment. there will be an opportunity to speak after close session and there will be an opportunity to discuss on the agenda. each comment is limit today 2 minutes. public comment will be taken both in-person and remotely by video or call-in. each item the board will take public comment first for people a tenlding the meeting in-person and people attending the meeting remotely. comments or opportunities to speak during public comment period, are available via phone by calling 415-655-0001. access code 24857716691 and pound and pound again. when connected you'll hear the meeting discussions that you'll be muted and in listen mowed only.

when your item of interest comes up, speak clearly and slowly and turn down your tv or radio. please noelt that city policies along with federal state and local law prohibit discriminatory or harassing conduct against city employees or others, and will not be tolerated. public comment are only permit inside matters within the jurisdiction thf body. we thank you for joining us. president fafai? >> yes, let's call the next item madam secretary. >> item number 3, action item, approval of matter 2022 board resolution to continue to meet in-person with some members possibly attending remotely for at least 30 days pursuant to california code section 54953-e. >> all right. do we need any presentation or

was that it? okay, motion made by commissioner bridges, seconded by. >> second. >> seconded by commissioner halfan. we'll take in-person public comment first for this item. anybody in-person public comment. >> we have no in-person public comment. >> please open the phone line for callers. >> thank you. callers if you have not already done so, please press star-3 to be added to the queue. for those on hold, please continue to wait until the system indicates you've h you've been unmuted, moderator are there any callers on the line? >> madam secretary, there are no commers on the line. >> public comment is now closed. >> great, so there was a motion by commissioner bridges and seconded.

roll call vote. >> commissioner bridges. halfan. >> aye. >> president safai. >> aye. >> commissioner thomas. >> aye. >> thank you, we have four ayes, motion passes. >> great, please call the next item. >> next item number 4 close session. >> great. so that's it, we'll move to closed session. thank you. >> we will return once we're >> make a motion we do not disclose our business in the closed session. >> second. >> can we do roll call first? >> you jumped the gun a little bit. that's

okay. secretary, please call the roll. [roll call] >> thank you, we have a quorum. >> there is motion to disclose whether or not to disclose and one has-go ahead, why don't you reiterate your motion? >> i move we do not disclose the business transacted in the closed session. >> great. that's under san francisco administrative code 67.12a. a motion is made and seconded by commissioner thomas. before we take roll call we'll take in person public comment first. >> thank you, we have no in person public comment at this time. >> please open up the

phone lines for callers madam secretary. >> thank you. callers, reminder to press star 3 to be added to the queue. moderator do we have callers on the line? >> madam secretary, we have three callers on the line. not sure if they are here for general public comment though. >> caller, please state your name. your 2 minutes begin when you speak. >> my name is max arnold. can you hear me? >> we can hear you. your 2 minutes begins as soon as you speak. >> perfect. my name is max, and work at (inaudible) in san francisco. i work as

a bread baker. (inaudible) billion dollar real estate firm based out of la. we have been trying to get modest wage increases for over a year in conjunction with the union and by ourselves and they are very- >> sorry to interrupt, i wanted to make note this is public comment regarding our closed session. this is not general public comment. >> okay. >> i'm sorry. please stay on the line, we will have general public comment for the next item, but we are still wrapping up closed session motions. >> no problem. >> just hang tight, we will be back in one moment. >> i'll hang tight. >> madam secretary,

any other callers on the line for commenting on whether or not to disclose regarding closed session? >> moderator, do we have other closed session public comment? >> madam secretary, we have-still have two callers on the line. let me unmute and- >> are their hands raised? >> yes. >> caller, are you making a public comment on the closed session? >> no. waiting for general public comment. thank you. >> thank you. next caller, are you waiting for general public comment? >> yes. >> alright. moderator we'll continue on then. president safai

you want to do roll call? >> yes. please call roll call. [roll call] >> thank you. we have 4 ayes, motion passes. >> thank you madam secretary. please call the next item general public comment. >> thank you. item number 5 general public comment. >> great. any in person public comment today? >> we have no in person public comment. callers, if you not done so press star 3 to be added to the queue. moderator, do we have any callers? >> yes, madam secretary, we have

three callers on the line. >> thank you. first caller, please state your name. your two minutes begin when you speak. >> hi. good morning board members and president safai. my name is matthew torres a working of three years. here to talk to you guys about (inaudible) owned by cim group multi-billion real estate firm. calling because i believe the board 1 million investment doesn't align with socially conscious investment. a report by the organization of african communities (inaudible) eviction at a housing comflex in alexandria virginia. these were people of color and immigrants and doesn't reflect the board values. the investigation by bloomburg show cim is responsible forgent fiication and displacement in the west adams neighborhood of los angeles duz to

investment practice and most importantly according to (inaudible) privately held real estate comments are run by high proportion of white man then (inaudible) i believe that this shows cim does not live up to the board social and governance principle. we are asking the board to investigate the investment to make sure it aligns with our values and values of san francisco. thank you. >> thank you caller. moderator, do we have further callers? >> yes, madam secretary. we have two more callers on the line. >> thank you. caller, please state your name. your two minutes begin when you speak. >> my name is ed (inaudible) [difficulty to hear speaker] echo the statements of

the other 2 folks who called in. like the board to take a look at the cim group the apparent company of (inaudible) in the bay area. both given (inaudible) record and opposing their worker attempts to get pretty modest impruchbments to standard of living and work scissions as well as cmi well documented behavior and fueling gentrification and displacement through property. entirely possible these investments don't rhyme with the board principles so we are here to ask the board to take a look at that investment to see if it is in line with that. thank you very much for your time. >> thank you for your call. next caller, please state your name. your 2 minutes begin when you speak.

>> it is max again. i wanted to echo both matthew and evan's statements. i am not sure that cim practices are in line with the board values and i feel like-the board to investigate. (inaudible) and that's basically it. p thanks again. >> thank you caller. moderator, do we have further callers? you're muted. >> sorry about that. there is no other callers on the line. >> great. thank you, hearing no further callers, public comment is now closed. president safai.

you're muted. >> you heard me though. just kidding. i don't think there is anything else to do other then call the next item. thank you. >> thank you. item 6, action item. approval of the minutes of october 20, 2022 retirement board meeting. >> move to adopt the minutes from october board meeting. >> second. motion by commissioner bridges, seconded by commissioner- >> thank you, we have no in person public comment at this time. reminder to any callers to press star 3 to be added to the queue. moderator, do we have any call ers? >> madam secretary, we have one person with their hand up and may have been left over from the previous item. >> caller, please state your name, your

2 minutes begin when you speak. >> yeah, i'm left over. max again. >> alright. thank you. >> thank you. >> moderator, do we have further callers? you're muted. >> there are no other callers on the line. >> thank you. hearing no calls, public comment is closed. >> great. madam secretary, there is motion by commissioner bridges and second by commissioner helfond. please call the roll. [roll call] >> thank you 4 ayes, motion passes. >> wonderful. please call the next item madam secretary. >> item 7, action

item. consent calendar. >> motion to approve consent calendar. >> second. >> motion made by commissioner thomas, seconded by commissioner hellfon. madam secretary is there any in public-person public comment? >> we have no inperson public comment at this time. callers if you have not already done so, please press star 3 to be added to the queue. moderator, do we have any callers on the line? >> madam secretary, there is one caller on the line. >> thank you. please state your name, your two minutes begin when you speak. >> madam secretary, they just hung up. >> thank you. hearing no further calls,

public comment is now closed. president safai. >> please call the roll. [roll call] >> thank you. 4 ayes. motion passes. >> great. next item discussion item. i think we will do the annual esg update, is that right? how much time do you need for that? perfect. is that too long?

>> can i ask a procedural question? >> hold on a second commissioner heldfond, commissioner bridges is asking a question then i'll come back to you. >> (inaudible) >> i think they have to be done individually. >> do they? >> yeah, we had the conversation in advance. each has a separate-but yeah-thank you. thank you for asking that question. i was concerned about that as well. commissioner heldfond? >> same question. same question. >> alright. like minds think alike. what we'll do is is allow you to do your presentation and then take a break before we go to the action items. please proceed. >> good afternoon commissioners. pleasure to you see in person as i commented earlier this is first

time staff present to the board in all most 2 and a half years. in that time over the last 2 and a half years we expanded staff considerably so want to introduce you in person to those that are here to (inaudible) who joined us in august of 2020. adrienne is rare among us in that she is a san francisco native. she worked in (inaudible) state of agriculture and carbon sequestration. bachelor in political science in stanford and finishing up mba (inaudible) today is a esg update day really. in september we focus on plan liquidity and october risk and november is esg matters. andrew will begin with a overview or review of our esg plat form focus on the

three pillars described in the past. provide tangible case studies of our engagement with certain companies and update on the esg integration efforts across the plan, and then update on collaboration and communication efforts with the focus on the esg data convrnsance project as well as net zero 2050 ambition. that as noted will be fallowed by 6 action items where staff will make recommendations regarding the composition of certain restrictiveness within sectors including russian companies, sudan, tobacco, fire arms, thermal coal and climate transition focus on oil and gas companies. before i hand it over to andrew and adrienne i want to make comments about esg investing generally. as you probably are aware in 2022 the concept of esg investing has been challenged criticized attacked probably more so then ever before

and admittedically some criticism is justified while others are wildly mischaracterized what esg investing is. these criticisms stem from trends around for a while actually. these are trends that we have been aware of since we developed the platform in 2018 and trend we avoided. the first is unfortunately what i believe is the over-commercialization of the esg concept and fortunately investment managers have created all sorts of products that have taken esg matters into consideration and are very very superficial manner. we avoided this because (inaudible) to make sure that when we approach invest in esg oriented strategy they are the essence of the strategy opposed to

billions of dollars that have flowed to what we think are fairly superficial strategies. that is criticism of the industry and unmasked a little this year and think it is a good trend people understood there really are esg matters to consider and go beyond (inaudible) with certain investment managers. the second is the politicalization of esg matters and this isn't just conservative or liberal issue, it is across the political spectrum and there is lots of noise about esg investing particularly this year. what i want to reiterate before we go through the review, (inaudible) developed our esg program. rather, and say collectively including the board and staff, have committed to approach that considers environmental, social

and governance matters as a means to evaluate investment risks and investment opportunities. this we believe-this approach we believe is consistent with our fiduciary duties. andrew describes our progress we made as active owners. the progress in integrating esg factors into our risk and return considerations and progress towards net zero ambition is important for everyone to understand the approach is to consider esg matters as risks to be identified measured monitored and managed and to consider matters as a tool to help identify opportunities. despite all the noise particularly this year i want to reiterate that staff and know our board are steadfastly committed to incorporating esg matters in a manner consistent with our fiduciary duty. with that, i'll hand it over to andrew for our overview. >> thank you kurt. i

will share some slides here. sharing some slides here. thank you. good afternoon commissioners. the clock hit 12. annual update on the esg program. similar as kurt was saying to the updates we have done in the various asset classes and functional areas. this year we tried to change the format a little bit, provide a few case studies and dive if to the initiatives and activities we do to make it maybe a little

more tangible in terms of the work we undertake. wanted to start by just reiterating a couple things that kurt said and laying the groundwork that we really try to continue to be a leader as a plan and incorporating esg factors into the way we manage the plans assets. we do this through a 3 pillar program. the first pillar is active ownership. the way we are engaged investors, promoting good corporate governance practice with the managers and underlying companies we invest with. second is integrating esg factors into our investment management process the way we select our managers we allocate to and ongoing man agement of the relationships and third is the way we collaborate and communicate with our steak holders and

other investors to promote sustainability economy. we are committed to really furthering esg integration and executing a range of initiatives on the esg platform and that is what we will update on today. we'll start with a overview of the esg platform then talk about a few progress areas we focused on in 2022, dive into those case studies on active ownership, try to bring to life initiatives and provide update on pillar 2, key actions we have done on our esg integration and investment management process and wrap up with a update on the net zero asset owner ambition. wanted to put up the esg platform on the screen reminding everybody of

the 3 pillars under the esg platform and echo what kurt said in the intro with our esg investment beliefs. we believe factors could be material to investment outcomes impacting risk and return that we achieve from investments but everything we do under this initiative is really anchored in actions consistent with our fiduciary duty and supportive of our efforts to protect and grow the plan assets which i see as our primary social mission at the pension system. we have a long history of doing this, goes back to 1988 when we first introduced our social investment procedures and over the years we evolved and enhanced the actions under those initiatives. we now call it our esg platform and we

moved-focus on primarily exclusionary practices cutting things out of the investment universe to more comprehensive approach that also seeks to integrate esg considerations throughout our entire investment process. in 2022, we made great progress on all three pillars of the esg platform and focus on a couple key thematic areas. one is managing climate risk. the other is good governance practice with focus on diversity equity inclusion. net zero and climate, we continue to make progress on that long-term commitment or ambition to be a net zero asset owner by 2050. couple things we have done is introduced a way to evaluate our external managers around their climate awareness and their alignment with our net zero ambition. as kurt said we support a initiative called the esg data

convergence project that seeks to bring climate data to the private equity space, a area where there isn't a lot of good climate data decision making available. (inaudible) other investors also on net zero journeys to share information and understanding there. on board governance and diversity activities, we really continue to enhance our corporate governance voting guidelines. we raised expectations for our company proxy voting guidelines to raise expectations around board diversity, executive compensation and place continued focus on proper management of environmental and social risk. also entered the third year of collaboration with 3 other california pensions where we

engage directly with the boards of companies that lag in terms of racial ethnic gender diversity. core to the work as asset allocatur (inaudible) as well as ongoing relationship with the managers. we committed capital to sustainability oriented managers and we have on-boarded a technology solution that i'll talk more about later to support that ongoing work. diving into pillar 1 active ownership, i'll highlight 4 case studies, 2 on votes we cast during the year and 2 on engagements we undertook. so, the first here we have a corporate governance guidelines that we implement to shape the way we vote our proxy

at the public companies in the portfolio. we continue to enhance those guide lines as i said and through the end of september this year, we cast 1300 votes against directors in the public equity portfolio due to range of corporate governance board. (inaudible) excesssive compensation packages, lack of board diversity and concerns about things like unequal voting rights. one example of that here is on the screen. this is typical of the way that we approach and implement a vote under our corporate governance program. this is the company doordash where at their annual meeting in june of this year, they had a board of 8 members and only one of whom is a

woman. our guidelines suggest we vote against the chair of the nominating governance committee of that board if gender diversity is less then 30 percent and that's the committee responsible for nominating and appointing new board members to the board. we cast that vote against that chair on nominee (inaudible) 12 percent of other share holders also cast against votes for that candidate. 12 percent may seem low, but it is fairly significant for a director to receive 12 percent against votes. it sends a strong message from share holders. notably, following the meeting in july of this year, the company did appoint a second woman to the board, ms. ely merfts. this is typical of the votes

we cast and think shareholders when they express a concern about governance may impact a outcome. the second example here want to provide an example of shareholder proposal we voted on during this past year. a shareholder proposal is different then a director nomination, which comes from the management of the company. shareholder proposal is filed by shareholds in the company on a range of topics. we supported over a hundred shareholder proposal on the last year on environmental and social topics with things like management of human right, climate risk, diversity equity inclusion and (inaudible) on the example here is exxon mobile. at the may meeting there was a

shareholder proposal balloted that requested the company produce a audited report that explain how a net zero transition could effect the company financial and operational health. we (inaudible) that really seek tuesday analyze such proposals and generally support proposals that we feel provide additional material information to investors around things like climate risk that enhance our understanding how the company manages those risk. this proposal in that evaluation met the guideline (inaudible) or votes in favor of the proposal. it was a high lee notable vote because majority of shareholders, 51 percent of shareholders also supported that proposal. it was only

one of seven filed at exxon that received majority shareholder support so sent a strong message to the company again they should consider such a report and furnish it to shareholders. we are still waiting on the outcome of that report. so, those were two examples of votes we cast. now i want to dive into two examples of where we had direct engagement with companies on environmental and social issues. one is around diversity of boards and we come at this topic with belief that good governance starts with a strong board and diversity now more then ever is one factor but a key factor in what makes a board qualified and

capable of guiding a company to success. engagement we do on the topic is in partnership with other investors so for the last 3 years we have been working with our peers at calpers, cal strs and (inaudible) to engage a set of companies in the portfolios that lag on racial ethnic and gender diversity. during the last year, we had conversations with 57 companies and had great outcomes here in terms of the progress those companies made. across those companies we were 31 additional women aopponented to those boards. 17 of whom are racially or ethnically diverse and 22 racially or ethnically diverse men were appointed to those boards. in addition to those appointments, a lot of

companies adopted new corporate governance guidelines and policies around how they source and select candidates and so i think another important component to this is institutionalizing those practices for strong corporate governance guidelines and committee documents. one example here is with the company monster beverage corporation. we began talking to this company in january 2021. at the time the company had one woman on their board and provided no information to shareholders around how they considered or thought about gender racial or ethnic diversity. in june that year we per the guide pp lines voted against the nominating governance committee chair due to lack of gender diversity at the company. in september of that year, the company did appoint a woman to the board who identifies as a person of color.

tiffany hall. expanding the gender diversity and racial ethnic diversity of the board. the company still of course did not meet our expectations and standards for gender diversity so we had a follow-up conversation where we actually had a conversation with the lead independent director of the company to discuss their practices around board diversity, their policies, how they recruit and how they disclose on this topic. following that conversation in december of 2021, the company appointed an additional woman to the board (inaudible) who self--identifies as hispanic and that additionally enhanced the gender and racial ethnic diversity of the board. at their april agm (inaudible) they published the proxy statement which now reflected 30

percent gender diversity on the board as well as the racial ethnic diversity they add. they also provided a disclosure of what is called diversity matric showing self-identified gender race and lgbtq status of the collective board. at this point the company now falls off our screen for concerns on this topic from a governance perspective so a great outcome of consistent and repeated engagement and good dialogue with this company. so, last case study here is on collaborative climate engagement. (inaudible) called the climate action 100 plus, which has mobilized over 700 investors collectively with $68 trillion in

upper management to engage the 166 public comment in the world and really understand how they're managing the transition to low carbon economy and engage with them in a way that is beneficial to shareholders. the way the initiative works is the 700 different investors take reengagement positions with different companies to distribute that work among them and focus on key companies in that cohort. we have 15 companies we engage with. we do this as a lead engageer so where we lead the fl engagement and supporting or collaborating with other investors on the engagement. we primarily talk with oil gas and utilities

companies and this is due to the fact we feel those companies have the most significant impact on our carbon footprint and impact on the carbon emission in the real world economy. we prioritized engaged (inaudible) one for oil and gas and one for utilities. i'll provide a example of our engagement with konoco phillips a oil and gas producer we have been engaged in with as a colead engageer since 2018 having dialogue with that company around the way they are thinking about transitioning their business model for success in a low carbon economy. we have typically two calls a year with that company. this includes executive management team including from time to time with their ceo

ryan lamps and we also read statements at the annual general meeting the last 2 years once virtually last year and once by proxy this year in person. some progress i want to highlight on coming outs of that engagement over the last year is one around accountability at the company and so investor suggestion and pressure they are now tying their executive compensation packages to how successfully they reduce green house gas emissions. diversity equity inclusion targets and goals and corporate esg ratings. second, they established new emission targets. they committed to net zero operational emissions by 2050. they strengthened their interim goals so have a 2030 emission

reduction goal and expanded those goals to cover not just the oil and gas assets they own and operate, but also those that they have equity ownership stake in so extending far beyond just their direct operated oil and gas assets. and then third, i think really importantly, they recently joined the oil and gas methane partnership and this is the most stringent global standard around the madgeagement of methane emissions from oil and gas industryment methane as you probably know is the most potent or highly potent green house gas. 30 times more warming potential then carbon emissions, so really important greenhouse gas for companies to manage and mitigate for us to

reduce global greenhouse gas emissions. one of the few north american companies joining this initiative. all three of these activities were things we had dialogue on with the companies over the last several years and really importantly, companies like conoco phillips are responsive to investor suggestions and likely not pursue these without engagement like spers. i want to move to pillar two. esg integration during investment management process. we continue really to embed esg considerations into the way that we-- >> (inaudible) >> screen and select investment managers we allocate capital to. as well as the way we manage ongoing relationships with those managers over time. we now have a

standardized process to integrate esg considerations into our underwriting and done that with 42 investor recommendations over the past year that we brought in front of you to the board for approval. we also have engagements with our external managers what we call off cycle so these are conversations not during a capital raising period, but maybe when a manager comes to us for input or suggestion on their esg practices, when we have the opportunity to have a deeper conversation with them give input and also learn what they are doing in terms of improving and enhancing their esg program. the screen here shows this is a timeline and process we follow for esg, due diligenceintsgration. it starts with a

questionnaire we send to managers. they fill out the questionnaire, which our esg team internally evaluates. we have a follow up conversation either virtually or in person to dive deeper and conduct diligence on their esg investment practices. we then draft a memo that goes into the board packet as part of investment recommendations and then we input that information into internal esg database called (inaudible) i'll explain what that is in a second and produce a esg scorecard and record of that engagement and that's accessible to our team and also each of the asset class teams on that platform. i just mentioned is a new

tool we added during 2022 to really improve and bring tech enablement to our esg due diligence process. this allows us to both send our due diligence questionnaire digitally to our managers, but also house all that information in a secure platform that we can access both as i said our esg team and asset class team. (inaudible) a process using excel and word documents and gives us the ability to track progress on esg efforts over time for our managers. we have a series of scorecards that we use internally through this tool and it is really made our ability to have multiple conversations with many managers (inaudible) and also track progress over time much easier, produce analytic reports and identify

areas for follow-up. >> commissioner (inaudible) >> how often do you update the info? >> we have a standardized process for public market managers where they do this annually are. other managers it is more of a ad hoc cadence usually tied to when they come back to market with a new fund. >> i don't know (inaudible) >> it is a great tool for us to streamline our work. also mention other investment teams have used this for things like rfp or rfi

processes to sort of (inaudible) the work we are doing. >> (inaudible) >> and then so lastly, want to provide a update on the third pillar of the program, esg collaboration and communication for sustainable economy. two initiatives under this pillar. really both focused on spers direct activities but also building the broader eco system of data and services and frameworks we can use to advance our esg program. the first is esg data convergence project. this is an initiative that was started by the carlise

group along with calpers and housed by (inaudible) the trade association for private equity limited partners in the boston consulting group is the aim is bringing esg data to private (inaudible) and private credit market. this is a space within our portfolio where we have limited visibility into the esg performance of managers, things like carbon emissions, diversity equity inclusion data isn't normally tracked and reported to lp's so this is a joint initiative of limited partners and general partners to come together and agree on a set of metrics partners can track and report to limited partners so hugely important to bring that transparency and data for decision making to the private equity space. the

focus is 6 core metric. green house gas emission, work related accidents, renewable energy, net new highers so job creation from private equity firms, diversity and employee engagement. we are supportive of this initiative participating in working groups associated with it and many gp's are members and committed to collecting and reporting data through this initiative. and lastly, want to provide a update on the climate action plan. as you know in 2020 march 2020 before covid shut down we committed or announced the ambition to be a net zero asset earner by 2050 in alignment with the objectives of

the paris agreement and general science. consensus net zero by 2050 is necessary to avoid catastrophic impact of climate change. we implement what we call climate action plan to work towards this ambitious. we published that last year and presented that to you at the (inaudible) meeting a year ago. want to provide a couple updates here on progress we made. the first is on progress towards our interim goal of 50 percent carbon reduction by 2025. the chart on the screen--yes? the chart on the screen here shows that progress and a couple of the lines. i want to highlight is the blue dot is our 2017 carbon footprint and this is the baseline

or benchmark we set to measure progress over time and we chose 2017 because that was the year before we really initiated and began the board directed climate actions that we subsequentially have taken. the second blue dot there is a carbon footprint in 2021, the third is carbon footprint today in 2022. that sits about 40 percent lower then the 2017 carbon footprint and well on the trajectory to be 50 percent reduced by 2025 and further our progress towards the 2030 goal which is 65 percent reduction for 2017 baseline. as you can see, the grow line

shows the (inaudible) that's our public equity policy benchmark. in 2017 our carbon footprint was about policy benchmark today is well below that policy benchmark demonstrating the progress we made with respect to our security or (inaudible) selection and allocation. >> is there much more of the presentation? i was timing about 15 minutes. i need to take a break and come back. >> this is the last slide here. >> okay. >> you wanted to wrap up everything. the two other objectives we set out for 2022 under the climate action plan, we also achieved and made great progress. one is develop a climate aligned evaluation

framework for potential and existing investment and you see in board packets now in the esg section it discusses alignment of each investment against our net zero by 2050 ambition and second is if gauge and improve data transpancy for alternative assets classes around climate issues and presentation and data convergence project has made great progress to achieve that objective as well. that concludes the update. happy to answer any questions. >> i like to make a comment. >> we can also

>> my name is alan schumer. i am a fourth generation san franciscan. in december, this building will be 103 years of age. it is an incredibly rich, rich history. [♪♪♪]

>> my core responsibility as city hall historian is to keep the history of this building alive. i am also the tour program manager, and i chair the city advisory commission. i have two ways of looking at my life. i want it to be -- i wanted to be a fashion designer for the movies, and the other one, a political figure because i had some force from family members, so it was a constant battle between both. i ended up, for many years, doing the fashion, not for the

movies, but for for san franciscan his and then in turn, big changes, and now i am here. the work that i do at city hall makes my life a broader, a richer, more fulfilling than if i was doing something in the garment industry. i had the opportunity to develop relationships with my docents. it is almost like an extended family. i have formed incredible relationships with them, and also some of the people that come to take a tour. she was a dressmaker of the first order. i would go visit her, and it was a special treat. i was a tiny little girl. i would go with my wool coat on

and my special little dress because at that period in time, girls did not wear pants. the garment industry had the -- at the time that i was in it and i was a retailer, as well as the designer, was not particularly favourable to women. you will see the predominant designers, owners of huge complexes are huge stores were all male. women were sort of relegated to a lesser position, so that, you reached a point where it was a difficult to survive and survive financially. there was a woman by the name of diana. she was editor of the bazaar, and evoke, and went on and she was a miraculous individual, but she had something that was a

very unique. she classified it as a third i. will lewis brown junior, who was mayor of san francisco, and was the champion of reopening this building on january 5th of 1999. i believe he has not a third eye , but some kind of antenna attached to his head because he had the ability to go through this building almost on a daily basis during the restoration and corrects everything so that it would appear as it was when it opened in december of 1915. >> the board of supervisors approved that, i signed it into law. jeffrey heller, the city and county of san francisco oh, and and your band of architects a great thing, just a great thing. >> to impart to the history of

this building is remarkable. to see a person who comes in with a gloomy look on their face , and all of a sudden you start talking about this building, the gloomy look disappears and a smile registers across their face. with children, and i do mainly all of the children's tours, that is a totally different feeling because you are imparting knowledge that they have no idea where it came from, how it was developed, and you can start talking about how things were before we had computer screens, cell phones, lake in 1915, the mayor of san francisco used to answer the telephone and he would say, good morning, this is the mayor.

>> at times, my clothes make me feel powerful. powerful in a different sense. i am not the biggest person in the world, so therefore, i have to have something that would draw your eye to me. usually i do that through color, or just the simplicity of the look, or sometimes the complication of the look. i have had people say, do those shoes really match that outfit? retirement to me is a very strange words. i don't really ever want to retire because i would like to be able to impart the knowledge that i have, the knowledge that i have learned and the ongoing

honor of working in the people's palace. you want a long-term career, and you truly want to give something to do whatever you do, so long as you know that you are giving to someone or something you're then yourself. follow your passion and learn how to enrich the feelings along the way.

>> hello, everybody. my name is matt dorsey, your district 67 supervisor and i'm thrilled to be here is to open this long overdue extension of mission bay park. [applause] it gives me great joy to stand alongside mayor breed and my former boss deny ir herrera.

it will serve the mission bay community for generations to come. this is kind of -- it's -- this is important to me because 22 years ago i worked at 185 berry during the dot-com era when there was a golf driving range and nothing. it was a lot of industrial unused land. two years before i was appointed to the board of supervisors, i worked at the public safety building but still in mission mn bay. at that so exciting to see this neighborhood come together. having open spaces like this is a part of what 21st century urbanism is poasd to be. i think san francisco will look

more like district 6 in generations could tomorrow and 24 is getting it done right. the opening of the fark is a long time -- park is a long time coming. the fencing began to come down and families and workers and kids were welcomed inside. we want to welcome kids from the dahlia school. welcome, kids. do you miss the fence? i don't see any hands. housing has been at the forefront of priorities in mission bay. this is especially for families of chern here today and that's why the opening of these public spaces in this neighborhood is so important. our rich park system provides an avenue for people to come together and celebrate the beauty of our city and mission bay parking is no exception. we have an amazing view here. giants play visible over here.

we have views of citro tower. the mission in creek, i know myself leaders beside me can't take credit along. i want to make it sure you know all the people are thanked. thank you to the engineers, architects and city planners and laborers who built this park, we thank you today. i do want to say i know there are folks and i don't want to dwell on it, but i can't avoid the elephant in the room, there was a fence here. i remember actually at one point saying if you're going to finish the park ask leave the fence up, could we get a backhoe here so it looks like you're doing something? dennis herrera was a long time

city attorney. there are important is to be dotted and t's crossed and important things to happen. there was a little bit of bureaucracy that held things up, but i said, mayor, let's get this park opening on the calendar and then ply my recommendation is that we'll come down with bolt cutters or sirses, it's your decision. i will say it's going to be scissors. if i'm being honest, i if i this we had taken down the fence with bolt cutters, it would have been better television. with that, let me introduce the real hero, mayor london breed. >> supervisor dorsey is right. i was prepared to come down and

take the fence down in the middle of the night myself and hide it somewhere. who knows where. and this is really a testament that even our parks are not immune from city bureaucracy. it has been very, very challenging and i know really frustrating for this community which we know consists of our seniors, our kids, our families, i remember when i served on the san francisco redevelopment agency commission when this neighborhood was starting to take shape and conversations around the decisions of what will happen to mission bay. and when you think about it, just 25 years ago this was an under-used railyard. not an area you came to unless you were going to the golf driving range. that was popular by the way. i know that. but the fact is look at what we were able to create as relates to this neighborhood and

providing not only open space but also housing and child care. we've opened up the park and other parks in the area. we're opening up a school in this neighborhood. chase center is here with the national nba champions, the golden state warriors. you have the giants there. this is real san francisco at mission bay. so the thought that we're here celebrating the opening of this park is just really icing on the cake. we know at that there were some challenges, but i'm so grateful to not only supervisor dorsey who harassed me more for this park than i think anything else, and i appreciate the support of our puc director dennis hararea. he's running the public utilities commission. i appreciate that we w rked

together to come up with a solution to get this open for the community krld i know many of you are anxious. that's why you're all here toe celebrate this milestone. this is what happens when we partner and work together and make great things happen. 7-acres of park space and brand new and all these, you know storm drain things around the environment that dennis will explain. ultimately, i want to gift credit to the community for coming together and wanting to see this happen. i know many of you had an opportunity to know your neighbors in the process because mission bay is a real neighborhood. it's a great neighborhood. i love the gus market. i want to thank some of the departments. thank you to oci dispirks thor the director is here with us. and justin true who helped to

expedite this project. this is more challenging than getting housing built in san francisco san francisco. i want to thank puc and dennis herrera and the port of san francisco and everyone from the mission bay community and all the work they were able do to get this done and the developer who helped to build this park and now we have the responsibility to work with rec and park and phil ginsberg is here. we're going is to keep it green and we're going to make sure the community loves on this park like nothing else. thank you for being here today. [applause] >> thank you mayor. o now it's my privilege to introduce my friend ask former boss. >> thank you, matt. any delay here was the fault of the city attorney's office. since i'm not there any more, go

after them. to echo what the mayor ask matt talked about, the vibrancy of mission bay, i'm your neighbor, i lived in dogpatch since 1993 when dogpatch wasn't even called dogpatch. i used to take my walk and i could come down this route down third street and back in the old days, i used to keep my keys in between my fingers in case i had to defend myself. i know i'm not going to have toe did that any more now that we have this beautiful park here servicing this neighborhood. i have gust's at one end and newfield if he other. i'm excited to be here now to share in this sell braitionz because we're prude to be part of the open space at the heart of this park. not only to serve mission bay

families but be environmentally sensitive as weld. and ecologically help save the bay. you see, we have can a centralize storm treatment facility which is a big part of this facility. it's a centerpiece of it. the rain gardens and stormwater will filtrate water that will be clean asked treated before it's discharged into the bay. more specifically, we have about stormwater that will treat nine acres of public right-of-way land here in mission bay. we have 5500 square feet om bioretention and vegetative swells that will collect the stormwater and allow it to facilitier into the ground. we have about 2,000 square foot of pervious concrete to allow

water pass through. and when combined with the pump station that's going to be built at the end right -- we're going to get that done -- at fourth and channel, we'll be able do 800,000-gallons of stormwater per day. that will be discharged in a can clean bay after it's treated into the bay. he we all saw what happened to the algae bloom this summer. we know we have a responsibility toe not just make sure we're serving the residents but taking care of the bay. in an era of climate change, it's foreign that we at the puc we take seriously to be good stewards not just of this neighborhood but of the san francisco bay. what we've constructed here in partnership with seth who you'll hear sphwr in a minute, is going to ensure that we don't just take care of our neighborhood, we take care of the environment

and provide habitat for wildlife that hopefully you'll have the opportunity to sees you walk --s you walk through this poork. we're happy to play a small role in bringing this to fruition. we look forward to the community enjoying it each and every day. thanks so much. have a great day. >> thank you, dennis. next i want to introduce seth. >> thank you. my company is the managing member of the master developer for the mission bay project. and i am here today to speak to two things, one, the parks at mission bay a don't often get the full recognition that they should. there are a lot of great things happening in this neighborhood, but i want us to pause and recognize this a neighborhood

where a 6th of the acreage was dedicated to park asks open space at the girchght project. that was a decision made at the beginning and what does that translate into? that translates into every single building here -- every resident and worker, every visitor to the hospital, everyone who comes to a game, they're within one to two blocks of a park. can you imagine a city that says that? that is special. everything else in mission bay is worth sell baiting. celebrating. this is a precedent-setter for the city. we have the beauty of parks access to open space. it's important to thank the people who helped make this happen. i want to actually start with the implementers, the people on the ground who are out here

designing and engineering and building this, we have landscape architects cmg. the civil engineer firm, our construction management team and then our contractor hosely who removed the fences to do our celebration today. on the implementation team, the mission development group that oversees the construction of this project. and park live open space management the individual and team who will be taking on the management of this park until it #km■]qe handed . i want to thank the city family. the city family -- there are allusions to battling it. the reality is everyone we work with at the puc at the port, the

extended city a family, even the army corps of engineers, a lot of hands that touch a park like this. is it plays an important role in protecting the bay and feeds to last for community. even though it's painful to go through the permitting process even though you hear me on an off day complaining about this or that, the reality is people care deeply and that is what adds time to the process and hopefully the end product is worth it. i would be remiss not to thank specifically supervisor dorsey and the mayor's office and ocii for stepping in. [applause] they stepped in at a moment where we were at a an impasse. everyone was in the weeds struggling and arguing and it was thor at oci what pull immediate aside and said when the elephants fight, the grass

gets trampled out. whm you argue, it's account community that suffers. we got right on it and made sure this opening happened today on time. i finally "want to thank the community. community. it's a weird thing, you have your official bodies that helps give input on the parks and open space. they're the local businesses. we've had three here that provided eyes andability vaition. eyes and ak at this vaition. eyes and activation. i want to say that new belgium brewing company has been kind enough to welcome everyone in after this for refreshments. if you can come in, come and join them. they're towards the corn there

are. that is a generous offer. [applause] i want to caught out and end with a thank you to the community. i don't think people recognize what it means to be a community member in mission bay versus other parts of the city. this is a neighborhood that has been under construction -- under construction for 24 years. can you imagine what it would be like to come to work every day or come home and in the background pile drivers going in the background? this is the most patient group of individuals i've met and we are blessed as a city to have them as the people who said, you know what will? i know it's not done yet, but i'm going to live here in mission bay and work here because it's because of you this

is feasible. we're a looking forward to delivering more. thank you seech, everyone. thank you so much, everyone. he. >> thank you seth.when i was a s tell people, i know what i was signing up for. if i hand somebody my business card, i'll say, if you have any issues, things to complain about, get in touch with me. if i don't hear from you, i'll he assume you're good. hearing from everybody helps empower the mayor and me and everybody to get this all together. this is really all a credit to you and next i want to introduce dora fleedo who is the director of learning and development at the preschool. dora. >> hi, good morning. on behalf of head start, we want

to thank mayor breed, supervisor matt dorsey and everybody in the city who has been involved in creating the amazing spaces. we're excited about our families having success to parks. readily accessible from heir theirhome. we serve children zero to three months to five years of age and many live in this community. they don't have yards. directly outside of their homes, but these amazing parks in mission bay are their yards, they'll come here and ride their bikes and explore and see nature. as we walked here the children pointed out the flock of birds flying by. children need open spaces to thrive. they need open spaces to develop

a sensibility and appreciation for nature and even more important, just physical well-being to be able to run long stretches. our children don't have place do that accessible in their homes. we know that clean outdoors support children's development. and program list. access to this new stretch is even more important for families to thrive. when children run, jump, throw balls and building gross motor skill, they develop a healthy habit of being active along with their familiarity list. a playing outdoors is a great model for physical activities. the natural landscape will invite children to learn about science. at school, we read books will at

birds and trees and animals but at parks they'll be able to see t7f!t butterflies s and birds flying over there. condemn this is show the value of the natural world. we believe opening this new stretch will enhance the quality of life for children, families and all of the residents of this beautiful water park community. thank you. [applause] >> thank you dora and everyone at the staff for helping support the growth and development of so many children in san francisco. i hope we can all enjoy what this park has to offer and now the moment we've been waiting for. this will -- it will be the

scissor, not the bolt cutters. mayor breed, here we go. >> are you ready to open the park? [cheers and applause] >> join me with the count. five, four, three, o two, one -- [cheers and applause] ♪♪ i'm nicole and lindsey, i like the fresh air. when we

sign up, it's always so gratifying. we want to be here. so i'm very excite ied to be here today. >> your volunteerism is appreciated most definitely. >> last year we were able to do 6,000 hours volunteering. without that we can't survive. volunteering is really important because we can't do this. it's important to understand and a concept of learning how to take care of

this park. we have almost a 160 acres in the district 10 area. >> it's fun to come out here. >> we have a park. it's better to take some of the stuff off the fences so people can look at the park. >> the street, every time, our friends. >> i think everybody should give back. we are very fortunate. we are successful with the company and it's time to give back. it's a great place for us. the weather is nice. no rain. beautiful san

francisco. >> it's a great way to be able to have fun and give back and walk away with a great feeling. for more opportunities we have volunteering every single day of the week. get in touch with the parks and recreation center so come [♪♪♪] >> i just wanted to say a few words. one is to the parents and to all of the kids. thank you for supporting this program and for trusting us to create a soccer program in the bayview. >> soccer is the world's game, and everybody plays, but in the united states, this is a sport that struggles with access for certain communities. >> i coached basketball in a coached football for years, it is the same thing. it is about motivating kids and keeping them together, and giving them new opportunities.

>> when the kids came out, they had no idea really what the game was. only one or two of them had played soccer before. we gave the kids very simple lessons every day and made sure that they had fun while they were doing it, and you really could see them evolve into a team over the course of the season. >> i think this is a great opportunity to be part of the community and be part of programs like this. >> i get to run around with my other teammates and pass the ball. >> this is new to me. i've always played basketball or football. i am adjusting to be a soccer mom. >> the bayview is like my favorite team. even though we lose it is still fine. >> right on. >> i have lots of favorite memories, but i think one of them is just watching the kids enjoy themselves. >> my favorite memory was just having fun and playing. >> bayview united will be in soccer camp all summer long. they are going to be at civic

centre for two different weeklong sessions with america scores, then they will will have their own soccer camp later in the summer right here, and then they will be back on the pitch next fall. >> now we know a little bit more about soccer, we are learning more, and the kids are really enjoying the program. >> we want to be united in the bayview. that is why this was appropriate >> this guy is the limit. the kids are already athletic, you know, they just need to learn the game. we have some potential college-bound kids, definitely. >> today was the last practice of the season, and the sweetest moment was coming out here while , you know, we were setting up the barbecue and folding their uniforms, and looking out onto the field, and seven or eight of the kids were playing. >> this year we have first and second grade. we are going to expand to third, forth, and fifth grade next year bring them out and if you have middle school kids, we are starting a team for middle school. >> you know why? >> why? because we are? >> bayview united.

>> that adjourned. >> shop & dine in the 49 promotes local businesses and challenges residents to do their shop & dine in the 49 with within the 49 square miles of san francisco by supporting local services within the neighborhood we help san francisco remain unique successful and vibrant so where will you shop & dine in the 49 my name is jim woods i'm the founder of woods beer company and the proprietor of woods copy k open 2 henry adams what makes us unique is that we're reintegrated brooeg the beer and serving that cross the table people are sitting next to the xurpz drinking alongside we're having a lot of ingredient that get there's a lot to do the district of retail shop having that really close connection with the consumer allows us to

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local business is the lifeblood of san francisco and a vibrant community