makras. >> the marshall board meeting the board establishes an ad hoc environmental and social and governance committee and commissioner makras that proposed that commissioner paskin-jordan serve as chair of the committee and he was going to name the committee members at the meeting today for the boards approval. >> great i'm happy to tell you that wendy has accepted chairing so i want to open it up to who has an interest in serving on the committee. >> i have a question. >> sure. >> i have an interest in a question (laughter). >> not just for myself but the members of the public maybe you can describe in detail exactly how and what this committee ask going to do and compliment the work we're doing. >> go ahead jay. >> this is a project that staff has been looking for the last 3 to 5 years we have a resources a city hall fellow that's been working over the past few months and sort of coming to the board with a proposal to replace our current social investment policy with a holistic approach which will consider environmental social and governance issues at the time, we invest money before we invest money rather than focusing on trying to punish bad behavior after we've invested in an opportunity and so what we're hoping to do have a structured online of opportunities we want to present to this committee for the committee to consider so we can again take from the giving up to end approach in recognizing those issues and the impact on the money we invest so we have a lot of materials ready to show the committee i don't know how long this will take but board members have expressed an interest. >> maybe those materials were not furnished many my binder. >> they're not all they'll come to the committee. >> i'll say that commissioner meiberger handed out at the last meeting his attempt to a basic u s g policy we have further materials for further consideration. >> jay will be consider the committee will look at the renewables. >> it will be across the entire portfolio and would impact potentially the investment policy statement as well as i mean we've had discussions defining our values and i think this will fit in also with defining our values as relating to specific social and governance issues. >> commissioner stansbury. >> yeah. the question are there members of the commission that are serving i'll be happy to and as you think about who on the commission you want to assign to this committee i think what is important whatever we're going to do has an impact it needs to be going back no my previous comments we need to be focused and deliberately for lack of a better term there's low hanging fruit and we can make an impact and changes by going after the low hanging fruit we'll entertain a motion for the chair and two people have expressed interest commissioner stansbury and . >> i want to express my interest i've been working on this and i've brought the original suggestion sew jay can we have a committee of 4. >> then everyone will serve that's my recommendation commissioner meiberger are commissioner stansbury commissioner paskin-jordan the chair will entertainer the motion for that oar i'll make that motion. >> i'll second it open up for public comment on 5. >> i've got cards (calling names). >> good afternoon, commissioners thank you for your supporting support legislative active aid to supervisor avalos a few thoughts will shareholders engagement i appreciate the concerns expressed by the commissioners about the potential staff level two engagement and how much work it will take and distraction for i we fully support the stakeholder engagement as a step along the way but i think that didn't get to the real concerns about the risk of the portfolios of climate changes to our fossil fuel and i think that commissioner stansburys question was i know the results will be interesting how well were the relatives of the stakeholders issues and how much of a burden on the companies that result will show you that stakeholder engagement the behavior of the fossil fuel companies when we come back to the scc rules that is creditor to the business model of a company you're not going to be able to get a fossil fuel company to adapt it proposal so the stakeholder engagement makes sense and part of the responsible investing in this case it makes sense when combined with a full divestment so it will ultimate protect the fund so that being said if you're going to engage with the fossil fuel companies it should be rigorous are a finest timeline with the goals of that engagement and get regular report backs and send letters to the companies and after the proxy season has it been effective and if not your fiduciary responsibilities to the level 3 full divestment i want to submittal that to sf for an plan and send a letter to the fossil fuel companies that supervisor avalos shared with a few people for you all to look at it and hopefully, a discussion at the committee. >> thank you, jeremy. >> jetting followed by martha. >> thank you commissioner makras and members jed smith we are glad to see this committee being created i reminded you guys last month you passed the motion for an f g committee in 2014 i don't know procedurally if this vote was really needed but certainly, if there has been integrated g f policy we all have been happier with the two year process we've engaged if i'm going to understand this e s g framework the committee will be forward-looking and not encompass the fossil fuel issue but it is positive and the comments the investment heard from the vefrdz last month to point to the importance of this inside the system i also agree that anything we do needs to have an impact that's why we were so frustrated by proxy votes so for a year which has been happening for decades no impact to the position we're another today equal oil is not the issue you're coming up against the limits of the climate what it can stand awhile i'm not a financial expert i am an energy expert one that is considered by lengths so i think we have

. >> thank you commissioner makras makras. >> the committee met oppose march 13 and reviewed and discussions several items you'll receive and separate items on the calendar our interim director karen will be discussing those items and bringing us up to date and finally the mission statement our final statement will be today along with a recommendation to offer a loan program and next item will be to present to you a recommendation to replace the target date small cat manager at this time we're recommending that replace that manager with the index fund that be a separate item and the last two items through the coming committee the presentation of the transition to the new third pastor mist and the implementation with that i'm going to turn it over to the manager to talk about those separately and call them separately and okay open up for public comment on item number 9. >> commissioners mike san francisco police officers association i'm speaking solely and explicit with the offering of loans to participants before the deferred compensation committee and in favor and support of your adopting t