of an esg constraint against passive manager. with regard to active managers there was no suggestion that you should apply esg constraints to active manager. you should in hiring them express the view that this board is concerned about the action of unuse of carbon. you should tell the manager before you hire them, you would hope they car that risk -- they consider that risk in their process. with respect to your private markets, indeed you would look for strategies. if you can money on strategies that will help move us away from dependence on fossil fuel, so much the better. i believe that the opportunity to invest with generation came up just they educated. it's i ndicated. i believe this board, we did the due diligence on them as well as staff. our recommendation to hire them as well as this staff recommendation to hire them they were an outstanding manager in terms of return for unit of r isk. by the way, this is a very environmentally sound and responsible manager we like more of them. i don't think the condition of hiring t

>> nice to meet you, andrew collins, delighted to have joined as the director of esg. coming from global advisors, where i was esg strategist working with institutional clients around the world. prior to that was in a research role with sustainability accounting standards board, a nonprofit based here in san francisco that works between corporates and investors on better data and disclosure. delighted to be here and look forward to working with you. >> president stansbury: thank you, andrew, bo. >> we're sad so say that ellen is leaving sfers. she has been the directing manager of asset allocation, risk and innovative solutions. this is decision from a mix of a couple of things. second to last born daughter is leaving, graduated right now and heading off to college in england to join her sister, who is already there. and that, plus how housing prices, she and her husband have decided to relocate to the midwest to trade lower housing prices and much larger land in exchange for cold weather. [laughter] >> much colder. >> we have an open recruitment for an analyst for pri

>> there's a lot of people who say they're interested in esg strategies the flows have not quite beenhere. the millennials do seem intent on putting their money where their mouth is in that regard. it's a challenge >> thankfully i invest mostly in technology i don't have that issue, but train companies, they're moving coal around. are you not going to invest in a train company? for what we do -- >> i was curious they walk through coal miners, globally they returned almost 20% in the past 12 months. not a bad way to live if your goal is to make a profit >> capital flows freely. you may have people who don't want, but someone will move into that void. >> guys, thank you great to see you >> can i point out a story you missed in the "wall street journal." >> what was that >> i thought it was better pickle juice drinkers go public. people hiding for years that they drink pickle juice are out in public with it because it has sports benefits. >> i think you might have missed this we drank pickle juice on the set. >> no! >> on wednesday. >> it's like drinking urine. >> i wish you were here fo

however, the mayor's office did approve that we would be able to acquire resources to fully implement our esg, and the we're hoping that the committee and the board would be permanent resources as a signal that we're not just focused on foss fuel, we're also focused on executive pay, diversity on boards, a long listsoci, nmen nd governance issues, so w thae're hopin you'd be supportive of that. as requested we've shown the fte growth relatively flat over the last few years, including the last two years and future budget. and this is how we spend our budget. and you can see that two thirds of all of our expenses are paid towards investment. that is not staff salaries, those are hiring managers, they're travel, they're research, and so the last majority of our budget is spent on investment. we have roughly 23% of our budget is spent on personnel. and then, we have work orders for administration and retirement is the next piece. so i'd be happy at this time to answer any questions that any of the committee members might have. >> supervisor cohen: thank you very much for that presentation. superv

know -- here i'd been on wall street for almost 35 years i didn't even know there was a $3 trillion esgironmental social governance industry built around and of course that in itself was telling that -- admittedly i'm not a stock guy. i'm a macro guy. i had never heard of becausit was so fractured. it was because there were just niche and funds doing it and a lot of them always had an agenda and so our first idea was -- the first question to ask ourself was how do you define what is just and someone had the bright idea of let's ask the american public let's ask the greatest people in the greatest country who for the last 25 years have dominated this world let's let them define for us so there's no question what is justness and so we began polling and, boy, does the american public have a story to tell >> and they came up with effectively through your poll seven different drivers of what you think moves a company in the right direction. and they have very little to do with actually a profit and loss statement. >> here's the most interesting thing. we start out -- we started focus groupin