are you done commissioner heldfond? >> i'm done. >> okay. >> i similar to commissioner heldfond just had questions about sort of the opaqueness right now and figuring which way the market is going and how we should be positioned going forward. most things i read and experts i'm talking with are wait and see mode and trying to maybe spend time figuring out the direction that inflation and the rest is all going togo over the next year and waiting to see before they adjust in ort areas. when you included 7.2 as one of the options that you recommended is that the reason-one reason why is that take the wait and see approach to see which way things are going? >> yes. absolutely. i think we look at our data based on the capital market assumptions from beginning of the year. 7.2 is still reasonable but the high end but we know the market changed quite a bit since beginning of the year. treasury yields were 1 and a half and now they are 3.6, 3.7 and they were above 4. so, there is quite a bit of movement and so yeah, part of the

heldfond. >> aye >> commissioner thomas. >> aye >> thank you motion passes. >> everybody we will wave the open session and move to closed session we're now open for public comment. a motion first. >> can i have a motion weather to disclose our closed session a and b versions. i move we vote back in open session and in the disclose what was discuss in the a or b. >> second. >> call the roll. >> we do public comment first and we have no in person public at the moment. moderator do we have callers on the line? >> we have one caller on the line. >> thank you, caller state your name. >> hi. good afternoon i'm sascha kraun work with active community together. >> thank you. i'm sascha kraun and the state policy manager an initial nonprofit dedicated improving the lives of african immigrants in the united states we support voter rights we are here to talk about the affects of your investment in the cim group. board invested 931 million dollars in cim a company stopped to make a prefer with actions mistreated workers in alexander, very well via. in 20 between the cim bought southern towers hom

. >> commissioner heldfond. >> here >> commissioner safai will arrive and commissioner stansbury is absent. >> and commissioner tumlin. >> present. >> commissioner thomas, present. >> we have a quorum. >> first item, please. >> thank you. item 2 communications. welcome public's participation during comment periods. will be an opportunity for general public comment after closed session. there will be an opportunity to comment on each discussion or action item on the agenda. each community is limited to 2 minutes. comment will be taken in sxrn remote by video or call in. for each item will take comment first from people in person. and then for people remote. comments or opportunity to speak during public comment period are available via phone by calling 415-655-0001. access code: 2481 662 8756 ##. connected you will hear the meeting discussions but muted and in listening mode only. when your item come up press star 3 to be added to the queue. best practices call from a quiet location, speak clearly and slowly. note that policies with federal, state and local law prohibits harassing conduct a

are you done commissioner heldfond? >> i'm done. >> okay. >> i similar to commissioner heldfond just had questions about sort of the opaqueness right now and figuring which way the market is going and how we should be positioned going forward. most things i read and experts i'm talking with are wait and see mode and trying to maybe spend time figuring out the direction that inflation and the rest is all going togo over the next year and waiting to see before they adjust in ort areas. when you included 7.2 as one of the options that you recommended is that the reason-one reason why is that take the wait and see approach to see which way things are going? >> yes. absolutely. i think we look at our data based on the capital market assumptions from beginning of the year. 7.2 is still reasonable but the high end but we know the market changed quite a bit since beginning of the year. treasury yields were 1 and a half and now they are 3.6, 3.7 and they were above 4. so, there is quite a bit of movement and so yeah, part of the

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 upd

. >> commissioner heldfond. >> aye >> commissioner safai. >> aye >> commissioner thomas. >> aye. >> motion passes. >> great. next item is month low report. >> discussion item the compensation plan monthly report. >> had a lot of conversation about that you can keep it thank you. >> absolutely. commissioners buffer is the plans month low report. at the value fund increased the crediting rate from 24 to 34 bits 2 envelope % rate it is guaranteed for the full quarter and reset in 2-1. a good example that value is doing intended do preservation of capitol with the steady, positive market return over time. it is good time to point out in a rising rate environment, value crediting rates will lag current rates. like when rates drop significant cantz low in twenty twenty crediting rates were higher than current rates because of this lag. the under line portfolio increased quarter over quarter. rising from 3 and a half % to 4.07%. they raised rates. bonds have an inverse relationship. who i we saw a year of increase the bond market saw negative returns over all when a 3 month period the crediting r