mr. jay huish. thank you for coming. >> i apologize for being late and i was watching the hearing and i had no idea that the first three items would move that quickly. from the retirement system and i am the director and i would be happy to answer any questions that the committee might have. >> thank you for being here. i asked you to come to be ready to present on and discuss what the investment portfolio is for fossil fuel for the retirement fund and also to talk about the social responsible policies for the retirement fund, are you preprayed for that? >> i am. >> the retirement policy deals with the public holding of the trusts and the ownership of the 200 companies that was a list provided by your staff and indicates that as of today, in our stock portfolio, we hold 81 companies out of the 200 stock and the market value of those is $469 million. on the fixed income side, the debt side, we have 41 positions and those positions might not reflect 41 companies but we have 41 debt positions for a mar

we thank you supervisor avalos to try to mitigate this, the information by mr. huish the consequences that he mentioned don't get much more dire. therefore, if behoofs us to take action, passing this resolution is one of the few actions that the city could take, doing so, would show that city hall indeed act like a responsibility adult from time-to-time and show that san francisco can be the city that knows how, let's do it. >> thank you, and the next speaker, please? >> and good afternoon, supervisors, and i want to applaud these previous speakers, especially the wonderful writer over here on what they have said. and i have two children and i think that they would also applaud what you are trying to do here today in terms of utilizing your intellect and being able to put it into words in terms of what our society needs to do in order to take care of itself into the future. now i believe that by poking holes in the ground, and bringing up a liquid that is dirty is not a good idea. this dirty liquid oil, if it seeps into the underground water supply will contaminate th

mr. jay huish. thank you for coming. >> i apologize for being late and i was watching the hearing and i had no idea that the first three items would move that quickly. from the retirement system and i am the director and i would be happy to answer any questions that the committee might have. >> thank you for being here. i asked you to come to be ready to present on and discuss what the investment portfolio is for fossil fuel for the retiremen

we have director jay huish from the retirement board we would like to call up first, mr. huish. do not see him coming up. he was going to talk about the retirement board, social responsible policies and about the portfolio that we have in investment in the fossil fuel companies and i do not see him here and he is not coming up so we will go to the next speaker, i have a number of cards that i will call as well. i would like to call up jamie hen followed by antonio gehas. >> well, good morning, and thank you very much for hosting this hearing on fossil fuel investment and special thanks for supervisor avalos and his staff for crafting the resolution. i am the co-founder for 350.organize an international climate campaign that is helping to lead this movement. we launched this last fall and already students at over 300 colleges and universities have taken up the effort and now it is spreading to cities and states as well. already more than 100 communities have started to push for divestment and as supervisor avalos mentioned this fall the mayor of seattle issued a declaration to pu

and i would like to call up mr. huish one more time. >> thank you, for staying here. there is come a few comments about our private investments and i am wondering if we the retirement board can actually summarize by the time ha it comes to the full board what the investments are in the fossil fuel companies in the private equity side? >> you were the one that mentioned the billion dollars, our research and i don't know exactly where you got that number, however, i do not have the information that there is another half of a billion dollars on the private equity side i will be happy to get that information to you on our holdings that are restricted based on the contractual obligations that we have but i did not want anyone to leave thinking that half, i don't know the number, but it is not, i didn't want anyone to think that that was a hard number that half of the investments that the san francisco trust has would not be touched by this policy. we will get you the real number >> if that is possible to get, i think that we are looking for the 23rd to have this to the ful

. >> mr. huish? >> sorry. >> no problem. >> thanks. you talked about $524 million in terms of, this direct equity in these two companies? >> right. >> so, the resolution and some of the other dialogue has been around coming the assets and the mutual funds and have you analyzed that you hold and parcel that out? >> we have not because the board's policy would not also, it would rule that out because of the nature of our holdings as a member of the commingle fund would preclude us from engaging in the engagements of trying to influence the management of those funds. >> okay. >> you have identified what you have said in terms of 41 positions. those are direct holdings? >> those are public debt holdings. >> okay. >> and of the 81? >> those are public equity, actual ownership of stock. >> thank you. >> in the companies. >> great. >> so, okay, so this resolution, i'm reading from the words here, urges the retirement board to seize in the investments and the commingle. >> the board does not have a policy and there would be legal restrictions