welcome this is the this is the regular meeting of the full-fledged board meeting for the sfers sfersmy left is vice chair brian and please rise and join me by placing our raise your hand over our hearted for the pledge of allegiance pledge of allegiance pledge of allegiance the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. >> thank you mr. clerk good afternoon call the roll that commissioner cohen commissioner bridges commissioner casciato commissioner driscoll commissioner makras

welcome this is the this is the regular meeting of the full-fledged board meeting for the sfers sfers to my left is vice chair brian and please rise and join me by placing our raise your hand over our hearted for the pledge of allegiance pledge of allegiance pledge of allegiance the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. >> thank you mr. clerk good afternoon call the roll that commissioner cohen commissioner bridges commissioner casciato commissioner driscoll commissioner makras is out of town not expected today and commissioner paskin-jordan commissioner stansbury we have quorum can you call item 3. >> closed session an action item thank you very much let's see go ahead to take public comment seeing none, public comment is closed. ladies and gentlemen, we're going to go into closed session

welcome this is the this is the regular meeting of the full-fledged board meeting for the sfers sfers to my left is vice chair brian and please rise and join me by placing our raise your hand over our hearted for the pledge of allegiance pledge of allegiance pledge of allegiance the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. >> thank you mr. clerk good afternoon call the roll that commissioner cohen commissioner bridges commissioner casciato commissioner driscoll commissioner makras is out of town not expected today and commissioner paskin-jordan commissioner stansbury we have quorum can you call item 3. >> closed session an action item thank you very much let's see go ahead to take public comment seeing none, public comment is closed. ladies and gentlemen, we're going to go into closed session and resume at the 2:30 thank you. >> all right. good afternoon, everybody we're ready to resume i'd like to take a motion not to disclose what was discussed in closed session. >> so moved. >> thank you, thank you motion made by commissione

welcome this is the this is the regular meeting of the full-fledged board meeting for the sfers sfers to my left is vice chair brian and please rise and join me by placing our raise your hand over our hearted for the pledge of allegiance pledge of allegiance pledge of allegiance the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. >> thank you mr. clerk good afternoon call the roll that commissioner cohen commissioner bridges commissioner casciato commissioner driscoll commissioner makras is out of town not expected today and commissioner paskin-jordan commissioner stansbury we have quorum can you call item 3. >> closed session an action item thank you very much let's see go ahead to take public comment seeing none, public comment is closed. ladies and gentlemen, we're going to go into closed session and resume at the 2:30 thank you. >> all right. good afternoon, everybody we're ready to resume i'd like to take a motion not to disclose what was discussed in closed session. >> so moved. >> thank you, thank you motion made by commissione

sfers to do and urging them to do is within the urge of sfers which is actually always historically had a history of looking at government and internal affairs where they are restricted in firearms and fossil fuel investments and asking them to step back from that which is to be in line with the by laws that we passed in 1988 about making sure that we are executive compensation is fair and reasonable. which is a language of the 1998, 1988 by laws, and what we are asking to get to that idea of fair and reasonable, is to really have a conversation to have a public discussion to issue a report on best practices, and to sort of review proxis. >> the vote on proxi and we had a good conversation with the director, and obviously our proxy company already does do some votes on the say on pay. but what we want to do is for the discussion of how much we look at compensation and executive compensation. folks, when i was driving to work this morning, i was listening to the radio to hopter i think that the topic right now in this country is our failed systems as it pertains to the middle class. i think if you take a look at the resolution or any facts out there in the world. you know that the average take home of a chief executive officer to a minimum wage worker to the average worker is somewhere in the neighborhood of 997 to one. and that is a growing economic inequity. and so. for us this resolution is not going to fully address that but it begins the conversation of doing so. and of acknowledging that our systems are failing the middle class and what more we can do with our investments to push the issues so that we are more responsible to seeing a growing income take home of our middle class workers. before you, i always wanted to introduce some amendments to the resolution. so i am going to hand them over to our madam clerk. in the amendments we just added language that we thought was important, there is a recent report from a company called as we sew, that actually shows that when you look at the top companies where there is a huge pay disparity. these top companies have a huge under performing in the under perform the index and so we wanted to add some language along the line set. the 100 companies and the standard important index with the highest ratios under perform the index by 2.9 in the ten companies with the highest dispr ta ratios and under perform of 1 on.5, so in line with sfers which the number one goal of sfers is to be responsible to our investments and to our workers in terms of their fiduciary responsibility. what we are trying to link, thank you supervisor, is the fact that paying our ceos these accessive compensations does not mean that we have a better return. so we have the statistics to say that. the other language that we included is on behalf of supervisor cohen and also in line with her role as the president of sfers board is to also make sure that we have continued the discussion about gender and racial diversity on the corporate boards. and so those are two changes and there is one change which we just want to include that we also keep in mind our subcontract workers of publicly traded companies. the last further resolve clause, just basically asks skchlt sfers to list the companies that are in violation of the company that they come up and to work with the board to have that information be publicly available. thank you. >> thank you miz lopez.

sfers to do and urging them to do is within the urge of sfers which is actually always historically had a history of looking at government and internal affairs where they are restricted in firearms and fossil fuel investments and asking them to step back from that which is to be in line with the by laws that we passed in 1988 about making sure that we are executive compensation is fair and reasonable. which is a language of the 1998, 1988 by laws, and what we are asking to get to that idea of fair and reasonable, is to really have a conversation to have a public discussion to issue a report on best practices, and to sort of review proxis. >> the vote on proxi and we had a good conversation with the director, and obviously our proxy company already does do some votes on the say on pay. but what we want to do is for the discussion of how much we look at compensation and executive compensation. folks, when i was driving to work this morning, i was listening to the radio to hopter i think that the topic right now in this country is our failed systems as it pertains to the middle class. i think if you take a look at the resolution or any facts out there in the world. you know that the average take home of a chief executive officer to a minimum wage worker to the average worker is somewhere in the neighborhood of 997 to one. and that is a growing economic inequity. and so. for us this resolution is not going to fully address that but it begins the conversation of doing so. and of acknowledging that our systems are failing the middle class and what more we can do with our investments to push the issues so that we are more responsible to seeing a growing income take home of our middle class workers. before you, i always wanted to introduce some amendments to the resolution. so i am going to hand them over to our madam clerk. in the amendments we just added language that we thought was important, there is a recent report from a company called as we sew, that actually shows that when you look at the top companies where there is a huge pay disparity. these top companies have a huge under performing in the under perform the index and so we wanted to add some language along the line set. the 100 companies and the standard important index with the highest ratios under perform the index by 2.9 in the ten companies with the highest dispr ta ratios and under perform of 1 on.5, so in line with sfers which the number one goal of sfers is to be responsible to our investments and to our workers in terms of their fiduciary responsibility. what we are trying to link, thank you supervisor, is the fact that paying our ceos these accessive compensations does not mean that we have a better return. so we have the statistics to say that. the other language that we included is on behalf of supervisor cohen and also in line with her role as the president of sfers board is to also make sure that we have continued the discussion about gender and racial diversity on the corporate boards. and so those are two changes and there is one change which we just want to include that we also keep in mind our subcontract workers of publicly traded companies. the last further resolve clause, just basically asks skchlt sfers to list the companies that are in violation of the company that they come up and to work with the board to have that information be publicly available. thank you. >> thank you miz lopez.

sfers to do and urging them to do is within the urge of sfers which is actually always historically had a history of looking at government and internal affairs where they are restricted in firearms and fossil fuel investments and asking them to step back from that which is to be in line with the by laws that we passed in 1988 about making sure that we are executive compensation is fair and reasonable. which is a language of the 1998, 1988 by laws, and what we are asking to get to that idea of fair and reasonable, is to really have a conversation to have a public discussion to issue a report on best practices, and to sort of review proxis. >> the vote on proxi and we had a good conversation with the director, and obviously our proxy company already does do some votes on the say on pay. but what we want to do is for the discussion of how much we look at compensation and executive compensation. folks, when i was driving to work this morning, i was listening to the radio to hopter i think that the topic right now in this country is our failed systems as it pertains to the middle class. i think if you take a look at the resolution or any facts out there in the world. you know that the average take home of a chief executive officer to a minimum wage worker to the average worker is somewhere in the neighborhood of 997 to one. and that is a growing economic inequity. and so. for us this resolution is not going to fully address that but it begins the conversation of doing so. and of acknowledging that our systems are failing the middle class and what more we can do with our investments to push the issues so that we are more responsible to seeing a growing income take home of our middle class workers. before you, i always wanted to introduce some amendments to the resolution. so i am going to hand them over to our madam clerk. in the amendments we just added language that we thought was important, there is a recent report from a company called as we sew, that actually shows that when you look at the top companies where there is a huge pay disparity. these top companies have a huge under performing in the under perform the index and so we wanted to add some language along the line set. the 100 companies and the standard important index with the highest ratios under perform the index by 2.9 in the ten companies with the highest dispr ta ratios and under perform of 1 on.5, so in line with sfers which the number one goal of sfers is to be responsible to our investments and to our workers in terms of their fiduciary responsibility. what we are trying to link, thank you supervisor, is the fact that paying our ceos these accessive compensations does not mean that we have a better return. so we have the statistics to say that. the other language that we included is on behalf of supervisor cohen and also in line with her role as the president of sfers board is to also make sure that we have continued the discussion about gender and racial diversity on the corporate boards. and so those are two changes and there is one change which we just want to include that we also keep in mind our subcontract workers of publicly traded companies. the last further resolve clause, just basically asks skchlt sfers to list the companies that are in violation of the company that they come up and to work with the board to have that information be publicly available. thank you. >> thank you miz lopez.