This charter amendment aims to encourage the Retirement Board to divest from fossil fuels and changes the appointment process for one of its members to be selected by the Board of Supervisors, requiring that member to have expertise in environmentally and socially responsible investment management. The election for this amendment is scheduled for June 7, 2022.
Charter Amendment (First Draft) to adopt a Declaration of Policy urging the Retirement Board to divest from fossil fuels; and to amend the Charter of the City and County of San Francisco to require that one of the members of the Retirement Board who is currently appointed by the Mayor shall instead be appointed by the Board of Supervisors, and to require the Board of Supervisors-appointed member to be experienced with the management of investment portfolios based on environmental, social, and governance factors; at election to be held on June 7, 2022.
How it got here
The legislation originated from a proposal to amend the City Charter regarding the Retirement Board's investment policies and membership appointments.
The Board of Supervisors received a proposed Charter Amendment to adopt a Declaration of Policy urging the Retirement Board to divest from fossil fuels and to change the appointment process for one of its members.
The proposed Charter Amendment was transmitted to the Planning Department for environmental review, confirming it would not result in a direct or indirect physical change in the environment.
The City Controller provided an analysis indicating that the proposed Charter amendment would have no impact on the cost of government.
The Rules Committee continued discussions on the Charter Amendment, indicating ongoing consideration and potential adjustments.
The proposed Charter Amendment was officially filed for the June 7, 2022 election, moving forward in the legislative process.
Reconstructed from attached documents & the official record
