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Cal PERS has been nudging companies to disclose climate risks with shareholder votes this year, including major oil producers like Exxon Mobil and Chevron.

It advertises those votes to demonstrate its impact on social and environmental issues.

If the funds don’t catch up, taxpayers eventually could be forced to make up the difference.

“The Cal PERS board has a fiduciary responsibility to the membership to deliver the best returns possible,” Auck said.

Cal PERS has sent its lobbyist to the Capitol repeatedly this year to argue against divestment.

The pension fund contends that banning certain investments increases risk for the overall fund and diminishes its voice on corporate boards as a shareholder.

One more would have triggered divestment from businesses that work on the Trump administration’s proposed border wall. Dozens of Dakota Access Pipeline opponents packed Cal PERS’ February meeting, where they implored the board to shed its investments in the pipeline’s builder.

He says his department can’t hire more cops in part because investment misses at Cal PERS require cities like his to chip in more taxpayer money for public employee pensions.

We’ve learned this lesson before – placing dollars over principles is one of the key factors in today’s income inequality.

We can’t change the past, but let’s make the right decisions for our future,” she said in a written statement.

State Controller Betty Yee, who has a seat on both Cal PERS and Cal STRS, has made that case at public meetings where activists press the funds to divest from fossil fuels.

But she joined Cal STRS last month in voting to cut its last investments in foreign coal companies.

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