| June 7
June 7 The California State Teachers’ Retirement
System board voted unanimously on Wednesday to divest from
non-U.S. thermal coal, affecting a very small fraction of the
public pension fund's portfolio.
The fund estimates that $8.3 million of its roughly $206.5
billion portfolio is exposed to non-U.S. thermal coal.
The exposure is invested in three companies - PT Adaro
Energy in Indonesia, Exxaro Resources Limited of South
Africa, and Whitehaven Coal Limited of Australia.
"This is a serious decision," said California State
Controller Betty Yee, who is a member of the CalSTRS board. But
Yee noted that engagement with corporations is much harder when
the companies are headquartered abroad, so CalSTRS engagement
with non-U.S. thermal coal companies would be less likely.
Board member Tom Unterman said the vote to divest did not
impact the fund in any way.
CalSTRS, the nation's second largest public pension fund,
manages the retirement benefits of 914,000 California public
(Reporting by Robin Respaut; Editing by Leslie Adler)