Skip to comments.CalSTRS to retain China oil holdings (PetroChina)
Posted on 02/03/2006 10:43:14 AM PST by NormsRevenge
Fearing they could set an unwelcome precedent, trustees of the California State Teachers' Retirement System on Thursday rejected a call to shed holdings in PetroChina Co. The decision deals a setback to CalSTRS trustee and state Treasurer Phil Angelides, who pushed for divestment, arguing the fund faced "unwarranted risk" because of the government-controlled Chinese oil company's business ties in strife-torn Sudan and environmental disaster in northeastern China.
CalSTRS, the nation's second largest public pension fund with $137.1 billion in assets, owns 19.9 million shares of PetroChina, worth about $15.5 million. Trustees also signaled little immediate interest in divesting investments in companies doing business in Sudan, where ethnic violence has killed an estimated 180,000 to 400,000 people and left some 2 million homeless in the country's Darfur region.
Board members said acting on individual stocks would open the fund up to demands by activists to sell holdings in other companies. Instead, they agreed to look at ways to deal with investment practices and social and political issues.
(Excerpt) Read more at sacbee.com ...
Not so liberal when it's their retirement money ,are they?
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