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tv   [untitled]    May 23, 2015 4:00pm-4:31pm PDT

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. >> >> america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all roll call please commissioner makras commissioner cohen commissioner bridges commissioner driscoll commissioner meiberger commissioner paskin-jordan commissioner stansbury is out of town we have quorum great, thank you i will continue item number 3 the minutes of march 11 4r7d i'd like them to come back and spell all the amendments at that time rfp for the hedge fund more
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clearly than they were presented and i will continue item number 8 to the june meeting next item is open important public comment important any item not open the agenda thank you did i understand you categorical parklets your postponing this again. >> i'm arthur during public comment an e s board i'm patrick march 11 videotape shows at 4 hours and 55 minutes commissioner meiberger suggests under the code of conduct to consider complaints 200 under
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mroeshgs a minute later commissioner makras incorrectly stated it is up to dr s executive director he commissioner makras will let even though ethics commission to do your job, your rules require this board to come expose of the amendment there is nothing pro bono this board from pro bono commissioner paskin-jordan conflict of interest with the investigation retirement board should dispose of this language this body adopted you're in the best position to know what is
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incompatible why leave this to the mission or the executive director after all there is no experience of investment training at all compared to this board compromised of the members of the century of investors how long is reasonable time to wait for quote/unquote advise from the ethics commission don't you all want to put this behind you commissioner makras singles this board operates in the robert rule of order when will i calendar in the e r s investigation of commissioner paskin-jordan did they did, in fact gain in inethical
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activities you'd like look foolish if you fail to investigate her own admission of a golden state warriors fund we need to schedule an investigation soon commissioner makras thank you >> next speaker. >> good afternoon. i'm kay walker welcome. >> i've come here to talk once again about small business owner something noted on this agenda this is the hundred million dollars that the mayor wants from our pension fund i talked to the gray panthers and others in the union, etc. and they're a wide range of opinions nobody took the position if the gray panthers i'll give you responses number one most people don't think the
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mayor should get a dime of our money one of the reasons the first one he did when he became mayor was to go after the pensions of retirees and transform civil service in a way that harms the employees so, now he comes back and asks the same people i did for hundred million dollars this to a lot of 0 people you know outages so that's one opinion another opinion is that affordable housing only you know forgot what the mayor did but you know we're in a crisis a housing crisis everyone knows that the whole country knows about it why why not help two people's but not in the sense the may may or may not
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pose having to do with the bloovt we don't even have $15 an hour minimum wage yet and that's between 28 and $29,000 nothing in the bmr range to cover that so people are also saying here's another idea i favor this this is well, the building idea you know buying a building forgetting all the mayor's office proposal it is so political so hugely political now and a lot of unknowns patrick shaw wrote a column about this going into the statistics and the trust fund and not know where all the money is going yet and then looking at the planning commission numbers
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hundred and 13 percent of has been used for market rate building and only 21 percent for affordable housing so going back to the idea of affordable housing which seems to appeal to some people that i know and that are more progressive there is also another idea why not limit who can enter the lottery. >> 30 seconds and make the range under 50 percent to hundred percent instead of going to hundred and 20 percent that's all i have the time that's my proposal that is more affordable and keep this is our money basically and also we're taxpayers so let's keep it within this particular group and
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it might work thank you. >> thank you. >> hi jed. >> hello commissioner makras jed from fossil free infrastructure i want to reat that point what the board did relative to the fossil fuel the board tasted a level two procedure against the tractors list and the board moved to allocate up to hundred million dollars into a fossil fuels fund and asked the staff to talk about section 8ing out of worse of the worse with him level 2 is going on so really we want to follow up on all the items we're really
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excited the last two meetings were milestones for the nation even though it may not be so in this room we want to make sure that things are moving forward so the first one we would like to see a timeline for implementing level 2 we submitted to you folks your requested idea of a timeline in actions that can be taken we would like to see staffs version of that unless they plan on acting on otherwise the board and public has not way of insure the boards wishes are acted on one think of the financier joining the climate risk and other activities we want to know that has happened and other activities underway as far as
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the fossil fuels we don't side see investment on the calendar we expect the worst of the worse we sent you a letter on march 7 by 7 which kind of reflected different ways at looking at the worst of the worse jeremy and a come up of other suggestions we'd like love to know the status of the level 3 the partial level that process and want to insure that the fossil fuel issue stays at the full board rather than a subcommittees so for the fundamental since this meeting is archived for the public amp all 3 of the issues we could benefit prosecute potentially
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some kind of more formalized stakeholders interaction with the staff around those issues so there is information glow flow and really want to thank you very much for your actions in the last two meegz if fully implemented they'll make a stronger contribution. >> 30 seconds. >> to the future stability of the system thank you. >> jeremy welcome. >> good afternoon, commissioners jeremy legislative aide to supervisor campos commissioner avalos and follow-up on what mr. hypothesis man said about the e-mail from the flesh man and covering the way to look at the worst of worse offending i've brought
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copies of the recommendations that mr. fleischer talked about the top 2 hundred coal companies and mania 20 list a dynamic list of the companies the top 5 are published on the website and the remainder for discrepancy around $900 per year and updated quarterly and similar data from the black and blue beggar the gentleman that application specialist will be helpful on that i'm excited about the took the order to look at the worst of the worse and happy to help support that n in any way possible one other issue i want to touch on a new report from carbon tracker for the
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exploration and shell oil and gas companies that includes 3 of the 5 in the portfolio and looking at the way they've used hedge fund to the following oil prices and look at those hedges will be expiring and companies in position for future declining oil pros privacy and to read from the carbon tractorer hedges have given oil and shelf for the falling oil prices we've not seen the market share they go both been in-debt petroleum are particular vulnerable in oil prices and those are not exactly the worse of worse their expiration gas companies but
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further evidence of the sort of risky landscape. >> 30 seconds. >> i heap e hope you'll reconsider that and thank you for your time. >> any other speakers? seeing none, i'm going to close public comment item 2 >> item 2 an action approval of the minutes of the april 2015 retirement board meeting and entertain a motion of adoption. >> i'll make motion. >> opening it up for public comment on approval of minutes important april 8, 2015. >> thank you commissioner makras sunshine section states that written testimony quote shall if
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more than hundred and 50 words be included in the minutes unquote the task force repeating said in the minutes medians e medians included in an agenda item not in the attachment at the end of the document i'm asking for a board member to introduce a motion to move my written testimony regarding commissioner paskin-jordan from page thirty in the draft meeting minutes page 3 where they belong because and was the first person to spoke during the normal pub public comment if you don't i'll file a sunshine complaint i'll win given that the sunshine task force has ruled this repeatedly
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it makes no sense to include oral testimony summarized by our secretary given the board minutes and supplement the written testimony by punishing pushing it to the end of the document that is simply disjointed as far as that goes i'm not i'm going to address the twice selected minutes that's got the same problem only worse i'm going i'm going to repeat section states hundred and 50 word testimony be included in the minutes before commissioner makras proposed postponed the deduction of the march 11 draft minute meeting in april the march 11 draft minutes as presented them including my
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written testimony before the items on pages 37 and 38 for general item one public comment and item approval the board mini meeting minutes and agenda 9 simply managed accountants, however, the revised minutes your supposed to consider today simply deleted all of my written testimony that amounts to censorship by the board you need to table the adoption of those minutes so my minutes can be put in the proper place the order of the body of the minutes from sunshine ordinance requires not at the end as in the attachment
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thank you commissioner makras. >> thank you. any other i'm going to close public comment could you opine in this is in violation of the section. >> commissioner the sunshine ordinance does provide for the hundred and 50 word written summary the good government guide testifies that it can be attached at the end or included in the portion of the minutes where the speaker made his comments it is correct the sunshine ordinance task force has taken the position that the minutes that the statements should be included in the minutes for the agenda item where the agenda item were the statement was made in that portion of the minutes your
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there's a chair about the good government guide not a legal document. >> malia cohen thank you the city attorney answered my question i'd like to make a motion to accept those minutes. >> okay. and we have a second. >> second. >> all in favor, say i. passes unanimously thank you next item 4. >> the motion i introduced to accept the minutes. >> next item 4. >> next item 4 approval the minutes of the february 6th and 72015 retirement board retreat. >> entertain another motion of
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adoption. >> gridlock open up for public comment of the minutes the retreat for april 6th and 7 i'm going to close public comment passes unanimously please call next item 5. >> item 4 the consent calendar and action item. >> we'll entertain a motion of adoption. >> great opening it up for public comment none i'm going to close public comment. >> > all in favor, say i. > i. > passes unanimously of a 2 o'clock certain time item. >> i'll passes if and come back to it. >> or your pleasure come back. >> to 2 if their come in for
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this item so, please call item 7 and 7 discussion reporting 2014 proxy the fossil fuel proxy updates as mr. shaw. >> commissioners before you is our just want of the proxy voting season with regard to the fossil fuel companies as far in the season we're in the midst of the issues are similar 0 what we're seen last year as you'll note open anticipation 16 a board meeting dates most of the meetings have taken place i've looked the relative the proxy votes the vote relatives are in the mid 20 percent for this is consistent with what we've seen over the last proxy voting
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season that concludes any comments unless questions. >> questions from the commission mr. reiskin. >> if you could expand. >> for item one the report to address stranded carbon asset risks i know that is a big deal by the fossil fuel organizations could you give us color in terms of the what the report what they're asking for just to be more specific the report i'm planning on addressing the carbon asset risk remove or adjust mayor's office of housing and economic development for that the use of which have competitive contemplation. >> that's a fairly new one.
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>> of conco and ann dark is to plan to address the stranded carbon it's a line item issue. >> can you expand what do i expect. >> right what the stakeholders proposals are zigzagging for management put out a risk report with regard to the reserve evaluations from the 89 or 88 asked for reductions in the carbon assets and the value of the company should they be unable to extract a level of reserves fossil fuel task force has come up within an estimate that is global temperatures rise and it will not be reserve the will be
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extractable what is the financial impact on the companies. >> the fossil fuel folks that's one of the issues and we've seen that come forward in stakeholders proposals. >> question are there any any shoulder proposed items on the ballot this is talk about the pension fund to get their issues obtains the ballot to address the climate issues are you aware artist issues on the ballot button out by other groups of stakeholders for example. >> i can address this i was invited to the investor network annual conference they said they submitted hundred and 37 stakeholder proposals related to climate risk for this season and so a lot of them are focused
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on the area make sure the companies include in their business plan the risk of sustained assets a lot of disclosure to progress and that i can get you a list of those but it was recorded yesterday that this one group in particular has submitted over hundred and 37 proposals for . >> it is interesting thank you. >> any other questions seeing none, i'll open up for public comment on item 7 week welcome back jeremy. >> thank you, jeremy legislative aide to commissioner avalos and speaking to the conco proposal i brought along a copy of the proposal in supporting statement is it fair to say submitted by the user u unitarian congregations a member of the crr i find it troubling
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that the staff report doesn't say this is stated by the crr in support of their goal of protecting the assets against the risk of sustained assets and also concerned it appears the proxy the stakeholder meeting was on thursday, may 14, 2015, so your chance has passed already and cough of responses to the i ss comments they say that they believe the $65 barrel price is over the per scrip it is bans the the s&p 500 for the effects of oil of the carbon constraint environmentalist on oil prices the basic they're saying you shouldn't be tying contemplation to level of
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reserves and they point to conco increasing their assets as projected by 232 percent from 2016-2017 they're more expensive and less likely to be stranded as oil prices drop we've seen that and by tying the level of reserves they're your giving an reason for the executives is it so against the laws of affirmative action those are think unburdened assets but the go expiration it will be bad for climate and the stakeholders this is the strongest proposal we've seen it gets to the goal of the 125ish9d levels of the stranded assets is it seems like
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it may have happened yesterday thank you for your time. >> thank you welcome back jed thank you commissioner makras and commissioners jed fossil fuel san francisco so over the last year plus we've not as a matter of habit come to talk about the proxy votes we don't know or think this is how we are going to achieve your collective goal anyway, we think that the boards motions and actions and statements need to be counted they need to count once we leave this room and in period of time up to the time and i think has mr. pollack said if the goal in the level one and two action to e meal rates to the system and
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acting in concert with the climate problemistic we've heard a lot of talk about over the last few meetings i think the new instructions needs to be issued to you f f we were here a couple of months ago they are great their position on carbon is ahead of what where you guys have been we that that you have gone farther it that needs to be made clear new instructions issued made clear hey, we issued level 2 it is is big deal we'll only that downey date of birth that is african it is a big deal with the specific goals that were behind that i think that needs to be communicated to index ii ss to get the proxy accordingly if they have that
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full information they would have voted for this process dealing with the proxy vote is not something we need to do and accident timeline didn't allow for it to be done so we hope in the future to count on the retirement system to vote on any and all resolutions related to disclose we're not having for a change of the business model here thank you very much. >> seeing none public comment is closed. >> one quick question how does this board formally communicate through i ss? >> i ss presents the full range of the preapproved policies and on an annual basis this body adopts the position generally