Under the new rule, which will be considered later this month, managers of the state pension would be able to vote against directors of companies that don't align with the state's emission reduction targets at annual shareholder meetings.
Just as they have used their position to push companies on racial and gender diversity, managers of the state's $104 billion pension fund took another step on Thursday toward trying to use the size of the state's investment portfolio to force corporate executives into taking action to address climate change.
The PRIM Administration and Audit Committee voted unanimously on Thursday to recommend to the full board that pension fund managers vote against directors at companies that have"failed to align their business plans with the goals of limiting global warming to 1.5 degrees Celsius, as set forth in the Paris Climate Agreement, and/or that have failed to establish a plan to achieve net zero emissions by 2050.
Since taking office in 2015, Goldberg has been behind the move at PRIM to increase its diversity demands of corporations. The fund now has a policy requiring it to oppose or withhold its vote for board nominees at companies where at least 35% of the board isn't diverse in terms of race and gender. The threshold has been increased over time from 25%, and PRIM beginning last year no longer combines racial and gender equity when calculating diversity for the purpose of proxy voting.
Goldberg defended the proxy-voting approach to achieving social change, though she acknowledged that PRIM on its own can't force companies to comply with diversity and climate directives. The approach stands in contrast to actions taken by Boston Mayor Michelle Wu and advocated by some lawmakers and advocates for divestment of pension funds from fossil fuels. Wuto divest $65 million in city investments from companies that profit off fossil fuels.
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