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On this day, November 21, 1992, Oregon Senator Bob Packwood, issued an apology but refused to discuss allegations that he'd made unwelcome sexual advances toward 10 women over the years.




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Read to Decarbonize Pension Fund
Read has spoken out against attempts by some policymakers to prevent consideration of ESG factors

Oregon State Treasurer Tobias Read pledged his support for decarbonizing the Oregon Public Employee Pension Fund by transitioning to a net zero carbon emission investment portfolio by no later than 2050, consistent with the goals outlined in the Paris Climate Agreement. Treasurer Read announced that he will present the Oregon Investment Council in early 2024 with a comprehensive proposal to implement this goal.

“Today is the first step in what will be a comprehensive and strategic effort to address the impacts of climate change on the funds we manage on behalf of Oregonians,” said Treasurer Read, in a statement released on video. “Our investment decisions must be driven by financial considerations and investment returns, not politics. The reality is we must reduce the risks that climate change poses to our investments and to the retirement security of Oregon’s hardworking public servants and their families.”

The Treasurer is one of five voting members of the OIC and serves as the state’s chief investment officer. The other four voting members are appointed by the Governor and approved by the Oregon Senate. All members are bound by their fiduciary duty and existing statutory requirements to make the funds they manage as productive as possible within prudent investment standards.

“Addressing the risk of climate change to our investments is critical to our mission to provide a secure retirement to Oregon’s teachers, firefighters, nurses, and other hardworking public servants. It will not happen overnight and must be done in a manner that acknowledges both the complexity of our global economy and the urgency of the emerging climate crisis,” said Read. OPERF is a globally diversified portfolio totaling approximately $90 billion in assets.

A D V E R T I S E M E N T

A D V E R T I S E M E N T

The plan, which will be presented for consideration to the OIC in 2024, will be built around the following four components, consistent with Treasury’s fiduciary responsibility: Read also said that while his staff develops a net zero plan for consideration by the Council, Treasury must accelerate existing efforts to address climate risks inside the investments currently under management. This includes expanding existing investments in renewable energy and clean tech, continuing efforts to more fully incorporate ESG (Environmental, Social, and Governance) risks into Treasury’s portfolio management, and continuing to partner with other institutional investors to push companies to address climate-related risks inside their organizations.

“It is important to maintain strong returns in the pension fund so that current and future retirees have a stable financial future. We must also use every tool we have to fight climate change and protect the vulnerable communities most impacted by it. I am pleased to support Treasurer Read’s plan to achieve these objectives,” said Senate Majority Leader Rob Wagner.

“The Oregon State Fire Fighters Council supports Treasurer Read’s commitment for the responsible decarbonization of the Oregon Investment Council’s pension fund portfolio. It is important that the OIC is transparent with PERS members’ finances and adopts a policy that reflects our commitment to environmentally sound investment income streams,” said Karl Koenig, President Oregon State Fire Fighters Council.

Today’s announcement comes amidst an increasing politicization of institutional investing. Read and other institutional investors have spoken out against attempts by some policymakers to prevent consideration of ESG factors in institutional investing.

Senator Elizabeth Steiner Hayward, Co-Chair of the Joint Committee on Ways & Means: “By decarbonizing the pension fund, we can responsibly manage the impacts of climate change on our investments while producing strong returns that will maintain the strength of Oregon's pension fund and our commitment to retirees.”

Representative David Gomberg, Co-Vice Chair of the Joint Committee on Ways & Means: “Our coastal communities are uniquely impacted by the effects of climate change. I support Treasurer Read’s plan to decarbonize the pension fund, while continuing to generate returns to fulfill our obligations to current and future retirees.”

Representative-elect Daniel Nguyen: “By decarbonizing the pension fund, we can responsibly manage the impacts of climate change on our investments while producing strong returns that will maintain the strength of Oregon's pension fund and our commitment to retirees.”

Representative-elect Ben Bowman: “Treasurer Read’s plan to align the pension fund with the Paris Climate Agreement will help secure a stable financial future for current and future retirees and a healthier and safer climate future for all of us.”


--Staff Reports

Post Date: 2022-11-16 12:45:09Last Update: 2022-11-16 14:23:23



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