At the CalSTRS Board meetings in mid-December, it came to light that CalSTRS has legal investments in a company which manufactures firearms NOT FOR USE by law enforcement or the military and the CalSTRS Board has directed their investment staff to initiate the process of divesting their interest in such entities.
Below is CalRTA’s position:
“CalRTA applauds the CalSTRS action to place children above investment return. The initial investment was a legal investment where nobody could foresee the tragedy that took place last week. CalRTA does not blame CalSTRS nor the private equity firm for having made the initial investment. It is what happens after that that is important. CalRTA urges CalSTRS to initiate a review of investments in non-national defense manufactures of assault weapons.”
UPDATE 12/20/12 -
CalSTRS has issued a statement regarding its investments in a company which manufactures firearms NOT FOR USE by law enforcement or the military. The Teachers’ Retirement Board Investment Committee will examine this issue on Wed. 1-09-13. CalSTRS CEO Jack Ehnes also posted a blog on investment responsibility.
UPDATE 1/9/13 -
CalSTRS Statement on its Decision to Divest of Certain Firearms Holdings – More