The California Public Employees’ Retirement System (CalPERS) has ordered its investment staff to liquidate their investments in manufacturers of assault guns that are illegal in California.
As a result, investments totalling $5m in two firearms makers were identified, Smith & Wesson and Sturm, Ruger & Co, and will now be sold.
The move came not long after Treasurer Bill Lockyer urged CalPERS to review its investments in such companies following the tragedy at Sandy Hook Elementary School in Connecticut in December last year.
Henry Jones, chair of the CalPERS Investment Committee, said “Our staff will immediately begin to sell the assets and will deploy proceeds from the sale back to asset classes from which they came.”
Last month CalPERS launched the Sustainable Investment Research Initiative (SIRI) to drive forward the organisation’s understanding of sustainability factors and the impact they have on financial performance.
Copyright © 2013 AltAssets