Did you know that the Washington State Investment Board (WSIB) regularly uses its $200 billion in investments to vote against shareholder resolutions that would push mega corporations, such as big banks, to take meaningful climate action?
WSIB’s job is to help thousands of Washingtonians save for retirement by investing their pension savings across the economy. These workers trust WSIB to manage their pension funds responsibly, including managing climate risk, but a new report that we just released with Sierra Club and Stand.earth today shows that WSIB is failing.
The WSIB’s voting record on climate shareholder resolutions is terrible. While the pensions in states like New York, Massachusetts, and Connecticut were given A grades for their votes, Washington’s pension fund received an F―voting as they did against the majority of the climate resolutions analyzed.
These votes are not only bad for the planet, they are fueling climate-related financial risk for pension holders and all of us. Federal regulators have made clear that climate change poses grave risks to the economy and future pension returns, and the best way to mitigate these risks is for every state and every company to meet their climate goals.
Thankfully, WA Representative Davina Duerr has introduced HB2405, which would push WSIB to update its guidelines for how it votes on climate shareholder resolutions and update the board’s investment practices to include sustainability risk factors in how they invest.
Pension funds, with the hundreds of billions of dollars they manage, have often been effective at moving corporate policies when they decide to engage, but they won’t do it on their own!
Together, we can protect workers’ hard-earned savings and protect the planet from climate chaos.
In Solidarity,
– the Stop the Money Pipeline team
P.S.Are you a current or former state employee (a teacher, firefighter, or worker at a gov agency)? You can play a critical role in moving this legislation forward! Fill out this form so we can share resources on how you can specifically plug in.
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