Big Funds Eye Reinvesting in Tobacco Firms
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
In a potentially devastating blow to the movement toward “socially responsible” investing, California’s public pension fund system is considering reversing its policy of refusing to invest in tobacco companies. The California State Teachers’ Retirement System, the nation’s third-largest public pension fund with $162 billion in assets, could vote as early as this fall on a plan to start buying tobacco stocks, which it has shunned since 2000.
The $248 billion California Public Employees’ Retirement System, the nation’s largest, is also monitoring the issue.
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