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WHEREAS, the City of Pittsburgh and, indirectly, its taxpayers invest in a variety of high quality fixed income funds through its Comprehensive Municipal Pension Fund; and,
WHEREAS, the City wishes to have its funds invested in a way that provides both good fiduciary stewardship and reinvestment into the Community when prudent and feasible; and,
WHEREAS, the consideration of environmental, social and governance ("ESG") factors as well as other potential corollary benefits in making prudent investments has been adopted as policy in a large number of nonprofits, colleges and universities and some governments; and,
WHEREAS, the Comprehensive Municipal Pension Trust Fund (CMPTF) is the only City related entity that invests its funds in the financial markets mostly through mutual funds and other funds of funds; and
WHEREAS, City Council of Pittsburgh is interested in making informed recommendations regarding investment of taxpayer and employee dollars; and,
WHEREAS, certain Impact investment and ESG funds may provide both sound returns for the pension fund and positive impacts on the residents and properties in the City of Pittsburgh; and,
WHEREAS, funds specifically targeted at housing in Pittsburgh may be a way to provide affordable housing and improve the property tax yield; and,
WHEREAS, the CMPTF Board does include real estate investment within its allocation policy; and,
WHEREAS, investment in secure and responsible mortgages may be a way to add to and grow the CMPTF portfolio; and,
WHEREAS, all investments in the pension fund are under the direct and independent control of the CMPTF, which is the responsible fiduciary agent for the pension fund; and,
WHEREAS, there are a number of available impact and ESG investments available for consideration by the CMPTF; and,
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NOW, THEREFORE BE IT RESOLVED, that the Council of the City of Pittsburgh does fully support investigation of both Impact and ESG investment funds that could be supportive o...
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