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Record #: R2018-43   
Type: Resolution Status: Failed to Pass
Intro date: 1/17/2018 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Call for amendment to Municipal Code of Chicago to require City Treasurer to conduct comprehensive review of Office Investment Policy Statement and to address existing investment constraints
Sponsors: Arena, John, Sposato, Nicholas, Moore, David H., Waguespack, Scott, Sadlowski Garza, Susan, Mell, Deborah, Munoz, Ricardo, Foulkes, Toni, Smith, Michele, Villegas, Gilbert, Reilly, Brendan, Mitts, Emma, Osterman, Harry, Dowell, Pat, Scott, Jr. Michael, Hopkins, Brian , Taliaferro, Chris, Reboyras, Ariel, Santiago, Milagros, Cardenas, George A., Maldonado, Roberto, Hairston, Leslie A., Sawyer, Roderick T., Willie B. Cochran, Tunney, Thomas, Pawar, Ameya, Beale, Anthony, Cappleman, James, Ervin, Jason C., Quinn, Marty, Moreno, Proco Joe, King, Sophia D., Ramirez-Rosa, Carlos
Topic: COMMITTEE/PUBLIC HEARINGS - Committee on Finance
Attachments: 1. R2018-43.pdf
Related files: R2019-362
WHEREAS, the climate crisis is a serious threat to the City of Chicago, its current and future residents, and our planet; and
WHEREAS, the City of Chicago believes it should seek to ensure a future for its residents free of the negative impacts of global warming and pollution that result from the burning of fossil fuels; and
WHEREAS, the City Council has taken significant action to address climate change, and has a responsibility to continue to protect the well-being of our city and its residents against the threat it poses; and
WHEREAS, it is imperative that the City of Chicago evaluate existing investment in the fossil fuel industry and companies that consume fossil fuels contributing to climate change, and seek to take serious steps to address and mitigate that risk; and
WHEREAS, the City of Chicago, through its investments in various industries and companies, are exposed to the risks incurred by companies through their corporate policies, strategies and behaviors that can potentially impact the sustainability of returns in its portfolio on behalf of its residents and taxpayers; and
WHEREAS, New York City and many other cities, universities, charities, and pension funds are divesting their portfolios from companies that extract fossil fuels to protect those portfolios from the financial consequences of legislative, regulatory and tax measures, as well as sudden market disruptions, that might restrict such extraction in the future, the City of Chicago should also undertake such divestment; and
WHEREAS, in conjunction with its fiduciary obligation, the City of Chicago should consider the behavior of the companies it invests in, and seek to encourage practices that are environmentally-friendly, socially responsible, and which promote good governance (ESG);
NOW, THEREFORE, BE IT RESOLVED, that the Municipal Code of the City of Chicago be amended to require the City Treasurer to conduct a comprehensive review ofthe City Treasurer's Office Investment Policy ...

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