(The following is a reformatted version of a press release
issued by New York City Comptroller John C. Liu and received via
e-mail. The release was confirmed by the sender.)
February 15, 2013
NEW YORK CITY TEACHERS’ PENSION FUND DIVESTS FROM GUN INDUSTRY
Becomes Largest Pension Fund in the Country to Divest Since
NEW YORK, N.Y. - City Comptroller John C. Liu today announced
that the New York City Teachers’ Retirement System (“TRS”) has
divested its publicly traded commercial gun and ammunition
manufacturers. The move follows a thorough review process of the
fund’s exposure to such investments in light of recent gun-related tragedies.
The school shooting in Newtown, Conn., and the continued
prevalence of gun violence across the country prompted TRS’
Board of Trustees to request an evaluation of the system’s
investments in the gun industry. The analysis concluded that
divestment would be consistent with TRS’ fiduciary standards and
overall investment process.
“There is no need to support these companies, whose products can
destroy lives and shatter communities in the blink of an eye,”
said Comptroller Liu. “Our investment portfolio gains nothing by
doing business with these firms, and this is a sound decision
that sends an important message about our commitment to
addressing the plague of gun violence in every possible way.”
“This is the right thing to do,” said Michael Mulgrew, President
of the United Federation of Teachers. “After the tragedy at
Sandy Hook, we, as educators, had to make sure that guns were
not part of our holdings.”
The five companies TRS divested from are: Alliant Techsystems
Inc. (NYSE: ATK), Olin Corporation (NYSE: OLN), Forjas Taurus SA
(IBOV: FJTA4), Smith & Wesson Holding Corporation (NASDAQ:
SWHC), and Sturm, Ruger & Company (NYSE: RGR).
The $46.6 billion fund is the nation’s largest pension fund to
divest its gun industry holdings since the school shooting in
Newtown, Conn., on December 14, 2012. Similar reviews are under
way at pension funds across the country.
In addition to Comptroller Liu, who also serves as investment
advisor to the fund, the New York City Teachers’ Retirement
System trustees are Mayoral Representative Carolyn Wolpert,
Deputy Chancellor Kathleen Grimm, New York City Department of
Education; and Sandra March, Melvyn Aaronson (Chair), and Mona
Romain, all of the United Federation of Teachers.
Visit www.comptroller.nyc.gov for the latest news, events, and
Contact: Connor Osetek, (212) 669-3747
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