Seattle Pension May Divest Exxon in Oil Companies Rebuffo

Seattle’s public employee pension system will consider selling off its holdings in Exxon Mobil Corp. (XOM) and other oil and natural gas producers under a proposal to divest holdings in the fossil-fuel industry.

The $1.9 billion fund’s investment committee will consider the plan to study divestment tomorrow. If approved, it would go to the full board for consideration as soon as Feb. 14, according to a fund spokeswoman, Lisa Carns.

Two of the system’s top 10 investments are with Exxon and Chevron Corp. (CVX), according to Seattle Mayor Mike McGinn, who offered the proposal last month. The pension system has $17.6 million invested with the two companies, or just under 1 percent of its assets, his office said.

The proposal was first reported by the Financial Times.

To contact the reporter on this story: Michael B. Marois in Monterey, California at mmarois@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

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