Pasadena : Board Delays on Divesting
The city board in charge of managing the fire and police employees’ retirement fund has delayed action on divesting its holdings in companies that do business with South Africa.
Two weeks ago, the Board of Directors ordered the Fire and Police Retirement Board to comply with a 2-year-old city policy banning investments in such companies.
But on Tuesday, four of the five Retirement Board members agreed to delay a decision until their meeting next month so they can receive more information on the financial and legal impact of such a move.
City Director William Paparian, who is also a member of the Retirement Board, was the only member to vote against the delay.
The Board of Directors is scheduled to discuss the issue and the Retirement Board’s action at its meeting Monday.
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