Pasadena : Divestment Meeting Called
After seeing its calls to sell off city investments in South Africa go unheeded, the Pasadena Board of Directors has ordered a special meeting with the police and fire pension board.
The pension board has not complied with a 2-year-old city policy banning financial involvement in South Africa, frustrated directors charged.
“I was quite surprised and shocked when it was brought to my attention that the Pension and Fire Retirement Board had not paid attention to our suggestions,” Director Loretta Thompson-Glickman said at Monday’s meeting.
A timetable for divestment and a program outlining steps to bring the investments in compliance with the 1986 policy should be decided at the meeting Monday, Glickman said.
Divestment will affect as much as $7.6 million of the $33.5-million retirement fund, city officials have estimated.
“The time for debate is over,” Director Rick Cole said. “It’s time for implementation of this policy.”
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