The California Public Employees’ Retirement System (CalPERS) has divested from for-profit prison giants, CoreCivic and GEO Group, over growing concerns about the material risks both companies’ systemic human rights abuses pose to their bottom lines. CalPERS is one of the world’s largest and most influential institutional investors and their move to cut their financial ties to CoreCivic and GEO Group sends a strong message to other investors that financial complicity in egregious human rights abuses is not an option.
Sacramento, CA - Hundreds of California public employees are calling on the California Public Employees’ Retirement System (CalPERS) to cut its investments in for-profit prison companies CoreCivic and GEO Group over their systemic human rights abuses. CalPERS began engaging with four companies tied to the ongoing migrant abuse crisis in response to outrage from its members, whose demands have grown stronger in the wake of the California State Teachers’ Retirement System (CalSTRS’) vote to divest from for-profit prison companies in November.
Sacramento, CA - On Wednesday, November 7th, the California State Teachers’ Retirement System (CalSTRS) Board voted to divest from for-profit prison companies CoreCivic and GEO Group over their widespread human rights abuses. This is one of the few times in CalSTRS’ history that advocates have successfully pushed the country’s second-largest pension fund to divest.
Promising financial conclusion, yet flawed analysis of ESG policies casts doubt on CalSTRS’ due diligence
Sacramento, CA - On Thursday, CalSTRS released a corporate governance report on for-profit prison companies that opens the door for CalSTRS’ board to vote in favor of divesting from CoreCivic and GEO Group, the two largest for-profit prison companies in the country. The report reached a critical conclusion that divesting from CoreCivic and GEO Group would have a negligible impact on CalSTRS’ portfolio performance, and CalSTRS’ Board is expected to take up the issue of divesting from both companies at the board meeting on November 7th in Sacramento.
Sacramento, CA - Educators across California will join forces at the California State Teachers Retirement System (CalSTRS) board meeting on Thursday to voice their outrage over CalSTRS’ investments in four of the companies enabling and profiting off of family separation and detention. With a new petition launched by Educators for Migrant Justice, CalSTRS is facing mounting pressure from its members to immediately divest from for-profit prison companies CoreCivic and GEO Group and push General Dynamics and United Rentals to stop providing equipment and services used to process migrant children separated under the administration’s zero tolerance policy.
The chairman of the investment committee of the California Public Employees’ Retirement System (CalPERS) says investment officials are engaging management of two private prison companies, CoreCivic and The GEO Group, as well as defense contractor General Dynamics.
If CalPERS chooses not to divest from the two private prison companies, officials of the pension system would likely have to make their case in the state legislature at a public hearing, where Assemblyman Bonta’s bill to divest from CoreCivic and The GEO Group will begin to be considered by state lawmakers after the state legislature reconvenes on Jan. 7.
In the wake of CalSTRS, the California teachers’ pension fund, voting this fall to divest $12-million from private for-profit prisons, Assembly member Rob Bonta (D-Oakland)—the son of farm labor organizers who grew up in a trailer yards from Cesar Chavez’s home—has introduced AB 33 to bar the state’s largest retirement funds CalSTRS and CalPERS from investing in for-profit prisons.
While Bonta’s bill sits in the hopper, members of Educators for Migrant Justice, buoyed by their victory before the CalSTRS Board, will take their case to CalPERS, California’s public employee pension fund valued at $326-billion with an estimated $22 million invested in private for-profit prisons. On facebook, activists are inviting divestment supporters to join them Monday, December 17th, from 9am-3 pm, when they testify before the CalPERS board in Sacramento.
The investment committee of the California State Teachers’ Retirement System (CalSTRS) has approved divesting its holdings in CoreCivic and GEO Group, the two US publicly held companies running private correctional facilities.
The Teachers’ Retirement Board of the $229.2 billion California State Teachers’ Retirement System is divesting from the two U.S. publicly-held companies in its portfolio that operate private prisons, CoreCivic and GEO Group. After an uproar over Trump administration policies that separated children from their families at the U.S. border, Chief Investment Officer Christopher Ailman started the process for divestment at the pension system’s Investment Committee’s July meeting, beginning a review of the companies in question to determine what risks they brought to the portfolio.
The chief investment officer of the second-largest US retirement plan, the $224 billion California State Teachers’ Retirement System (CalSTRS), has ordered a review to determine if the pension organization should divest from the stock and bonds of two public companies that run private prisons.
What would I have done? Would I have stood up to the fascist regimes as they rose to power?
The horrible reality is that public state pension funds and retirement plans in twenty states have more than $2.5 billion invested in “just” four companies – General Dynamics, United Rentals, CoreCivic, and GEO Group – that are providing essential support for the administration’s Zero Tolerance policy. To put that in legal terms, these four companies areaiding and abettinghuman rights abuses that qualify ascrimes against humanity under international law. Continuing to invest in these companies with knowledge of their role in migrant abuse makes pension funds complicit.