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>>No other requests to speak.
Joe, do you have
any closing remarks?
>>First an appreciation of the
Board listening and to the
outside presenters that came
and did their work, to the
SIOs for taking specific
public commitment...
>>Excuse me Joe, I do
have one question.
>>Sure.
>>In the report, discussion
paper prepared for CalPERS
Global Peer IESG, in there
you make reference to
faith based initiatives.
What are you referring to?
>>Sorry, in regards
to the research?
>>Yes.
>>So faith based investors
would be investors who are
seeking to align certain
faith beliefs with their
investment outcomes.
So traditionally it would be
around screening, so
identifying activities that they
don't wanna be associated
with, whether it's alcohol or
*** and screening
those types of activities out
of the portfolio.
Sins stocks.
>>Okay, thank you.
>>Think of a pension plan
for ordained ministers.
>>Right, yeah.
>>Well, again to continue
with the thanks.
And we will take the
comments from the
members into careful
consideration and come
back to you this fall with an
implementation plan.
We got a lot of good
comments and observation
but I wanna respond by
reiterating that nothing
changes our fiduciary duty
and the risk and return of the
portfolio is the primary
objective that we all
have to manage.
My hope is and our belief is
as staff that by trying to
integrate both all of these
issues, the "E", the "S", and
the "G" and the rest, and put
it in the framework of our
regular conduct of business
in the fund, not as an add-on
or an extra program or
something that's done when
somebody comes and has
an idea, but something that
is part of the way we do
business, is the way of
achieving that primacy of
fiduciary duty and making
decisions in the context of
appropriate risk and return.
So we don't worry about is it
a governance issue or an
environment issue is it a risk
to the portfolio, is there an
investment opportunity to be
taken care of, and
do we have the capability
of taking advantage
of that opportunity?
That's what this is about.
I hope by defining in this way
that we can say these are
our strategies, these are our
priorities, and when the new
one comes up we can say
we have an objective, we're
working on it and we can
resist the scatter shot
approach that can come
about if you don't have
a clear focus about
what this is about.
So Anne is going to review
all of these policies, put them
into kind of one coherent
document, we're going to
report on these activities
routinely and I think
that will help keep
us moving forward.
But again, my thanks to
everybody who's been here.
This is really not about more,
it's about better and I think
we've taken a good step this
morning in that direction.
So thank you all very much.
[Clapping]