December 25, 2018 Read More →

Ex-top state controller official calls on DiNapoli to divest pension fund $$$s from fossil fuel companies

NY Daily News:

A former top official in the state controller’s office says its time Controller Thomas DiNapoli begins considering divesting billions of dollars in pension funds from fossil fuel companies.

Thomas Sanzillo, an ex-first deputy controller who is now with the Institute for Energy Economics and Financial Analysis, says DiNapoli’s approach of shareholder resolutions to get gas and oil companies to change their practices is not working.

“What Tom is doing is largely ineffective and I would say really undermines the otherwise good work they’re doing on climate change,” Sanzillo said.

He argues that the gas and oil companies, which once were a sound and profitable investment, are no longer so. Where once seven of the top 10 S& P companies were gas and oil companies, now just Exxon/Mobil is on the list, he said.

Ex-top state controller official calls on DiNapoli to divest pension fund $$$s from fossil fuel companies

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