The general treasurer of Rhode Island is pushing the US state’s pension fund to divest from equity funds that own stakes in gun distributors.
Gina Raimondo, chair of the investment commission, is to recommend selling Rhode Island’s $20m (£12m) investment in Wellspring Capital Partners IV and Summit Partners, private equity funds that hold stakes in United Sporting Companies.
Kenneth J Block, a candidate in the 2014 gubernatorial elections, immediately criticised the announcement, saying that Raimondo was being “irresponsible and misguided” and “politicising” the issue.
She responded by saying that selling the investments was “the right thing to do.”
“As a [mother] and public official, I am deeply troubled by gun violence”, she added.
Since the Sandy Hook tragedy last year, in which gunman Adam Lanza murdered 20 children and six adults at Sandy Hook Elementary School, several other US pension funds have taken similar steps.
California State’s teachers’ pension fund began divesting from assault weapons producers in January, while the city council of Oakland has voted to divest from all gun and ammunition manufactures.
In December, Bill de Blasio, a trustee for the New York City’s $43.3 billion (£26.7 billion) retirement fund argued that divestment from such companies could also make financial sense.
“The increased liability from such exposure, and gun companies’ links to the horrific Newtown tragedy, make such exposure a poor investment decision”, he said.
In September, the Church of England was criticised for owning £10m of shares in General Electric, which produces parts used in a number of weapon systems including combat aircraft and drones.
Church of England under fire for £10m arms investment
Campaign groups urge world leaders to fix arms trade loopholes
Will only unspeakable tragedy make investors see the necessity of responsible investment?
Like our Facebook Page
How Cities In Canada Are Addressing Climate Change
10 Tax Incentives for Businesses That are Lowering their Carbon Footprint
How to Manage Anxieties About Climate Change
Green Brands Must Understand Their Customers to Market Wisely
Key Necessities for Starting an Eco-Friendly Freelance Business
6 Ways To Overcome Cash Flow Challenges as a Green Business
Going Cashless Lowers Our Carbon Footprint and Has Other Pros and Cons
How to Be as Eco-Friendly as Possible on a Trip to New York
Why Brazed Plate Heat Exchangers Are Eco-Friendly
6 Steps For Making Crypto & Blockchain Eco-Friendly
Building a Career in Green Construction: Tips and Insights
Top 5 Benefits of Workplace Sustainability
The Role of Smart Technology in Managing EV Charging Stations
4 USA Vacation Destinations for an Eco-Friendly Trip
6 Wastewater Management Tips to Reduce Water Pollution
Why Internet Faxing Is A Sustainable Business Move
5 Ways Eco-Friendly Employers Can Boost Efficiency
What to Look for When Choosing an Eco-Friendly Locksmith
Flexible Return Policies Can Make Retail More Sustainable
Using Green Patents to Drive Sustainability & Eco-Friendly Designs
- Environment3 months ago
6 Home Improvements You Can Make to Help the Environment
- Environment10 months ago
4 Countries That Have Banned Single-Use Plastic
- Features9 months ago
5 Huge Support Tips for Eco-friendly eCommerce Brands
- Environment7 months ago
How to Ensure Your Home’s Eco-Friendly During Construction?