9.
City Council Work Session
- Meeting Date:
- 06/12/2018
- From:
- Rick Tadder, Management Services Director
- Department:
- Management Services
Co-Submitter:
TITLE:
Future Agenda Item Request (F.A.I.R.): A request by Councilmember McCarthy to place on a future agenda a discussion about the possibility of amending the investment policy to further pursue socially responsible investment.
DESIRED OUTCOME:
Council discussion and consideration by four or more Councilmembers to continue the discussion.
EXECUTIVE SUMMARY:
On December 19, 2017, Councilmember McCarthy introduced a F.A.I.R to discuss the possibility of amending the investment policy to further pursue socially responsible investment. Two or more councilmembers agreed to continue the discussion. Councilmember McCarthy provided city staff a handout related to his request and is attached to this staff summary. Should four or more Councilmembers agree to continue the discussion, the item will be placed on a future agenda.
INFORMATION:
At the December 19, 2017 Council meeting, Councilmember McCarthy introduced a F.A.I.R. and provided staff with a document outlining some preliminary suggested changes. The document is attached to this staff summary.
The Management Services Director is proposing language that reflects a fair and reasonable Investment Policy. The Management Services Director, serves as the Investment Officer; therefore, the Investment Policy is an administrative policy under the administration of the Management Services Director. The change recommended creates an new subsection and is presented as follows:
Section 9.4 Review of Investments: The Investment Officer for the City of Flagstaff shall review the list of corporate investments, no less than annually, to the best ability possible, to determine if companies being invested in have socially responsible policies in place. Further, the Investment Officer shall, to the best ability possible, divest from companies providing direct investments in the building of the Mexico border wall as related to Federal Executive Order 13767. Federal investments are excluded from this provision. The Investment Director will direct any changes in the city investments base on the findings.
The Management Services Director is proposing language that reflects a fair and reasonable Investment Policy. The Management Services Director, serves as the Investment Officer; therefore, the Investment Policy is an administrative policy under the administration of the Management Services Director. The change recommended creates an new subsection and is presented as follows:
Section 9.4 Review of Investments: The Investment Officer for the City of Flagstaff shall review the list of corporate investments, no less than annually, to the best ability possible, to determine if companies being invested in have socially responsible policies in place. Further, the Investment Officer shall, to the best ability possible, divest from companies providing direct investments in the building of the Mexico border wall as related to Federal Executive Order 13767. Federal investments are excluded from this provision. The Investment Director will direct any changes in the city investments base on the findings.