The public pension fund of Pittsburgh is finalising a far reaching ESG policy, slated for approval by its board next month.
Initially, the $600m (€507m) fund had focused on developing a divestment strategy after being formally requested by Pittsburgh Mayor Bill Peduto in 2019 to sell off their holdings in fossil fuel firms, firearm and ammunition companies, and for-profit prisons.
But, according to Pittsburgh sustainability head Grant Ervin, fund administrators are looking beyond the project’s initial scope to develop policies on wider sustainability and governance considerations.
“Initially, we were just asking for divestment, but have realised that a more comprehensive approach was needed to align our portfolio with some of the work we are doing around social equity and inclusion, and the SDGS, which we have formally adopted. We feel it’s important to invest in companies which share common values with the citizens of Pittsburgh,” he tol…