New York Pension Votes to Study Impact of Ditching Stocks of Gun Retailers

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The New York City Employee Retirement System (NYCERS) on Tuesday approved a measure that ordered staff to study the financial impact of divesting from gun retailers, like Cabela’s, Dick’s – and even Walmart.

From the New York Daily News:

The city’s largest pension fund voted Tuesday to move forward with possible divestment from gun sellers.

[…]

[Leticia] James, a trustee of the New York City Employee Retirement System, or NYCERS, has especially targeted Walmart as the country’s largest gun retailer. But she also wants to study ditching stock from other merchants, like Dick’s Sporting Goods, Big 5 Sporting Goods, Cabelas and Kroger supermarkets.

“Our nation continues to bleed from mass shootings, and we have to get guns off our streets and off department store shelves,” James said.

She said owning stock in gun sellers — including $109 million in Walmart alone — also puts shareholders at risk from possible lawsuits.

The board “must take note of these potential risks inherent in holding securities related to the gun industry. These current and future incidents of gun violence continually contribute to headline, reputational, regulatory, litigation, and business risk factors for firms associated with firearms and ammunition sales,” the resolution to order a study on companies with at least $50 million in gun sales says.

[…]

A consultant will now conduct an analysis of the costs and benefits to the city of getting rid of the stock. The pension fund has already divested from gun manufacturers.

The measure was sponsored by trustee Letitia James and passed the board almost unanimously, with only one “no” vote.

 

Photo by  Jim Wrigley Photography via Flickr CC License

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