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The state Employees’ Retirement System has signed an agreement with the United Nations-supported Principles for Responsible Investment to affirm its commitment to socially responsible investing.
The ERS joined more than 1,900 signatories in endorsing an investment framework that aligns both the state’s environmental and renewable energy mandate with the fund’s fiduciary responsibility to its members.
The PRI was created in 2006 by a group of institutional investors from around the world, who came together at the request of the U.N. secretary-general to establish principles that guide investors in their decision-making processes. PRI network members collectively have about $73 trillion in assets under management.
“By adhering to the Principles for Responsible Investment, the ERS is helping to transition to a more sustainable future while keeping the promises made to our state workers in the past,” Gov. David Ige said in a statement.
The state’s largest public pension fund has more than $17 billion in assets and has in excess of 135,000 active, retired and vested members.
“While evaluating virtually any investment we weigh our constituents’ interest — both in terms of maximizing return and implementing socially responsible investing,” ERS Executive Director Thom Williams said. “The ERS has already worked to align its investing with state environmental and renewable energy goals, by reducing its exposure to fossil fuel companies by 30 percent over the past two years.”
Sears explores sale of Kenmore, other assets
NEW YORK >> Sears Holdings Corp. is considering selling its storied Kenmore brand along with other related assets.
The ailing company, which operates department stores under the Sears and Kmart names, said Monday a special committee of its board is starting a formal process to explore the sale.
The move comes almost a month after the retailer said it received a letter from its largest shareholder, ESL Investments, headed by Sears Chairman and CEO Edward Lampert, expressing interest in all or some of the assets, which include Sears Home Services’ home improvement business and the company’s Parts Direct business.
ON THE MOVE
American Savings Bank has announced that two new members have joined its board of directors:
>> Elisia Flores, vice president and chief financial officer of L&L Franchise. Flores has more than 15 years of leadership experience in corporate finance, including previously serving in a number of senior financial management roles at General Electric.
>> Mike Kennedy, president of OFX North America. Kennedy is also co-founder of clearXchange LLC, now known as Zelle. Prior to that he was an executive vice president at Wells Fargo. Kennedy also served in leadership roles at McKinsey & Co. and Vail Associates.
Queen Kapi‘olani Hotel has hired Joy Shinobu Tomita as director of marketing. Tomita previously served as director of sales at The Modern Honolulu and sales manager at the Halekulani and Oahu Visitors Bureau as well as a sales coordinator for the Hawaii Visitors and Convention Bureau.
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