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CalSTRS to divest from private prisons
Author: Michelle Mussuto, CalSTRS, Published on: 8 November 2018
On July 20, 2018 at the Investment Committee meeting, Chief Investment Officer Christopher J. Ailman initiated CalSTRS Divestment Policy in relation to private prisons after the Trump administration’s zero tolerance policy for border crossing led to the separation of children from their parents. Since July, CalSTRS heightened their due diligence with both CoreCivic and GEO Group in order to engage both companies in productive dialog surrounding their business practices... “The board conducted a review of the staff research; we agreed that the engagement efforts were thorough and listened to our expert investment consultants. Based on all the information and advice we were provided, the board decided to divest according to the policy criteria,” said Teachers’ Retirement Board Investment Committee Chair Harry Keiley.
The process of divesting from CalSTRS CoreCivic and GEO Group holdings will begin immediately and is expected to be completed within six months. As of November 6, 2018 combined CalSTRS Global Equities and Fixed Income Portfolios’ holdings in CoreCivic and in GEO Group were $12,142,211.