The Alameda County Board of Supervisors approved a new policy Friday — with conditions — that is designed to steer county investments away from companies that facilitate or enable “severe violations of human rights,” among other things.
The so-called “responsible and ethical investment criteria” was developed by county Treasurer Henry Levy after supervisors unanimously voted to direct him to do so in December.
The county’s Treasury Oversight Committee reviewed the proposal in May and recommended it to the board for approval.
“This policy will reflect our core values of sustainability, social responsibility and compassion,” Levy said.
Supervisors, however, balked at full approval, putting implementation of the policy on hold until it can be reviewed by the county’s Finance Committee and an outside consultant.
Supervisor Nikki Fortunato Bas, who liked the policy as presented, was the lone dissenting vote. She grew visibly frustrated with her colleagues when, at one point during the meeting, Supervisor Nate Miley made a motion that would have simply sent the proposal back to committee without approval.
“This is incredibly disheartening and disappointing,” Bas said to loud applause and yelling from policy supporters in the crowded chamber. Supervisor David Haubert, the Board president, called a brief recess so people could calm down.
“I support the policy as is,” Bas said. “I think this is not the right decision.”
Miley said he was uncomfortable with part of the new policy that discourages investments in companies that earn more than 10 percent of their revenue from several specific sectors, including oil, coal and gas operations, firearms and tobacco companies, casinos and gambling ventures, security and correctional facilities, distillers, vintners and the defense industry, among others.
He said he’d rather see that language stricken from the criteria so that Levy would have more discretion when making investment decisions.
Public split over Israel-Gaza ties
The policy also says the county won’t use its $10 billion investment fund to “invest in companies that consistently, knowingly and directly facilitate and enable severe violations of human rights.”
It requires that divestments in specific companies need approval by the Board of Supervisors. Acquisitions would be identified using the new criteria, which prioritize companies that don’t have “negative environmental, social, governance or controversy” profiles.
Those acquisitions wouldn’t require board approval.
While the policy doesn’t explicitly mention companies doing business with Israel, or any other individual country, dozens of public speakers on both sides of the issue — who packed the board chamber and an overflow room and weighed in on Zoom — said the proposal was in response to the war in Gaza and ongoing accusations of genocide.
Several people against the policy said during the public comment period that it’s backed by anti-Israel activists, that it’s divisive, gives cover to antisemites and would make people in the Jewish community feel less safe.
Many in the audience expressed support for the Palestinian people and said the policy would help the county divest in companies that are helping with the war effort and the killing of civilians.
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