HomeMy WebLinkAbout09-24-2020 IOC Minutes
Minutes
Investment Oversight Committee
Thursday, September 24, 2020
Regular Meeting of the Investment Oversight Committee
CALL TO ORDER
A Regular meeting of the Investment Oversight Committee was called to order on Thursday,
September 24, 2020, at 1:35 p.m, by Chair Brigitte Elke with all member present via teleconference.
ROLL CALL
Present: Committee Members Heidi Harmon, Natalie Harnett, Derek Johnson, Debbie
Malicoat, and Chair Brigitte Elke
Absent: Daniel Humphrey (Public Member)
Others Present: Monique S. Spkye, Managing Director of PFM Asset Management LLC and City
Clerk Teresa Purrington
PUBLIC COMMENT ITEMS NOT ON THE AGENDA
None.
--End of Public Comment--
APPROVAL OF MINUTES
1. Review of Minutes of the Investment Oversight Committee Meeting of May 14, 2020:
ACTION: UPON MOTION BY COMMITTEE MEMBER JOHNSON, SECONDED BY
COMMITTEE MEMBER MALICOAT, CARRIED 5-0-1 (WITH MEMBER HUMPHREY
absent), to approve the May 14, 2020 minutes, as presented.
BUSINESS ITEMS
2. Presentation of the Quarterly Investment Report on Portfolio Performance
Monique Spkye PFM provided a PowerPoint presentation and responded to Committee inquiries.
Public Comment
None.
--End of Public Comment--
ACTION: UPON MOTION BY COMMITTEE MEMBER JOHNSON, SECONDED BY
COMMITTEE MEMBER MALICOAT, CARRIED 5-0-1, (WITH MEMBER HUMPHREY
ABSENT) to approve and confirm the investment policy compliance.
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of Thursday, September 24, 2020 Page 2
2. ESG Investment Criteria
Monique Spkye PFM and David Reeser, PFM provided a PowerPoint presentation and
responded to Committee inquiries.
Public Comment
None.
--End of Public Comment--
ACTION: UPON MOTION BY COMMITTEE MEMBER HARMON, SECONDED BY
COMMITTEE MEMBER MALICOAT, CARRIED 5-0-1, (WITH MEMBER HUMPHREY
ABSENT) to move forward with Investment Approach #3 with private prisons added to Industry
Exclusion.
Approach #3 ESG Investment Criteria
ESG Risk Rating Limit Issuer ESG Risk Rating < 30 (medium or better risk
category)
ESG Risk Rating Exception:
Top ESG Performers Within
Subindustry Peer Groups
Issuer ESG Risk Rating is between 30-39.99 and the
Issuer subindustry ranking is in the top 25th percentile
Industry Exclusions
Energy Services
Oil & Gas Producers
Refiners & Pipelines
Aerospace & Defense
Paper & Forestry
Sub-Industry Exclusion Tobacco
Authorized and Suitable
Investments subject to ESG
Investment Criteria
Banker’s Acceptances
Commercial Paper
Negotiable Certificates of Deposit
Corporate & Bank Notes
Asset-Backed Securities
ADJOURNMENT
The meeting was adjourned at 2:57 pm. The next Regular Meeting of the Investment Oversight
Committee is scheduled for Thursday, November 12, 2020, at 1:30 p.m.
APPROVED BY INVESTMENT OVERSIGHT COMMITTEE: 11/12/2020