Board Meeting: November 19
At this meeting, a quorum was present, and the Board took the following actions:
- Authorized the Bureau of Asset Management and the General Consultant to study whether divesting from TRS' publicly-traded equity and debt securities, as well as bank loans, in companies that produce, mine, and/or process thermal coal as the exclusive or predominant source of their revenue, including Alpha Natural Resources, Inc.; Arch Coal, Inc.; Cloud Peak Energy, Inc.; Consol Energy, Inc.; and Peabody Energy Corporation would have a material impact on the risk and return characteristics of the agency's portfolio.
- Authorized a review of strategies to mitigate the risk of climate change in TRS' Qualified Pension Plan and Tax Deferred Annuity Program investment portfolios, including, in addition to thermal coal companies, possible divestiture from other types of fossil fuel companies that contribute substantially to climate change, as well as possible shareholder engagement initiatives, consistent with the Board of Trustees' fiduciary duties to TRS members and beneficiaries.
- Approved an increase of the agency budget for Fiscal Year 2016 in the amount of $70,000 to cover contractual increases for parts of Fiscal Years 2012 to 2016.
Investment Meeting: November 5