SAN FRANCISCO (BCN) — San Francisco Supervisor Mark Farrell is calling for the city’s employee retirement system to stop investing in companies that participate in firearm and ammunition manufacturing following recent mass shootings.
Legislation set to be introduced to the Board of Supervisors on Tuesday would require the San Francisco Retirement Board to immediately divest itself of investments in three companies — Orbital ATK, Vista Outdoor and Sturm, Ruger & Co., Farrell said.
The San Francisco Employees’ Retirement System currently has a little more than $1 million invested in those companies, he said.
“San Francisco should not be in the business of investing in companies that enable the senseless gun violence we continue see day-after-day in our communities across the country,” Farrell said.
“Divesting from these companies will send the strong message that San Francisco is and will continue to fight for common sense gun safety policies that will protect public safety and save lives.”
The California State Teachers’ Retirement System and the California Public Employees’ Retirement System have also recently voted to divest from investments in firearms and ammunition manufacturers, Farrell
San Francisco’s Retirement Board had a hearing on 2013 on divesting from firearms manufacturers after the Sandy Hook shooting, but has not acted, Farrell said.