CITY OF PITTSBURGH

?America?s Most Livable City?
O?ce of Mayor W/z'llz'am Peduto

    
   

May3l.2019

City of Pittsburgh

Comprehensive Municipal Pension Trust Fund
City?County Building

414 Grant Street

Pittsburgh. PA 15219

Dear Board Members ofthe Comprehensive Municipal Pension Trust Fund:

1 am writing to respectfully request that Board develop and execute a divestment strategy from
investments that support the following industries:

0 Fossil Fuels ?rms that have contributed to and are exacerbating climate change
I Firearms and ammunitions companies that contribute to mass casualties
0 For-Pro?t Prisons that are pro?ting off vulnerable inmates

The City of Pittsburgh has a history ofexercising both moral and ?nancial authority. in the past.
the City has divested from socially irresponsible companies including those associated with apartheid
in South Africa. companies that use child labor. and removing our monetary assets from ?nancial
institutions that demonstrate irresponsible community lending practices. The City's leadership as a
socially responsible investor has helped to advance just causes and helped to lead Formative social
change. A similar time is upon us to act and provide leadership.

The employees ol?the City of Pittsburgh and the residents we serve are being negatively impacted
by the stressors ofclimate change. senseless acts ofgun violence that are perpetrated upon our
residents and public safety of?cials. and an incarceration system that is enabling systemic inequality.
These are areas that our ?nancial means should not perpetuate.

1 am providing my staffas a resource and ask that you do the same to formulate an exploratory

committee that can identify different strategies that we as a city can pursue. I ask that these
recommendations are made available to the Board by the end of2019.

Sincerely.

 

William Peduto
Mayor of Pittsburgi

512 CITY-COUNTY BUILDING 4'14 GRANT STREET PITTSBURGH, 15219
Phone: 412-255-2626 Fax: 412-255-8602