New York State Comptroller, Thomas DiNapoli, is initiating a thorough review of the state's pension fund investments in major oil companies such as Exxon and Chevron. This comes as part of his duties to manage the state's public employee retirement system and ensure that the investment strategies are robust, practical, and profitable. This evaluation exercise will no doubt have major implications for the pension fund investments and could potentially reshape its investment portfolio.
1. New York State Comptroller, Thomas DiNapoli, is carrying out an in-depth analysis of the state's pension fund investments in major oil companies including Exxon and Chevron.
2. The review is part of DiNapoli's responsibilities to manage the state's public employee retirement system and to ensure investment strategies are robust, practical, and generate profits.
3. This assessment can potentially have significant effects on the pension fund investments and may lead to a major reshaping of its investment portfolio.
4. The review is unprecedented and is aimed at evaluating the potential risks associated with investing in large oil corporations in light of the climate crisis.
5. Apart from financial implications, the review will also scrutinise the environmental and social impacts these investments might have on New York State.
In 2020, New York State's public employee retirement system had more than $194.3 billion in assets, making it one of the largest pension funds in the United States.
Comptroller DiNapoli's review of New York State's pension fund investments is unprecedented and clearly focused on examining the potential risks associated with investing in large oil corporations such as Exxon and Chevron. This move comes at a particularly relevant time when many states across the United States are reconsidering their investment strategies in response to the climate crisis. The review will not only scrutinize the financial implications but also assess the environmental and social impact these investments might have on New York State.