Vanguard just dropped for-profit prison company GEO Group from its #ESG funds.
Vanguard is GEO's largest investor, owning a nearly 15% stake in the company (as of March 2019). ft.com/content/5b6caa…
While this won't affect the entirety of Vanguard's $340 million worth of holdings in GEO Group, it's nonetheless a huge blow to GEO and marks an important milestone in the global movement for socially & environmentally responsible investing. #ESG#SRI
Though the fact that a) Vanguard's #ESG fund held shares in GEO in the 1st place is appalling (bt not the least bit surprising); & b) the article quotes the CIO of State Street Advisors, GEO's 6th largest shareholder, indicates how pervasive #greenwashing is in the 🌎 of finance
Can we just be real and call it “responsible investing” at this point?
Seriously. Asking for 7.7 billion people...
Cause you can’t even qualify as a financially responsible investor if you don’t factor in the full scope of material risks (*cough* human rights & enviro issues)
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On the 2 yr anniversary of the @Edu4MigrJustice campaign launch, @ESGtransparency is sharing the groundbreaking report that led CalPERS, the US’ largest pension, to divest from for-profit prison giants CoreCivic & GEO Group.
I'll be adding to this 🧵throughout the day to highlight some of the most shocking & important details from the report (and help break them down into English).
GEO doesn't have insurance for "claims related 2 employment matters," which likely applies 2 claims in all 3 class-action suits. In a '19 SEC filing, GEO identifies "an⬆️in unreimbursed labor rates" & their “exposure to⬆️employee & inmate med costs” as threats 2 their bottom line
From a reporter friend on the ground: family of the student who tested positive for #COVID2019 in 1 of St. Louis’ most affluent neighborhoods (after traveling to Italy) are defying quarantine. Father & sister went to a school dance, mom went grocery shopping & got her nails done.
While student’s family were supposed to be in quarantine while daughter was tested for #COVID2019, the mom went to Gourmet to Go, the @SchnuckMarkets in Clayton/Ladue, Lifetime Fitness, & got her nails done.
Translation: #COVID2019 is hitting the rich, white, republican, private school crowd in St. Louis.
As the administration continues forcibly separating migrant children from their families, the administration is looking to build a new facility to detain 450 unaccompanied children in San Antonio, Texas. #CloseTheCamps#NeverAgainIsNowfbo.gov/index?s=opport…
Folks, YOUR VOICE MATTERS HERE!
When I sounded the alarm about a similar attempt to build another #ConcentrationCamp for kids in CA's Inland Empire, the mobilization effort & huge push back prompted a public statement from a state rep & forced the gov't to ABANDON ITS PLAN.
If you know people in the area, start tagging! A couple people is all it takes to kickstart a pushback from the #resistance
Woah, weird. I've just learned that I actually had nothing to do with CalPERS divesting. Apparently this was all the work of @CFA_News (according to them). Can someone help me figure out what I've been spending my time doing these past 15 months? My memory is suddenly fuzzy.
@CFA_News Would it be bad form to do a quick side-by-side comparison of the resolution CFA passed vs the ones that were introduced at other unions? (hint: they were all drafted by the same person). Or maybe those call logs where I had to convince them why they should support the campaign?
@CFA_News Or maybe those emails where they kept asking what they should say during public comment because they didn't have a clue?
Divestment simply refers to the sale of assets in a company. CalPERS made the decision to sell its holdings in CoreCivic and GEO Group. Ergo, CalPERS divested.
I'll go ahead and @CalPERS and their chief of public affairs, @WayneBDavis, on this one.
On Friday, CalPERS told one union they decided to cut their investments in CoreCivic and GEO Group based on a 30 day portfolio review.
Now they're saying they made the decision after their new CIO initiated a comprehensive review of their investments back in January.🤔