Bloomberg News

Seattle Pension May Divest Exxon in Oil Companies Rebuffo

January 30, 2013

Seattle’s public employee pension system will consider selling off its holdings in Exxon Mobil Corp. (XOM:US) and other oil and natural gas producers under a proposal to divest holdings in the fossil-fuel industry.

The $1.9 billion fund (5158MF:US)’s investment committee will consider the plan to study divestment tomorrow. If approved, it would go to the full board for consideration as soon as Feb. 14, according to a fund spokeswoman, Lisa Carns.

Two of the system’s top 10 investments are with Exxon and Chevron Corp. (CVX:US), according to Seattle Mayor Mike McGinn, who offered the proposal last month. The pension system has $17.6 million invested with the two companies, or just under 1 percent of its assets, his office said.

The proposal was first reported by the Financial Times.

To contact the reporter on this story: Michael B. Marois in Monterey, California at mmarois@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net


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Companies Mentioned

  • XOM
    (Exxon Mobil Corp)
    • $95.78 USD
    • -1.25
    • -1.31%
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