ESG
The treasurer’s office is divesting from the firm within the state’s 529 college savings plan.
The new cio began earlier this month and is based in Switzerland.
The university’s board of trustees voted to dissociate from 90 companies that are active in the thermal coal or tar sands segments of the fossil fuel industry in early September as part of its goal to achieve net-zero greenhouse gas emissions in its endowment.
The foundation has transitioned its endowment to mission-related investments that promote environmental sustainability.
The plan concluded its ESG-focused manager search in the second quarter.
The ceo will stay on through April as an advisor to ensure a smooth transition.
The firm’s ESG strategies focus on carbon emissions, clean energy, water and other areas.
The state is now required to only consider pecuniary factors that exert a material effect on the financial risk or the financial when making investment decisions.
The university is looking to divest direct and indirect fossil fuel investments and reinvest in clean energy solutions.
The acquisition will advance MetLife’s ESG investment and reporting capabilities.
