Welcome! Login | Register
 

NEW: URI and Coach Dan Hurley Agree to Contract Extension—Dan Hurley signs extension with URI

NEW: PC Friars Hockey Heads to Frozen Four—Friars advance to Frozen Four, beating Denver 4-1

PC Hockey Holds On for 7-5 Win Over Miami (Ohio)—Friars hockey beats Miami 7-5

Rowe Lifts Revs To First Win Of 2015—Behind two goals from Kelyn Rowe, the New…

NEW: Raimondo Makes Case for New Rhode Island School Building Authority—GoLocalProv News Team

Fit for Life: The Ride of Your Life…—Are you willing to accept everything the way…

GoLocal’s All-Rhode Island 2014-15 Division I Hoop Teams—See who made GoLocal's All-Rhode Island Division I…

Leonard Moorehead, The Urban Gardener: Spring Poised on the Equinox—Start having fun in the garden

RI Beauty Expert: Weekend Jewelry—At one time, nearly every Providence family worked…

Huestis: Astronomical Events Determine Easter Observance—Last month we explored the reason for the…

 
 

NEW: Raimondo Reviews Pension Portfolio for Gun Holdings

Wednesday, December 19, 2012

 

General Treasurer Gina M. Raimondo today announced that she directed Cliffwater, one of the state's investment consultants, to review the pension fund's alternative investment holdings for firearm and ammunition manufacturers and distributors. Raimondo shared the findings at Wednesday's monthly meeting of the State Investment Commission.

"As the mother of two public elementary school students, my heart aches for the families of Newtown, Connecticut and what they are enduring. We must all be doing what we can to make sure this never happens again," said Raimondo, the chair of the State Investment Commission. "We owe it to one another to keep our neighborhoods and schools safe for all our children and their families."

Cliffwater's preliminary search identified that the state invests with one private equity firm, Wellspring, which has an equity stake in United Sporting Companies, a distributor of firearms, shooting accessories and hunting supplies. According to Wellspring, United Sporting Companies notified them that they will be ending their distribution of semi-automatic rifles as of January 1, 2013.

In the coming months, the State Investment Commission will be exploring these issues further as it develops its corporate governance policy. In developing this policy, the commission will need to balance its fiduciary responsibility to maximize investment returns with the need to hold corporate citizens accountable.

Raimondo photo credit: Gammino Photography

 

Enjoy this post? Share it with others.

 
 
:)