Welcome! Login | Register
 

The Scoop: Common Cause Calls Again for People’s Pledge and More—Welcome back to The Scoop, the 4 p.m.…

Chef Walter’s Flavors and Knowledge: Mozzarella in Carrozza—Literally translated into “cheese in a carriage”, this…

RIMA/makeRI Announce Manufacturing Day 2014—The Fabricators & Manufacturers Association, International (FMA), the…

The Scoop: R.I. Society of Certified Public Accountants Endorses Almonte—Welcome back to The Scoop, the 4 p.m.…

Dear John: No Affair. And Maybe No Friendship.—Was she wrong to tell her friends?

East Bay Center Event To Honor Dr. Michael Fine and Barrington Police Chief—The East Bay Center will host its inaugural…

Smith Hill CDC and Sojourner House Open Housing for Domestic Violence Victims—Smith Hill Community Development Corporation (CDC) and Sojourner…

The Scoop: Fung Poll Shows Dead Heat With Raimondo—Welcome back to the Scoop! This is a…

BBB Warns Consumers of Online Retailer, shopZoey.com—Better Business Bureau is warning consumers about shopZoey.com,…

Russell Moore: Buddy Still Favorite in Mayoral Bid—In the aftermath of Jorge Elorza's dramatic upset…

 
 

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.