Lockyer Opposes CalSTRS Investments in Tobacco

Source from:  By Jon Ortiz - jortiz@sacbee.com Wednesday, June 4, 2008 06/05/2008

State Treasurer Bill Lockyer this afternoon said that he opposes changing an 8-year-old policy that has kept the California State Teachers' Retirement System from investing in tobacco stocks. "Now is not the time for STRS to invest in U.S. Big Tobacco," Lockyere said in a statement released by his office about 30 minutes before CalSTRS investment committee convened to take up the matter. "In fact, now is the time for STRS to examine whether to divest its holding in international companies and completely withdraw from the tobacco business." CalSTRS and the California Public Employees' Retirement System divested themselves of tobacco stocks in 2000. Changes in the industry have prompted some CalSTRS leaders to question whether tobacco is now a sound investment. The fund estimates it would have up to $1 billion more had it held on to tobacco stocks. Enditem