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The War of Ideas in the Middle East

CalPERS Investment Committee Meeting
May 13, 2013, Sacramento

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MIKOS FABERSUNNE, IDC Coordinating Committee - PERS member

I'm Mikos Fabersunne. I'll go as quickly as I can.

I, too, am here to set the record straight regarding the deliberations. Ms. Simpson had stated at the March meeting quote both companies gave full and detailed responses, that they were satisfied by both companies in good faith. We're in compliance with international law. And that they assured that each was in compliance with the principles of the global compact.

I would say it's unclear what Ms. Simpson was using to support her statement. Do PERS procedures require only that a company provide an undocumented assertion that it is engaged in no activities that could be interpreted by others as means of -- as violations of human rights? That's the implication of her statement.

Other than a copy of a letter that we received from PERS in May of 2012 in response to our allegations, we've seen very little from CalPERS, very unresponsive. We haven't had communications back from Veolia. We supplied, in October, a 12-page brief to -- responding to Veolia's earlier letter of May to the Board. We went -- this is fully documented and fact checked.

I don't know whether you were ever given a copy of that or not, but it seems clear to me that it really wasn't adequately considered. So we are left wondering why was no report of staff's conclusions regarding our allegations prepared and submitted to the Board. Or if one had been submitted, why hasn't it not -- why has it not been shared with us.

We can only conclude that CalPERS Board, in acceptance of the staff's faulty conclusions, has not acted in the manner to which it's obligated as a signatory to the U.N. Principles of Responsible Investment.

I could point out many things more. I have six seconds left. But you guys have -- CalPERS has derogated its responsibility under the PRI, and it has not faithfully – [interruption by chair] - followed up.

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