August 4, 2014 | portlandtribune.com --
The City Council will be asked to create a committee to decide which companies it should not invest in on Wednesday.The recommendation is a response to a resolution passed last October to create a temporary Socially Responsible Investing Committee to study the city's current investment policies and processes, and to recommend how the council can change the policies to reflect environmental, labor, ethical, social and extreme tax avoidance concerns.
The resolution listed only company that the city should not invest in, Wal-Mart. Commission Steve Novick, who introduced the resolution, held a press conference in May to announce one of the city's five Wal-Mart bonds had expired. He said the city will not buy any more Wal-Mart bonds until the company changes its labor practices.
“From what I can tell, no other U.S. city has looked at socially responsible investing in quite the same way as Portland,” Novick said at the press conference. “I’m hopeful other cities and states take note and adopt similar investment principles to hold companies accountable and align our investment policies with our values.” READ FULL ARTICLE