Coalition of institutional investors across the country support 5 key principles for firearm industry
Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today joined the Principles for a Responsible Civilian Firearms Industry, a coalition of institutional investors who support a framework for transparency and safety measures that contribute to the responsible use of firearms.
“Gun violence in Pennsylvania, and across the country, is devastating our communities, tearing apart families, and leaving too many empty seats at the dinner table. When I feel that improvements can be made to better protect the people of our commonwealth and their tax dollars, I will fight for them. This framework represents actionable change, reduces risk, and improves long-term shareholder value for Pennsylvanians. I’m proud to support these principles and join with other institutional investors to urge the firearm industry to become part of the solution to this crisis.”
Pennsylvania Treasurer, Joe Torsella
The framework outlines five broad principles that compel manufacturers, distributors, retailers and other industry actors to help address gun safety, promote responsible use of firearms, and reduce investment risk.
“We welcome Treasurer Torsella as a valued partner to advance public safety through engagement with the firearms industry. The Pennsylvania Treasury is the fourteenth signatory and major investor to encourage companies to take sensible action that will make a difference in communities throughout the nation.”
CalSTRS Chief Investment Officer, Christopher J. Ailman
Other signatories include the California Public Employees Retirement System (CalPERS); the California State Teachers’ Retirement System (CalSTRS); Connecticut Retirement Plans and Trust Funds; Florida State Board of Administration; Maine Public Employees Retirement System; Maryland State Retirement and Pension System; Nuveen, the asset manager of TIAA; OIP Investment Trust; Oregon Public Employees Retirement Fund; Rockefeller Asset Management; San Francisco Employees’ Retirement System; State Street Global Advisors; and Wespath Investment Management.
In joining this coalition of investors, Torsella is continuing his effort to engage in environmental, social, and governance (ESG) issues as an institutional investor. Previously, Torsella has engaged with major pharmaceutical companies in connection with the manufacturing, marketing, and sales of opioids. Torsella also joined with six other state treasurers to propose the separation of the roles of CEO and board chair at Facebook—a proposal with overwhelming non-insider shareholder support. Torsella is a member of 10 shareholder coalitions that engage with publicly traded corporations on ESG issues that impact Pennsylvania taxpayers.