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File #: 24-0996    Version: 1 Name:
Type: Approval Status: Agenda Ready
File created: 10/23/2024 In control: Board of Supervisors
On agenda: 11/5/2024 Final action:
Title: Discussion and Possible Action Regarding a Request that the County Treasurer Plan to Divest from Royal Bank of Canada (Sponsor: Supervisor Williams)
TO: BOARD OF SUPERVISORS
FROM: Supervisor Williams
MEETING DATE: November 5, 2024


DEPARTMENT CONTACT:
Supervisor Williams
PHONE:
707-937-3500


ITEM TYPE: Regular Agenda

TIME ALLOCATED FOR ITEM: 15 Minutes


AGENDA TITLE:
title
Discussion and Possible Action Regarding a Request that the County Treasurer Plan to Divest from Royal Bank of Canada
(Sponsor: Supervisor Williams)
End

RECOMMENDED ACTION/MOTION:
recommendation
Request that the County Treasurer plan to divest from Royal Bank of Canada.
End

PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
On February 6, 2024, the board passed Approval of Mendocino County Investments Policy for Calendar Year 2024 which included "Investments are discouraged in entities that receive a significant portion of their revenues from fossil fuels, the manufacturer of tobacco products, firearms, or weapons not used in our national defense."

SUMMARY OF REQUEST:
The Board has outlined in the investment policy their desire to ensure County Treasury Pool funds are invested in a Socially Responsible manner. The Board must carefully consider the fiduciary duty to all County constituents in managing the investment portfolio. The Board understands the three core and primary investment objectives are 1. Safety, 2. Liquidity, and 3. Return on Investments/yield. The County must balance the responsibility to preserve financial health by protecting principal, maintaining adequate liquidity, and achieving reasonable returns in line with the first two priorities. In the event all general objectives mandated by state law and set forth in Section III of the investment policy are met and created equal, investments in corporate securities and depository institutions will be evaluated for social and environmental concerns.

While the current investment portfolio is in compliance with the current investment policy there may be alternative investments which better align with the policy statement around investing in a socially re...

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