City Council Affirms It Has No Control Over Police, Fire Pension Investments Amid Divestment Demands

Despite cries from the public over the past several weeks for the City Council to agendize an item that would force the police and fire retirement Boards to divest from Chevron, Caterpillar and Boeing, the City Council cannot take action on the matter.

According to several people who have spoken at City Council meetings over the past month, the companies are linked to the Israel-Gaza conflict.

Speakers on Monday once again made the case that the City should divest.

The City does not invest in those companies, nor does it have any control over police and fire retirement Board investments.

“I’m here today to urge you to move our city’s investments away from companies profiting from the destruction in Gaza, specifically Caterpillar, Chevron and Boeing,” said Lisa Mathias, one of the speakers that called for divestment. “These companies are profiting from the violence, displacement, and deaths of thousands of Palestinians. Our city’s money should not be tied to war and human suffering. We should invest in life, not in companies that profit from loss. I’m calling on you to put this matter on your agenda. Let’s be on the right side of history and divest now.”

After public comment ended, Councilmember Jason Lyon asked City Manager Miguel Márquez if the City invested in those companies.

“No we do not,” Márquez responded.

Several posts on social media have called on supporters to demand the City divest the fire and police pension funds from the companies.

Last year the City took a stance against the continued violence in the region with a symbolic resolution.

“Whereas, at its meeting of March 22, 2021, the City Council affirmed its commitment to inclusion and advancement of diversity and equity for people of all ethnicities, national origins, and backgrounds with the unanimous passage of Resolution 9831 which condemns hate and xenophobic violence against all persons and affirms that the City of Pasadena and all levels of government must stand united in combating intolerance, xenophobia, discrimination, and hate against those of varying ethnicities, religious beliefs, genders, and backgrounds,” the resolution reads.

Police and fire retirement will not be divesting from Chevron, Caterpillar and Boeing any time soon.