Established in 1921, the San Francisco Employees' Retirement System ("SFERS") administers two employee benefit programs for eligible San Francisco city and county employees. As of June 30, 2018, SFERS managed $24.3 billion of assets on behalf of 73,000 individuals.
In 2018, following pressure from board members, SFERS committed 5% of its assets to low carbon and ESG dedicated strategies, as well as progressively divesting from firms which presented high ESG risks. Furthermore, in 2019, they implemented a framework to manage the carbon risk in their portfolios which rests on 4 pillars: Invest in strategies aligned with the transition, Engage with companies and external managers, Divest companies with unmitigated ESG risks and Advocate policy for a sustainable financial system. Finally, SFERS announced last week a new Climate Action Plan to achieve net-zero emissions by 2050.