CalSTRS Investment Chief Opposed Fossil Fuel Divestment, Then Traded $1M+ in Oil and Gas Stocks
By
Freddy Brewster
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Summary
Scott Chan, chief investment officer of California's $390 billion teachers' pension fund (CalSTRS), actively opposed fossil fuel divestment efforts by state workers, arguing it would not improve returns. However, state records show he personally traded over $1 million in oil and gas stocks in 2023, just one year after discouraging divestment. This raises questions about conflicts of interest and hypocrisy regarding climate-conscious investment policies.
Key quotes
· 3 pulledThe top investment officer of the nation's largest teachers' pension fund actively dissuaded state workers from divesting from underperforming and ecologically devastating fossil fuel investments
Scott Chan, the chief investment officer for the 1 million-member, $390 billion California State Teachers' Retirement System (CalSTRS), began trading fossil fuel stocks in 2023
the year after he told the teachers that divesting from the sector
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