On June 8, 2021, the Burbank City Council approved the 2021 Investment Policy which, for the first time in Burbank’s history, outlines considerations for Environmental, Social, and Governance (ESG) responsibilities.
By establishing a comprehensive ESG investment policy, the City of Burbank aims to be at the forefront of affecting positive change in seeking investments that fulfill ESG criteria. The City acknowledges its responsibility in addressing issues such as the environment, health, fairness, and impact investing.
“The City recognizes its responsibility to positively impact society as well as its ties to the long-term sustainability of corporations and entities in which the City invests,” said Burbank City Treasurer, Krystle Ang Palmer. “While Safety, Liquidity, and Yield remain the City’s primary investment objectives, all else being equal and acting under statutory investment limitations, the City affirms its commitment to the consideration of ESG criteria in evaluating securities.”
Highlights of the policy are as follows: The City of Burbank encourages investments in entities that promote environmental stewardship by considering climate change, carbon emissions, pollution, biodiversity, deforestation, and food and water waste. The City also advocates investments in entities that support fairness and equality while opposing discrimination related to sex, race, age, disability, color, religion, veteran status, genetic information, and other protected classes. Also encouraged is impact investing in the Burbank community through local banks and credit unions that can provide funds to homeowners and small businesses. Furthermore, no investments are to be made in bonds issued by foreign countries or foreign corporations that support terrorism and genocide.