April 8, 2016

Communications & Stakeholder Relations
(916) 795-3991
Brad W. Pacheco, Deputy Executive Officer
Wayne Davis, Chief, Office of Public Affairs

Contact: Joe DeAnda, Information Officer

SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) has filed an exempt solicitation with the Securities and Exchange Commission, urging fellow shareowners of the global mining company Rio Tinto to vote in favor of a proxy ballot resolution requiring the company to report on environmental risks and opportunities associated with climate change.

The resolution, formally titled Resolution #17, was co-filed by CalPERS and a coalition of asset owners assembled by CCLA Investment Management. Rio Tinto’s management supports the resolution.

"CalPERS recognizes climate change as a material risk to society, the economy, and to our investments," said Anne Simpson, CalPERS Director of Global Governance. "We are glad to see Rio Tinto on board with this resolution, and we encourage other companies to reshape their strategy within the two degree targets set by the Paris Agreement."

The resolution highlights the following five specific areas:

  • Ongoing operational emissions management
  • Asset portfolio resilience to the International Energy Agency’s scenarios
  • Low-carbon energy research and development and investment strategies
  • Relevant strategic key performance indicators and executive incentives
  • Public policy positions relating to climate change.

CalPERS believes companies should provide accurate and timely disclosure of environmental risks and opportunities associated with climate change. We believe effective management of environmental factors, including those related to climate change risk, increase the likelihood that companies will perform well over the long-term.

For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $289 billion. For more information, visit www.calpers.ca.gov.