The city of Sacramento will divest from Lockheed Martin under a new city investment policy that advocates say will restrict the city from investing public funds in companies that “profit from human suffering.”
The policy amendment, passed 6-0 at Tuesday’s afternoon council meeting, establishes further ethical investing standards for the city treasurer’s office as it manages the city’s main investment pool. A local alliance of progressive nonprofits and unions called the Reinvest in Sacramento Coalition lobbied for the new policy, and found champions for the cause in council members Roger Dickinson and Mai Vang.
The city divested from fossil fuel and tobacco companies around five years ago at the request of the council, but the new policy codifies these restrictions and adds additional “socially responsible” investment guidelines…