Mayor Martinez gave an overview of the matter. Chief of Staff, Shiva Mishek gave a PowerPoint presentation, which highlighted the following: Precedence and Current Context; City of Richmond Portfolio Management. Local Agency Investment Fund (LAIF) :State of California Pooled Money Investment Account approved Commercial Paper and Corporate Bonds; New Restriction 2: City policy not to invest in companies and their subsidiaries involved in the development and manufacturing of arms and weapons; New Restriction 3: City policy not to invest in companies and their subsidiaries that are involved in the border and mass surveillance industries; New Restriction 4: not to invest in companies and their subsidiaries that are involved in mass incarceration and detention industries; New Restriction 1: not to invest in predetermined list of companies and subsidiaries that are involved in Israel's violations of Palestinian rights; Divest from AirBNB, Caterpillar, CISCO systems; DELL, First Solar, intel, IBM, Microsoft, Motorola Solutions, and WiX.
The following individuals gave comments in person: Abubakr Elgarguri, Salah Elbakri, Bader Aljishi, Nisar Ali, Dov Baum, Huda Shedeh, Keala Uchoa, Ahmad, Farid, Iyas Sartawi, LaRayne Ortega, Hussain Hassane, Jose Cruz, Carolina Avelar, Ed R, Ymeson Yuen, Stan Woods, Rocky Chou, Rohan Sabris, Frank Sterling, Shan Zazi, Ahmad Khan, Rob Lipton, Jaime Young, Mark Wassberg, Ayesha A, Al Dargma, Annie Pennell, Domenichi Morris, Amy Barron, Isabel Gil-Garcia.
The following individuals gave comments via Zoom: Nadav, Mindy Pines, Meytal Ben Yosef, Amber Hatfield, Rogge, Lory Paulson, Emily Ross, Marisol Canty, Danielle, Ester, Sarah L., Yosra Abdelaziz. Ab, Miriam Buzi, Naomi Smoller, Kamila, Humza, Matt Jack, Gulled A., Noshaba Afzal, Devin, Emi Yoko-Young, Naveed Desai, Lila Sheira, Hiba, Fatima Abdel-Wahab, Vish, Vincent Ianiello, Seema Badar, Val, Anne, and Matthew Lewis.
Discussion ensued.
A motion was made by Councilmember McLaughlin, seconded by Councilmember Willis to direct staff to review and modify the city's Investment Policy and come up with options and recommendations for the four (4) restrictions as presented in the agenda report and the presentation, and for potentially coming up with new socially responsible investments. These options and recommendations can be through coming up with new investment groups. They should be presented to the City Council by July 2nd (or at least an update as to where we’re at) and subsequently to the HRHRC (Human Rights Human Relations Commission) to come up with a framework to annually review these companies and banks we are restricting and making sure from year to year those restrictions are being implemented and followed. Councilmember Bana made a friendly amendment to ask city administrators to write a letter to LAIF, CalTrust and Mechanics Bank informing them of our decision and urging them to divest as well. The friendly amendment was accepted.
Deputy City Attorney Shannon Moore recommended that the following be included in the motion: The proposed restrictions, particularly Restriction #1 is intended as a constitutionally protected protest of the policies of current government of the state of Israel regarding the people of Palestine and the war in Gaza. It shall not allow any discriminatory actions against any person on the basis of religion, creed, ethnicity, national origin or any unlawful basis. That would be incorporated in any sort of further revisions to the City’s Investment Policy. The additional recommendation to the motion was accepted.