Commissioners vote to update investment policy
The Weld County commissioners this week voted to ensure the county’s investments do not consider environmental, social and governance factors.
The unanimous vote on Monday came just a week after the commissioners approved staffrecommended changes to the county’s investment policy in a 3-2 vote.
This past week, Weld Chief Financial Officer Cheryl Pattelli told the commissioners the recommended changes would “enhance clarity, increase return potential, improve risk management and incorporate best practices.”
Commissioner Kevin Ross moved to approve the changes, and Commissioner Perry Buck seconded.
Commissioner Scott James asked whether any policies regarding environmental, social and governance, or ESG, financing were developed. ESG has been used by investment firms and some government bodies, including the city and county of Denver, to consider the nonfinancial impacts of investments, including human rights, the environment and other ethical concerns.
No such policy was included in the revisions last week.
Ross voted to approve the changes, then James and Commissioner Lori Saine voted against them. Buck attempted to abstain, but Commissioner Mike Freeman told her that wasn’t an option. After some discussion, the commissioners decided to continue the ESG matter to a later meeting.
“I find it unconscionable that we will do business with any organization that will smack down via ESG policies the very companies and corporations that have made this county prosperous,” James said as he explained his opposition. “I can’t do it.”
Ross expressed concern about the county losing out on investment opportunities.
“Obviously, we are big fans of the energy industry here as Weld County commissioners. I would not be in favor of funds that do not include oil and gas companies, but none of the investments presented to us do so,” Ross said. “When you limit investment opportunities on either side of the coin, you’re doing harm to the county. You’re best off allowing all investment opportunities to be at the discretion of the board.”
Buck voted to approve the recommended changes, agreeing she’d like to see the ESG concern revisited, and Freeman did the same.
“We can always go back and revisit what specific ones we’re investing in,” Freeman said.
On Monday, Pattelli returned with the new provision, which states the county will first make investment decisions based on safety and liquidity, then only financial factors — no ESG factors will be considered.
James moved to approve the new policy, and Ross seconded the motion.