Connecticut Treasurer Shawn T. Wooden has announced plans to divest the state”™s investment portfolio from investing in civilian gun manufacturers.
The state Treasurer”™s office is responsible for more than $36 billion in pension and trust assets for approximately 212,000 state employees, teachers and retirees. Wooden’s initiative, which he dubbed the “Responsible Gun Policy” and requires permission from the Investment Advisory Council, would result in the divesture of $30 million in Connecticut pension funds from five publicly traded companies: Clarus Corp., Daicel Corp., Northrop Grumman, Olin Corp. and Vista Outdoor.
Wooden said that his office would encourage companies to adopt safe gun policies, and would consider a financial institution”™s gun policy as a factor in establishing and renewing state contracts. He noted that Citibank and Rice Financial have been hired to lead Connecticut”™s upcoming $890 million offering in general obligation bonds and pointed out that the companies have gun safety policies.
In announcing his policy, Wooden highlighted the financial and human costs related to gun violence as the core of his efforts, claiming that gun-related violence costs the state $1.2 billion a year and results in an average of 180 fatalities annually. Wooden’s cousin, Michael, died from injuries related to a gunshot wound in June 2012.
“If money talks, then we want our policy to speak loud and clear: the status quo must change to produce better returns and safer communities,” Wooden said. “Through divestment, disclosure and decision making at the Connecticut Treasury, we will change the way we do business and work to be part of the solutions in reducing gun violence.”
Gov. Ned Lamont welcomed Wooden”™s announcement, stating, “Connecticut continues to be a leader in responsible gun safety policies and as a state we must go beyond legislation in order to reflect the importance of protecting our communities from gun violence.”
