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Our overriding fiduciary responsibility is to manage investments with the highest standard of professional conduct to maximize investment return at a prudent level of risk for the exclusive benefit of fund participants and beneficiaries.

In addition to the Washington State Investment Board's fiduciary obligations, it has a financial responsibility to expect that corporations in which the state's monies are invested meet a high standard of conduct in their operations, especially where this helps preserve long-term shareholder value.

WSIB invests retirement and other funds in well diversified global portfolios designed to manage risk across different markets and conditions including economic, geopolitical concerns, and other pertinent issues that could negatively or positively impact investment performance over the long term.

As a global investment organization, questions about risks associated with governance, climate change, other environmental issues, and social concerns have become more prominent and serious considerations for the WSIB. While the WSIB recognizes that many risks and benefits associated with responsible investing are difficult to quantify, it believes all risks in WSIB's investment process should be given thoughtful consideration, including evolving global challenges which impact a long-term investment horizon.

Most of the WSIB's investments are externally and passively managed, consequently divestment would be a difficult and costly exercise. Additionally, we believe the best course of action\ is to exercise our voice through company and fund manager engagement, teaming up with other investment and corporate governance organizations, and working with peers to influence constructive and meaningful change.

So why engage with companies whose operations are at the center of issues like climate change? We know that fossil fuels will be the main energy source for the global economy for years to come. Having a voice in the oversight of these businesses makes it possible to influence their practices and their role in public policy.

Below are links to information about these organizations and what they are doing to assist the WSIB in responsibly identifying, addressing, and managing the risks associated with these important issues.
Council of Institutional Investors (CII)
Coalition for Environmentally Responsible Economics (CERES)
Investor Network on Climate Risk (INCR)
30 Percent Coalition
Asian Corporate Governance Association (ACGA)
Walden Asset Management
Aberdeen Asset Management
KKR
TPG
Rotman International Centre for Pension Management (Rotman ICPM)
Millstein Center
WSIB Activities and Outreach
WSIB Climate Change Investment Belief
WSIB Proxy Voting Guidelines
The Morning Risk Report: More Pressure for Climate Change Disclosure - Risk Report, WSJ
The State Investment Board Got it Right - Opinion, The Olympian
Washington Pension Board Declines to Divest from Fossil Fuels - Ted Ballantine, Pension360
Investment Board Expands Choices to Consider Climate Change Risk - Aaron Corvin, The Columbian
Washington Seeks 'Full Disclosure' from Managers - Dawn Lim, LBO Wire
WSIB Wants More Disclosure on Climate Change Risks - WSIB Press Release
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