Dublin Expands Lists Of Prohibited City Investments

DUBLIN, CA — The Dublin City Council is expected to approve an investment policy that updates the types of businesses the city will not invest in.

The revised policy adds three new business sectors to the list of prohibited investments:

• Companies that develop or manufacture commodities that facilitate violence or war
• Companies engaged in border or mass surveillance industries
• Companies involved in mass incarceration or detention industries

These three business sectors are currently prohibited: fossil fuel companies, tobacco and tobacco-relate companies, and companies supporting firearm production.

The changes were made following community feedback and a review from the newly-created Finance and Investment Committee, which comprises Vice Mayor Kashef Qaadri and Councilmember Michael McCorriston.

The new policy also formalizes the use of the Intercontinental Exchange Bank of America classification system to identify and exclude industries that conflict with the city's values.

There is no direct financial impact from the changes, and staff note that the revised policy is consistent with state law and recommendations from the California Debt and Investment Advisory Commission.

See here for more information, and here for the full staff report.