SINKING FUND COMMISSION ADOPTS SANDY HOOK PRINCIPLES

Philadelphia, March 13, 2013 – The Sinking Fund Commission, which controls the investments of the Philadelphia Gas Works’ pension fund, voted to adopt the Sandy Hook Principles. The Sandy Hook Principles, introduced by Mayor Michael A. Nutter on January 15, 2013, are a set of guiding principles meant to influence the corporate behavior of gun and ammunition manufacturers, distributors, and retailers by establishing baseline standards for responsible conduct.

 

“I commend the Sinking Fund Commission, which controls the investment of the Philadelphia Gas Works’ pension fund, for their adoption of the Sandy Hook Principles. In doing so, the Commission is using its economic power to send a very strong message that irresponsible corporate behavior will not be tolerated,” said Mayor Nutter. “On January 24, 2013, Philadelphia’s Pension Board took an important step when it adopted the Sandy Hook Principles, and I’m pleased that the Sinking Fund Commission voted to do the same.   I am asking all cities, states, transit systems, schools, colleges, universities, hedge fund and pension fund managers, venture capital funds, and all other organizations that hold investments with private corporations to review the Sandy Hook Principles and consider their adoption as part of your investment strategy. The power of our collective voice cannot be overstated.”

 

Benjamin F. Gilbert II, Board Chair of the Sinking Fund Commission, said, “Given the nature and severity of the gun violence prevention problem in our nation, the Commission thought adopting the Principles was the right thing to do. The Commission’s objective is to influence others to do what we believe is right, with the end result being an improvement in our communities.”

 

The Sinking Fund Commission was established by the Philadelphia Home Rule Charter to invest money and to redeem city bonds. As part of its duties, the Sinking Fund Commission administers the investments of the Philadelphia Gas Works Retirement Reserve Fund.

 

The Sandy Hook Principles are modeled after the Sullivan Principles, a human rights and equal opportunity code of conduct for companies, which were developed to change the apartheid regime in South Africa. A copy of the Sandy Hook Principles is attached below.

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