Tell CalPERS!

California Public Employees’ Retirement System (CalPERS), the leader in responsible investment, is currently invested with Blackstone Real Estate Debt Securities, which is a lender on the Clarkson Square project. However, it appears that Blackstone is ignoring the CalPERS Responsible Contractor Policy!

The Policy applies to real estate equity, but the Policy specifically says that, "When the Policy is not applicable by its terms, investment advisors, general partners, and other similar entities managing CalPERS real estate or infrastructure investments are encouraged to make a good faith effort to comply with the spirit of the policy, consistent with the Fiduciary Duty Requirement.  Good faith efforts may include, but are not limited to, encouraging the use of and advocating for Responsible Contractors, supplying timely information on bidding opportunities to interested Responsible Contractors, and facilitating meetings with organized labor.

Blackstone has been under the microscope at CalPERS already because they own a company called Packers Sanitation that faced large fines over child labor at a meatpacking plant, according to the Wall Street Journal.