A group of more than 200 actors are calling on the trustees of the Screen Actors Guild and the American Federation of Television and Radio Artists Retirement Fund to divest the approximately $100 million worth of fossil fuel investments in its portfolio.
The SAG-Producers Pension Plan has 65,000 participants and at least $100 million invested in fossil fuel companies, according to environmental advocacy group Stand.earth, figures calculated from publicly available tax forms. The organization also noted that the SAG-AFTRA labor union represents approximately 160,000 workers.
The campaign is calling on the SAG-Producers Pension Plan to divest from fossil fuels, including companies involved in extraction, pipelines and related services. The group is asking the pension fund to reinvest at least 10% of its assets into “climate-safe, socially responsible funds” within the next five years. The group is also seeking greater transparency, as well as member input on investments.
“The only thing that would make me prouder of my SAG-AFTRA Lifetime Achievement Award is if my labor union divested from fossil fuels,” actress Jane Fonda said in a statement. “Our industry is meant to offer reflections of our society; what better reflection than putting workers’ hard-earned savings toward a livable future.”
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According to Stand.earth, a financial analysis by the Institute for Energy Economics and Financial Analysis shows that fossil fuels have underperformed the market for more than a decade.
“As investors on the longest-term horizons, it is within the SAG-Producers Pension Plan’s fiduciary duty to divest from fossil fuels and reinvest in climate-safe solutions,” the group of actors stated.
“Over the past year, SAG-AFTRA union members have met multiple times with the SAG-Producers Pension Plan, challenging its fossil fuel investments and pressing for climate-safe accountability.”
SAG-AFTRA did not immediately respond to a request for comment.
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Tags: and Screen Actors Guild–American Federation of Television and Radio Artists, divest, Fossil Fuels, SAG-AFTRA
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