The Pension Board on Thursday unanimously adopted Mayor Nutter’s plan to divest city funds from gun makers and sellers that do not follow the “Sandy Hook Principles,” a list of gun-safety pledges Nutter created in the wake of the massacre in Newtown, Ct.
The board will notify the companies, which include Smith & Wesson, Wal-Mart, and Sears, that fall under the resolution within 90 days as to whether they are in violation of the principles. If they do not then conform to the principles, the city will sell its stock.
The board on Thursday also revealed how much money the city’s pension funds has in those companies: about $15 million out of a $4.2 billion total portfolio.
The mayor hopes his idea will spread to cities and other organizations to create a wave of pressure on gun makers to follow his principles.
Since he announced the plan earlier this month, the mayor has revised his list of pledges to make them broader, City Solicitor Shelley Smith said. The new list was not immediately available.
The changes came after the mayor consulted with other cities who he is pressing to follow Philadelphia’s lead in adopting the “Sandy Hook Principles.”
The city has previously adopted divestment resolutions with companies investing in the Sudan, Iraq and Iran as well as tobacco companies.