Leveraging State Investments
Acting on the invitation of California State Treasurer Phil Angelides, and working closely with organized labor and established networks of shareholder activists, in late 2000 Rose achieved the Project's first milestone. CalPERS – one of the largest pension funds in the country and the single largest stockholding entity in the world – agreed to use environmental and labor standards to guide their $2 billion emerging market portfolio. In 2004, Rose proudly stood beside California Treasurer Phil Angelides as he launched his new "Green Wave" initiative, calling for investments of $1 billion in environmentally screened portfolios, an additional $500 million investment in emerging environmental technologies, and a commitment to use the pension funds combined clout of over $200 billion to push for accurate corporate environmental accounting. During the launch, Treasurer Angelides specifically credited Rose as being the first entity to bring these issues to his attention.