APFC Investments

Looking further into the fund’s investments, we see a very long list of global corporations, without discrimination…..  Besides genocide, our state needs to also stop supporting, unless ready to publicly promote, other inhumane and environmentally reckless practices.  Once you look at the list, you’ll understand that there’s a lot more ethics overhaul needed than stopping genocide (although that one is usually up there at the top of the list….), since virtually all large corporations are there.

This story, owed to the concern of a 16 year old Alaskan, better only be the beginning.  The state desperately needs to create an Ethics Oversight Committee for the APFC.  There are a number of watchdog groups that have the dirt on these companies and the fund’s investments need to see a complete overhaul.

Here’s the scary lists:

Alaska Permanent Fund Corporation Top 50 Stock Holdings

All APFC Stock Holdings (pdf -321kb)

This story also serves to remind us that a huge percentage of the country invests in some of the same evils via their retirement and mutual fund investments, with people often investing blindly in a mutual fund ‘name’ with no idea what stocks the fund even contains.  Simply choosing a ’proven’ profitable fund regardless of what business is involved, as our APFC so wisely does…. Many of the same people who usually hold their heads high and speak out against poor ethics at the cocktail party will turn around and quietly invest in ‘bad’ business “to secure the family’s wellbeing” or “because I have to retire someday right?”  My last job allowed me to choose retirement investments (hahaha) through one of a few private investment firms.  After selecting Lincoln Financial, I then was given a list of 30 or 40 funds to pick as a retirement investment.  I was appalled to see that there was one fund, and just one fund, that was the obvious choice- entitled something like ‘Socially Responsible Fund’…..

~ by Matt on March 4, 2008.