California Public Employees' Retirement System should maintain its investments in the controversial Dakota Access oil pipeline project in order to exert influence over the companies involved, staff for the largest U.S. public pension fund said on Monday. Legislation proposed in California would require CalPERS, a $300 billion fund, to divest from companies involved in the building and financing of the 1,168-mile-long underground pipeline project, which would affect an estimated $4 billion in CalPERS holdings, according to staff. CalPERS staff said that while divesting stocks of companies involved in the project may reduce stakeholder perception that the fund's investments contribute to climate change, the move would limit CalPERS ability to change corporate behavior through engagement.
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