Institutional investors are under increasing pressure to divest their holdings in fossil fuel-related companies. A network of concerned activists are seeking to focus attention on what shareholders should do to address climate change. Their advice is simple: big investors such as Calpers should ?exit? the global energy sector and sell our shares in fossil fuel companies. Such lobbying is well intentioned but flawed. If investors sell, we will simply pass the buck to those who buy. A more constructive and proven approach is for us to engage with the companies we own. Here is why.

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