Richmond council might rethink its investment portfolio after all.
A late addition to Monday’s committee meeting agenda from the mayor, Malcolm Brodie, seemed to mirror a motion from Coun. Kelly Greene four weeks ago that suggested council scrutinize its investments.
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Reviewing the third-quarter finances of the city in early January, Greene put forward a motion to have staff review its investment portfolios with RBC, TD Bank and CIBC, which she said finance fossil fuel projects.
Greene’s motion, made at a finance meeting, failed in a 4-4 vote (one councillor was absent).
At Monday’s meeting, Brodie said there’s been a lot of talk about “appropriate types of investment” that the city should be making as well as “socially responsible investments.”
“So, it seemed like an opportune time to take a look at our policy – our investment policies, our portfolio and ask staff to make comments on that and recommendations,” Brodie said.
The item was added onto the agenda at the beginning of the meeting.
The city has $1.26 billion in investments.
