CA SB964

Requires the Public Employees' Retirement System (CalPERS) and Teachers' Retirement System (CalSTRS) boards to analyze climate-related financial risk if identified as material to their funds, through January 31, 2035.

Mandates public reporting by January 1, 2020, and every three years thereafter, on climate-related financial risk analysis of public market portfolios, including alignment with the Paris climate agreement and California climate policy goals.

Requires boards to report on engagement activities with carbon-intensive publicly traded companies (utilities, oil, gas producers) and describe actions taken or planned to address climate-related financial risk, including proxy votes and shareholder proposals.

Prohibits boards from taking action under this section unless they determine in good faith that the action is consistent with their fiduciary responsibilities under the California Constitution.

Sunsets on January 31, 2035.