CITY OF BOSTON * MASSACHUSETTS OFFICE OF THE MAYOR MARTIN J. WALSH October 16, 2019 TO THE BOSTON RETIREMENT BOARD Dear Board Members, Thave recently been made aware of the reports of Ken Fisher's statements which demonstrate not only an attitude and mentality that run counter to our values, but that also evidence a profound lack of judgement. ‘The City of Boston believes that taxpayer funds and employer contributions into the Retirement System should be managed consistent with a fiduciary standard that takes into account not only a provider's demonstrated ability, but also gives consideration to future expectations, The statements made by Ken Fisher implicate not only his own judgement, but potentially that of the company as a whole. While there are no doubt employees of the firm that are just as disturbed by these comments as I, there remains a risk that such thinking runs deeper than this specific commentary, and this is not a risk to which I believe the Retirement System should expose itself. More importantly, from a moral perspective, the City of Boston believes that as stewards of public funds, to the greatest extent prudent and possible, the Retirement System should manage those funds in a manner consistent with Boston’s values. Core to these values is the idea that all individuals deserve to be treated with respect and with dignity. Boston will not invest with firms led by people who treat women as if they are commodities. Tam asking that the Boston Retirement Board vote to terminate its relationship with Fisher Investments immediately. Sincerely, he Martin J. Walsh Mayor of Boston eae BOSTON CITY HALL + ONE CITY HALL SQUARE « BOSTON + MASSACHUSETTS + 02201 617-635-4500 + www:boston.gov 1 merwonecasennn <=CITY OF BOSTON * MASSACHUSETTS OFFICE OF THE MAYOR MARTIN J. WALSH. October 16, 2019 TO THE BOSTON RETIREMENT BOARD Dear Board Members, Thave recently been made aware of the reports of Ken Fisher's statements which demonstrate not only an attitude and mentality that run counter to our values, but that also evidence a profound lack of judgement. ‘The City of Boston believes that taxpayer funds and employer contributions into the Retirement System should be managed consistent with a fiduciary standard that takes into account not only a provider's demonstrated ability, but also gives consideration to future expectations, The statements made by Ken Fisher implicate not only his own judgement, but potentially that of the company as a whole. While there are no doubt employees of the firm that are just as disturbed by these comments as I, there remains a risk that such thinking runs deeper than this specific commentary, and this is not a risk to which I believe the Retirement System should expose itself. More importantly, from a moral perspective, the City of Boston believes that as stewards of public funds, to the greatest extent prudent and possible, the Retirement System should manage those funds in a manner consistent with Boston’s values. Core to these values is the idea that all individuals deserve to be treated with respect and with dignity. Boston will not invest with firms led by people who treat women as if they are commodities. 1am asking that the Boston Retirement Board vote to terminate its relationship with Fisher Investments immediately Sincerely, he Martin J. Walsh Mayor of Boston aa BOSTON CITY HALL + ONE CITY HALL SQUARE « BOSTON + MASSACHUSETTS + 02201 617-635-4500 + www:boston.gov 1 merous =