Despite declaring that [Texas County & District Retirement System] TCDRS “has never had an ESG policy,” and does not intend to have one, [Executive Director] Bishop said that the bill “would keep us from partnering with some of the best investment managers in the world.” Bishop added:
“If we had to adjust our asset allocation, we estimated it could cost us over $6 billion over the next 10 years. And this would cause our employers cost to more than double.”

The last thing Boeing needs is financial restructuring. They need to reinstitute the pre-McDonnell Douglas merger ethos where engineering trumps cost cutting.

+1

The McDonnell Douglas merger precipitated Boeing's descent.
McDonnell Douglas management increased outsourcing which led to declines
in both aircraft quality and employee morale. Various "accidents" (some preventable)
involving Boeing aircraft in recent years have tarnished this once fine company's reputation.

I’d like to give you an update on Wells Fargo and its unauthorized opening of accounts. While some of our shareholders have urged us to sell our shares, we believe that Wells Fargo is a far better bank than what is portrayed in the media, and that this is the most important time for an ESG investor to be involved. We met with CEO Tim Sloan in December and had a productive conversation about the bank’s remedies for its customers and employees, discriminatory banking practices towards minority and low-income customers, as well as its financing of the Dakota Access Pipeline. We would not have been able to have this dialogue had we sold our position. While we don’t disclose the results of our engagements, rest assured, we continue to engage with the highest levels of management on these issues.

Responsible Investing Notes
...
On a brighter note, I’m delighted to share with you a positive development with Wells Fargo, which has worked hard over the past year to repair its damaged reputation. From eliminating sales goals in its Community Banking division to replacing three board members, Wells Fargo has taken significant steps to improve its relationships with its customers, stakeholders and shareholders. ...
One issue we believed Wells Fargo needed to address was its involvement in the Dakota Access Pipeline (DAPL) project. This controversial pipeline project caused an uproar across the nation, leading to closely watched protests and negative sentiment towards companies involved in its construction. A consortium of seventeen banks, including Wells Fargo, lent money to finance the DAPL.
We concluded from our discussions with Wells Fargo that they could not have predicted the consequences of financing the DAPL. More importantly, we became convinced Wells Fargo would not have financed the project had it known how much it would upset its customers, shareholders and stakeholders. We understood that Wells Fargo was contractually obligated to finance the project, but we believed the bank could take action to repair its relationship with the Standing Rock Sioux Tribe. In February, as part of our engagement with Wells Fargo about the DAPL, we asked the bank to donate its profits from financing the DAPL to the Standing Rock Sioux Tribe. Wells Fargo indicated they would consider this donation.
Over the course of the year, we engaged in multiple calls and meetings with Wells Fargo, urging the bank to act. We had three calls with Wells Fargo’s Head of Corporate Responsibility and Community Relations, Jon Campbell. We met with Wells Fargo’s CEO Tim Sloan, and later in the year with incoming Board Chair Elizabeth Duke. During each conversation, we discussed our proposed DAPL donation. In October, Wells Fargo acknowledged to us that financing the DAPL had affected the bank’s relationship with the American Indian and Alaskan tribes that are customers of the bank. In December, Wells Fargo announced a five-year $50 million commitment to the American Indian and Alaskan tribes, which was significantly greater than our request. These monetary grants, to be issued starting in early 2018, will target environmental sustainability, economic empowerment, and diversity and social inclusion programs focusing on the impacted tribes.

You may be aware that several Parnassus funds initiated positions in Wells Fargo stock well over a year ago. Initially, the firm had positive fundamental and ESG profiles. At the time, Wells Fargo was widely considered to be one of the top banks in America, with a strong focus on workplace, diversity and inclusion, and philanthropy.
As the bank’s community sales scandal and Dakota Access pipeline controversy became headline news, Parnassus immediately began using its substantial holding in the firm to engage top executives. We met with Wells Fargo management—including the CEO and key independent Directors—multiple times to share our perspective on events and suggest potential remedies. We also voted our proxy shares according to our responsible investment policies, including voting against the candidates for the Wells Board of Directors that had served on the Risk Committee for many years.
While our discussions led to positive changes within the company, troubling new issues continue to emerge. Significantly, the Federal Reserve has decided that the problems at the bank are serious enough to warrant their active involvement in Wells Fargo’s business decisions for an indefinite period of time.
As events continue to reveal further deterioration in both the fundamental and ESG profiles of the bank, we do not believe that further engagement from Parnassus will be effective. In short, Wells Fargo is not a suitable holding for our portfolios at this time.