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California's S.B. 185, Thermal Coal, and the Fallacies of Social Investing
Prof. Edward A. Zelinsky, OUPblog 
[Opinion] Nov. 2, 2015
"[California Senate Bill no.] 185 requires public employee pension plans to divest their investments in publicly-traded companies that derive half or more of their revenue from 'the mining of thermal coal.' ... [T]he social investing mandated by S.B. 185 is a misguided way to pursue environmental or other worthwhile goals. Social investing by pensions is both wrong as a matter of law and ineffective as a matter of policy."
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