BOS-2026-49 : Adopt Board Policy Resolution amending Board of Supervisors' Policy Manual Section 4.8 relating to Treasury Investment Policy, and direct the Clerk of the Board to include Policy in Board of Supervisors' Policy Manual.

County of Santa Clara Finance Agency Administration 128272 DATE: April 28, 2026 TO: Board of Supervisors FROM: Margaret Olaiya, Director of Finance SUBJECT: Amendments to the County's Investment Policy RECOMMENDED ACTION Adopt Board Policy Resolution amending Board of Supervisors' Policy Manual Section 4.8 relating to Treasury Investment Policy, and direct the Clerk of the Board to include Policy in Board of Supervisors' Policy Manual. FISCAL IMPLICATIONS There are no direct fiscal implications related to the approval of the actions noted above. REASONS FOR RECOMMENDATION Under Government Code Section 53646, the Treasurer may annually provide a statement of investment policy to the Board. The policy and any changes must be reviewed and approved by the Board at a public meeting. With the establishment of a Treasury Oversight Committee pursuant to Government Code Section 27130 et seq., the investment policy must also be presented to and reviewed by the Committee. The Committee meets at least annually, as required by Government Code. In some years, however, the Committee meets more frequently if it believes that current matters merit additional attention. The Committee convened on...

POLICY RESOLUTION NO. ----- RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SANTA CLARA AMENDING BOARD OF SUPERVISORS' POLICY MANUAL SECTION 4.8 RELATING TO TREASURY INVESTMENT POLICY WHEREAS, the Board of Supervisors wishes to give direction and set policy on matters for which the responsibility of decision is placed on them by virtue of State law, the provisions of the County Charter, specific ordinances and resolutions, or in areas related to its broad policymaking authority over matters regarding Santa Clara County; WHEREAS, the Board of Supervisors wishes to clearly state and compile policies and to provide for distribution of these policies to affected decision-makers; and WHEREAS, the Board of Supervisors' Policy Manual is not set by ordinance, is not legally binding, can be changed by adoption of a resolution approved by a majority of the Board of Supervisors, and is intended to give guidance to staff and future Boards of Supervisors; II II II II II II II II II II II II II II Board Policy Resolution Amending Section 4.8 Page 1 of3 NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Santa Clara, State of California, that the Board of...

4.8 TREASURY INVESTMENT POLICY 4.8.1 Statement of Intent The purpose of this document is to set forth the County of Santa Clara’s policy applicable to the investment of short-term surplus funds. In general, it is the policy of the County to invest public funds in a manner that will provide a competitive rate of return with maximum security while meeting the cash flow requirements of the County, school districts and special districts whose funds are held in the County Treasury, in accordance with all state laws and County ordinances governing the investment of public funds. 4.8.2 Scope This investment policy applies to all financial assets held by the County. Those assets specifically included in this investment policy are accounted for in the County’s Comprehensive Annual Comprehensive Financial Report and are included here as part of the County’s Commingled Investment Pool. 4.8.3 Objectives The following investment objectives shall be applied in the management of the County’s funds. (A) The foremost objective of the County’s investment program shall be to safeguard principal. Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the...

From: To: Subject: Date: Valerie Robinson BoardOperations [EXTERNAL] [4/28 Item #68] Support Ethical Investment Now! Divest from Human Rights Abuses! Thursday, April 23, 2026 8:56:31 AM Board Operations Clerk, As a resident of Santa Clara County, I was very disappointed to hear that, in the recent past, our county had a $15 million investment in Chevron and still has a $45 million bond in Caterpillar to this day. Chevron directly powers Israel's genocide against Palestinians in Gaza by providing energy to military bases and Israel’s illegal settlements in the West Bank. I have been heartbroken to see Israel starve and kill so many innocent Palestinians over the past 30+ months, and I believe the County must do everything it can to stand up for human rights – including divesting from companies which enable these crimes. Chevron has also harmed our environment, including in our local community. Just a few years ago, in 2021, Chevron’s Richmond refinery spilled 600 gallons of oil into the San Francisco Bay, creating conditions where residents like me had to stay inside because the oil spill made it unsafe to breathe the very air. As for Caterpillar, its heavy machinery has been...

From: To: Subject: Date: Valdahyena BoardOperations [EXTERNAL] divestment from chevron Friday, April 24, 2026 8:29:08 PM Chevron's record shows a continued and complete disregard for the human rights of indigenous peoples globally. An independent study in 2021 found that out of some 70 different lawsuits against Chevron, 50 of them contained documented claims of severe human rights abuses. Including instances of torture, slavery ,rape, murder and even genocide. These abuses are not accidents, they are calculated business decisions. Between 2000 and 2003, the construction of the Chevron pipeline between Chad and Cameroon was incredibly violent. By contaminating the water and soil, Chevron induced a famine that displaced 22,000 people. Another abuse happened in South America by a company named Texaco polluting the environment and killing indigenous people. Chevron is an owner company of Texaco. An investment in fossil fuel companies like Chevron is an endorsement of the continuation of such abuses. I urge you to keep that in mind and vote in favor of item 68 to never invest in fossil fuels again. Thank you for your time, council members. From: To: Subject: Date: Shawna Rose...

From: To: Subject: Date: Robert Jung BoardOperations [EXTERNAL] [4/28 Item #68] Support Ethical Investment Policies! Monday, April 27, 2026 10:13:24 PM Board Operations Clerk, As a 30-year homeowner, taxpayer, and parent in Santa Clara County, I have consistently supported our county’s growth, voting in favor of every county tax and bond measure put before me. I am writing to ask you to honor that long-standing commitment to our community by ensuring our county investments reflect our shared values. I was deeply dismayed to learn of the County’s significant financial ties to Chevron and Caterpillar. These companies are not just environmentally detrimental—as seen in the 2021 Richmond refinery spill that fouled our local air—but are also directly complicit in human rights abuses abroad. Specifically, the use of Caterpillar machinery in the destruction of homes and the role of Chevron in powering military operations in Gaza are incompatible with the ethical standards our County should uphold. I urge you to support the Sustainability Commission’s recommendation and vote YES on Item #68 on the April 28th agenda. Adopting Environmental, Social, and Governance (ESG) criteria is a...

Supplemental Information April 28, 2026, Item No. 68 From: To: Subject: Date: Attachments: Amy Gray BoardOperations [EXTERNAL] Formal Testimony: Support for Fossil Fuel Divestment Tuesday, April 28, 2026 9:02:09 AM Santa Clara Cty Testimony in Support of Fossil Fuel Divestment.pdf Dear Members of the Santa Clara County Board of Supervisors, Please find the attached formal testimony from Stand.earth regarding the upcoming vote on the fossil fuel divestment resolution. As outlined in the attached document, we strongly urge the Board to vote YES on this resolution. Our testimony highlights that aligning the County’s portfolio with climate goals is not only a moral necessity but a proven financial strategy to protect long-term assets from the volatility of the fossil fuel sector. We appreciate your leadership on this critical issue and look forward to the Board's decision. -- Amy Gray | She/Her Associate Director of Climate Finance O: + I live and work on the stolen land of the Tséstho’e (Cheyenne) Očhéthi Šakówiŋ (Lakota) Núu-agha-tʉvʉ-pʉ̱ (Ute) and Ndé Kónitsąąíí Gokíyaa (Lipan Apache) and support LandBack efforts to return the land to its original caretakers. Stand.earth 548...