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Labor and Economic Development Committee

State Divestment Legislation

Growing concern over genocide in Sudan and countries that sponsor terrorism has prompted state legislatures to consider actions to limit or eliminate state investments in firms doing business with such countries.  Legislation includes total divestment of the states interests in firms doing business in targeted divestment focused on specific firms and shareholder engagement strategies.  The following charts summarize enacted legislation from 2005 and 2006 and bills introduced in the 2007 and 2008 legislative sessions.  This chart will be updated throughout the year.  

Enacted Laws // 2008 Legislation // 2007 Legislation // Illinois District Court Ruling // Additional Resources // NCSL Contacts  

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Last Update: April 9, 2008

Enacted Laws

STATE	BILL	LAST   ACTION	BRIEF SUMMARY
Arizona	HB 2705 Chapter No. 1  Download PDF Version	3/10/08	Requires the Arizona State Retirement System (ASRS), the Public Safety Personnel Retirement System (PSPRS), Correction Officers Retirement Plan (CORP), the Elected Officials Retirement Plan (EORP) and the State Treasurer to divest publicly traded securities from companies doing business with Sudan; prohibits state government contracts with such companies.
California	ACR 11 Resolution Chapter No. 98  Download PDF Version	8/30/05	Encourages the Public Employees' Retirement System and the California State Teachers Association to make certain that no public employee retirement funds are invested in companies doing business in Sudan.
	AB 221 Chaptered by the Secretary of State; Chapter No. 671  Download PDF Version	10/14/07	Prohibits the Public Employees' Retirement System and the State Teachers' Retirement System from investing in companies doing business with Iran.
	AB 2179 Chaptered by the Secretary of State; Chapter No. 441   Download PDF Version	9/25/06	This law assures certain current and former employees of the University of California for all claims, demands, suits, actions, damages, judgments, costs, charges, and expenses, including court costs and attorney's fees, and all liability, losses, and damages of any nature whatsoever that these persons may at anytime sustain by reason of any decision of the regents not to invest in firms involved in business with Sudan.
	AB 2941 Chaptered by the Secretary of State; Chapter No. 442  Download PDF Version	9/25/06	This law prohibits the Public Employees' Retirement System and the State Teachers' Retirement System from investing in a company with active business operations in Sudan, and for both systems' Board of Administration to sell or transfer investments in such companies.  Requires the boards to report to the Legislature any such investments and the sale or transfer of the same, by January 1, 2008 and every year afterwards.
	AJR 6 Resolution Chapter No. 57  Download PDF Version	6/27/05	Expresses the sense of the legislature regarding Sudan, and requests that the President and Congress of the United States continue to take all prudent and necessary steps to ensure that these matters are addressed at the highest levels of the federal government.
Colorado	HB 1184 Chapter No. 149  Download PDF Version	4/19/07	Provides provisions against companies financially involved with Sudan to the board of directors of certain state instrumentalities, state political subdivisions and other public entities with authority to invest money and state contributions.
Connecticut	HB 5632 Public Act No. 51   Download PDF Version	5/08/06	Enables the State Treasurer to divest state funds invested in companies doing business in Sudan, or decide against further or future investments; extends the deadline for a final audited report to the Governor from October 15 to December 31.
Florida	SB 2142 Chapter No. 2007-88  Download PDF Version	6/08/07	Protecting Florida's Investment Act; Requires the State Board of Administration (SBA) to identify companies, with public money invested, doing business with Sudan and Iran and maintain a "scrutinized companies list" with names of such companies, as well as encourage these companies to refrain from doing business with Sudan and Iran. Requires the SBA to divest itself of publicly traded securities and refrain from acquiring securities of such companies.
	SM 1698  Download PDF Version	5/18/07 Filed with Secretary of State	Relates to the people of Darfur; urges Congress, with the support of the President, to engage international community to take action in effort to bring just and lasting peace to people of Darfur.
Hawaii	HB 34 Act No. 192  Download PDF Version	6/18/07	Prohibits the Employees' Retirement System from acquiring securities of companies that have active business operations with Sudan. Effective July 1, 2007.
Illinois	SB 23 Public Act No. 94-79  Download PDF Version     District Court Ruling	6/07/05          2/23/07	Prohibits the State Treasurer from depositing any funds or transacting any business with any financial institutions doing business with Sudan, unless an expressly authorized officer of the institution certifies that the company has not loaned to or invested in certain entities involved with the Republic of Sudan. Provides that a fiduciary under that code shall not transact any business with a company that engages in activities with Sudan. Provides that a fiduciary under that code shall not transact any business with a company that engages in activities with Sudan.  The Federal District Court for the Northern District of Illinois ruled Public Act No. 94-79 unconstitutional.
	SB 1169 Public Act No. 95-521 Download PDF Version	8/28/07	Act to Disassociate from Genocide and Terrorism in Sudan; Amends the Pension Code concerning prohibited investments; Requires state funded retirement systems to divest of investments in companies doing business in Sudan.
	SB 1621 Public Act No. 95-616  Download PDF Version	9/11/07	Relates to investments in or with Iran's petroleum-energy sector; Amends the Procurement Code; Requires that each bid, offers or proposals for state contracts include a disclosure of whether or not the bidder had any petroleum or mineral extraction business activity with Iran in the last 24 months; Requires the retirement system to identify companies with such business in Iran and maintain a scrutinized companies list; Effective date: January 1, 2008.
Indiana	HB 1067 Public Act No. 149  Download PDF Version	5/03/07	Relates to members of the teachers' retirement fund (TRF) who is receiving a benefit from TRF and who is a party in an action for dissolution of marriage; Requires the public employees' retirement fund (PERF) and TRF, in the capacity of shareholders, to request that companies with certain business activities in Sudan cease those business activities, for a company that is unresponsive to a request, sell or divest all publicly traded securities held by PERF or TRF in that company; Requires that PERF and TRF report their Sudan-related activities to the general assembly; Excludes private equity funds held by PERF and TRF from the divestment requirement; Provides for civil immunity for any act or omission, and indemnification for costs or expenses, including reasonable attorney fees, associated with a claim or lawsuit; related to divestment. Assigns to the pension management oversight commission the study of TRF's structure.
Iowa	SB 361 Chapter No. 2007-39	9/10/07	Prohibits investment of certain public funds in companies doing business in Sudan by the Treasurer of State, the Iowa Public Employees Retirement System and the State Board of Regents.
Kansas	HB 2457  Download PDF Version	5/11/07	Prohibits investment of Kansas Public Employee Retirement System (KPERS) funds in companies with certain business operations in Sudan, and establishes standards and procedures for targeted divestment from holdings in prohibited companies except for passively-managed commingled funds when the estimated cost of divestment exceeds a threshold test.
Maine	SB 675 Public Law No. 537	5/05/06	Requires the Maine Retirement System to divest itself of holdings in companies doing business with Sudan.
Maryland	HB 1336 Chapter No. 40  Download PDF Version	4/10/07	2007 Darfur Protection Act - Divestiture from the Republic of Sudan; Requires the Board of Trustees of the State Retirement and Pension System to review specified investment holdings, and encourage companies to take specified actions, take divestment action with regard to specified investments and take certain issues into account prior to taking specified actions.
	SB 543 Chapter No. 39  Download PDF Version	4/10/07	2007 Darfur Protection Act - Divestiture from the Republic of Sudan; Requires the Board of Trustees for the State Retirement and Pension System to review specified investment holdings, encourage companies doing business with Sudan to take specific actions, provide written notice to those companies.
Massachusetts	SB 2383 Chapter No. 151-2007	11/02/07	Requires the Pension Reserves Investment Trust or the Pensions Reserves Investment Management Board to identify companies doing business with Sudan and the nature of the business activity; provides for divestment of holdings in those companies.
Minnesota	SB 1075 Chapter No. 117  Download PDF Version	5/23/07	Requires the State Board of Investment to divest from certain investments relating to Sudan; Provides that the Board make its best efforts to identify scrutinized that the Board has direct or indirect holdings or possible future holdings; Effective date: 8/01/07.
New Jersey	AB 3482/SB 2145 Chapter 162  Download PDF Version	7/28/05	Requires the Division of Investment in the Department of the Treasury to divest State-administered pension fund investments from foreign companies that have ties to, or activities in, Sudan or its instrumentalities. The bill authorizes the State Treasurer to select an independent research firm that specializes in global security risk for portfolio determinations to make recommendations to the Division of Investment.
	AB 3043/SB 2615 Chapter 250  Download PDF Version	1/04/08	Prohibits investment of state pension funds or annuities in foreign companies doing business with Iran.
North Carolina	HB 291 Session Law No. 2007-486  Download PDF Version	8/30/07	Sudan (Darfur) Divestment Act; Requires the public fund to identify companies that are doing business in Sudan and maintain a list of  scrutinized firms; engage such companies and divest from those that after 90 days continue business operations in Sudan.
Rhode Island	HB 5142  Public Law No. 2007-93 similar law: SB 87  Public Law No. 2007-79	6/22/07	Limits state investment in Sudan and in companies that do business with the government of the Sudan. Establishes criteria for determining a "scrutinized company" which has ties to the Sudanese government and/or the Darfur genocide.
Texas	HB 247 Chapter No. 1375	7/24/07	Prohibits the investment of state funds in certain private business entities doing business in Sudan; Effective January 1, 2008.
	HB 2754 Chapter No. 735	7/24/07	Relates to the regulation of state banks and state trust companies; provides for confidentiality of information; relates to charter fees, applications and deposits; relates to the banking commissioner; relates to issuance of common stock or other securities; relates to sale of assets and disposition of a branch office; relates to mergers and conversions.

2007 Legislation

STATE	BILL	LAST ACTION	BRIEF SUMMARY
Alabama	HR 711	5/31/07	Urges Congress to address the crisis in Sudan.
Alaska	HB 287  Download PDF Version	1/15/08	Relates to certain investments of the Alaska permanent fund, the state's retirement systems, the State of Alaska  Supplemental Annuity Plan, and the deferred compensation program for state employees in companies that do business in Sudan, and restricting those investments.
	SB 227  Download PDF Version	1/16/08	Relates to certain investments of the State permanent fund, the state's retirement systems, the State Supplemental Annuity Plan, and the Governor Encourages deferred compensation program for state employees in companies that do business in Sudan, and restricting those investments.
Arkansas	SCR 20  Download PDF Version	3/29/07 *Approved  by Governor	Encourages the state retirement systems to identify their investments in companies doing business in Sudan, divest in those companies and prevent future investments in those companies until the genocide in the State Urges Darfur region has ended.
California	AB 221  Download PDF Version	7/18/07	Prohibits the Public Employees' Retirement System and the State Teachers' Retirement System from investing in companies doing business with Iran.
	AB 1089  Download PDF Version	7/10/07	Requires the Department of General Services to identify companies that have substantial business operations in Sudan and present the list to the Legislature; prohibits state agencies from contracting with the identified companies for contracts exceeding $100,000.
Colorado	HJR 1020  Download PDF Version	4/20/07	Condemns the genocide in Darfur and urges the President and Congress to continue to work with the international community to halt the human rights violations, to impose economic sanctions, and to bring humanitarian assistance and lasting peace to Darfur.
Delaware	HJR 9	6/28/07	Condemns the genocide in Sudan, urges continued work with the international community to end human rights violations in the region, and encourages the Delaware Public Employees Retirement System to divest in foreign companies doing business with the Sudanese government.
	SB 9	7/11/07	Requires that the Board of Pension Trustees divest state-administered pension fund investments from companies, banks and financial institutions that have ties to, or activities in Sudan or its instrumentalities.
Florida	HB 703	5/02/07	Prohibits the State Board of Administration (SBA) from investing in certain companies with ties to or engaged in business with known state sponsors of terror; requires the SBA to review investments and take certain sanctions to sell, redeem, divest, or withdraw any prohibited investments.
	HB 931  Download PDF Version identical bill: SM 1698*	5/02/07   5/18/07 *signed by Officers and filed with Secretary of State	Urges Congress, with the support of the President of the United States, to engage the international community to take action in the effort to bring just and lasting peace to the people of Darfur.
	HB 1431	4/22/07	Requires the State Board of Administration (SBA) to identify companies, with public money invested, doing business with Sudan and maintain a "scrutinized companies list" with names of such companies, as well as encourage these companies to refrain from doing business with Sudan. Requires the SBA to divest itself of publicly traded securities and refrain from acquiring securities of such companies.
	SB 1940  Download PDF Version	5/04/07	Realtes to the Darfur region; condemns Government of Republic of Sudan for its participation and complicity in attacks against innocent civilians in impoverished Darfur region of western Sudan.
	SB 2250	5/04/07	Relates to Iran economic sanctions; prohibits investment of assets of any pension or annuity fund under jurisdiction of the State Board of Administration in any company providing humanitarian.
Georgia	HB 160  Download PDF Version	1/26/07	Prohibits the Office of Treasury and Fiscal Services from depositing certain funds in certain financial institutions, unless the institution has certified that it does not have any direct loans or knowledge of any indirect loans to certain entities connected with Sudan; Provides that a state agency may not procure certain supplies that are produced or manufactured in the Republic of Sudan.
	HB 256  Download PDF Version	2/02/07	Provides that no public retirement system shall invest funds in public obligations of companies doing business with Sudan and for any public retirement system with such investments to divest itself by July 1, 2008.
	HR 273  Download PDF Version	3/27/07	Urges Congress to continue to press for strong measures to end the violence in Sudan and urges the Securities and Exchange Commission to provide guidance to public pension fund managers in order to avoid investments which may be supporting nations involved in the support of terrorism or human rights violations; and or other purposes.
	SB 199  Download PDF Version	2/21/07	Relates to large retirement systems; provides that no public retirement system shall invest funds in certain corporations or obligations of corporations doing business with or in the Islamic Republic of Iran, Republic of Sudan, Syrian Arab Republic, and Democratic People's Republic of Korea or certain other states; provides for divestiture of such investments.
Hawaii	HB 1117 similar bill: SB 1255	8/27/07  8/27/07	Requires the Employees' Retirement System to divest itself of investments in companies that provide significant support for genocide in Sudan; allows reinvestment; provides exemptions; requires reporting; authorizes enforcement by the Attorney General; sunsets when the Darfur genocide ends or divestment interferes with U.S. foreign policy.
	HR 22  Download PDF Version similar bill: HCR 36	5/14/07    3/13/07	Recommends that the European Union, United Nations, North Atlantic Treaty Organization, Government of Sudan, Janjaweed Militia, Sudanese Libertarian Army and Justice Equality movement pass policies and enter into treaties, respectively, to end the conflict in Darfur.
	SCR 191	3/23/07	Urges the Employees' Retirement System to refrain or divest from participation in ownership or capital-providing capacity with companies that provide significant practical support for genocide, including certain non-U.S. companies currently doing business in Sudan.
	HB 34  Download PDF Version	6/18/07	Prohibits the Employees' Retirement System from acquiring securities of that have active business operations with Sudan; relates to Darfur divestment; provides that, the public fund shall makes its best efforts to identify all scrutinized companies in which the public fund has direct holdings.
	SB 1255  Download PDF Version	1/26/07	Requires the Employees Retirement System to divest itself of investments in companies that provide significant support for genocide in Sudan; allows reinvestment; provides exemptions; requires reporting; authorizes enforcement by Attorney General; sunsets when the Darfur genocide ends or divestments interferes with U.S. foreign policy.
	SB 1662  Download PDF Version	3/09/07	Amends definitions of "closing", "covered establishment", and "employer"; requires employer to notify employees of divestiture; imposes penalties for failure to notify employees of business closing; relates to employment.
Illinois	SB 99	1/31/07	Repeals a provision that prohibits a fiduciary of a retirement system or pension fund from transacting business with certain entities associated with the Republic of Sudan.
	SR 199  Download PDF Version	12/03/07	Urges the public retirement system and pension funds to ensure that no public funds are invested in companies doing business with Iran; exception for companies engaged in humanitarian activities.
Indiana	SB 380	1/11/07	Prohibits the investment of funds held by a public officer of the state, the public employees' retirement fund, or the teachers' retirement fund with an institution that: (1) has loans to; (2) is engaged in business with or in; or (3) has invested in another company engaged in business with or in; Sudan or its instrumentalities. Requires the sale within three years of any investments that violate the prohibition.
	HB 1484 Download PDF Version	3/05/07	Requires the Public Employee's Retirement Fund and the Teachers' Retirement Fund to contact, in the capacity of shareholders, companies with certain business activities in Sudan, and request that the companies cease those business activities.
	SB 380  Download PDF Version	1/11/07	Prohibits the investment of funds held by a public officer of the state, the public employees' retirement fund, or the teachers' retirement with an institution that: (1) has loans to; (2) is engaged in business with or in (3) has invested in another company engaged in business with or in; Sudan or its instrumentalities; requires the sale within three years of any investments that violate the prohibition.
	SCR 74	4/02/07	Concerns Sudan divestment for Public Employee's Retirement Fund and Teacher's Retirement Fund.
Iowa	HB 230 (formerly: SSB 1106)	2/08/07	Prohibits investment of public funds in companies doing business in Sudan.
	HR 23	2/16/07	Urges immediate action to stop the campaign of racial extermination in Senate Requires Darfur.
Kansas	HB 2468  Download PDF Version	3/15/07	Prohibits Kansas Public Employee Retirement System from investing in firms with business operations in Sudan and divest current holdings in such companies.
	SB 335  Download PDF Version	3/16/07	Prohibits Kansas Public Employee Retirement System from investing in firms with business operations in Sudan and divest current holdings in such companies.
Kentucky	HB 25	2/20/07	Prohibits the Judicial Retirement Fund, the Teacher’s Retirement System Board, the State Investment Commission, and the Kentucky Retirement Systems Board from investing in companies relating to the Sudan and require that they divest themselves of such investments.
	HCR 16	3/01/07	Urges Congress to pressure Sudan to end violence in Darfur and the Security Exchange Commission to issue guidance to investors concerning pension plans and other investments to enable them to identify companies that may support terror.
Maine	LD 1934	12/11/07	Requires the Treasurer and the Board of Trustees in the Maine Public Employees Retirement System to divest itself of funds from companies doing business with Iran.
Massachusetts	SB 1437  Download PDF Version	1/11/07	Provides for divestment of public pension funds from companies doing business with Sudan.
	SB 2255  Download PDF Version	7/26/07 *passed Senate	Requires divestment of public pension funds from companies doing business with Sudan.
	SB 2383  Download PDF Version	10/25/07	Provides for the State Treasurer to sell, redeem or divest or withdraw any state investments in companies doing business with any country identified by the U.S. Department of State as a state sponsor of terrorism.
Michigan	HB 4969  Download PDF Version	6/26/07	Prohibits the state from entering into contracts with a vendor or supplier that does business with Sudan.
	HR 59  Download PDF Version	7/29/07	Memorializes Congress and the U.S. State Department to increase efforts to halt the violence and provide humanitarian assistance in the Darfur region of Sudan.
Minnesota	HB 1332  Download PDF Version	5/03/07	Requires the State Board of Investments to divest in companies doing business with Sudan.
Missouri	HCR 32  Download PDF Version	4/12/07	Requires the public retirement systems of Missouri to divest all public funds invested in companies that have a direct financial relationship with terrorist-sponsoring states, as designated by the U.S. Department of State.
	HCR 40  Download PDF Version	5/18/07	Calls on the President of the United States and Congress to take immediate action regarding the genocide in Sudan; Urges Congress to increase humanitarian aid to the Darfur region.
New Jersey	AB 169 / SB 1183	1/30/07	Requires the Department of Treasury, Division of Investment to divest state-administered pension funds investments from companies, banks and financial institutions doing business in countries that sponsor terrorism, as designated by the U.S. Department of State.
	AB 3043 / SB 2615  Download PDF Version	6/14/07	Prohibits investment of state public employee retirement funds in foreign companies doing business with Iran.
North Carolina	SB 516	5/09/07	Sudan (Darfur) Divestment Act; Requires the State Treasurer to divest any public funds in companies doing business with Sudan.
Ohio	HB 151  Download PDF Version	6/13/07	Prohibits certain public investors from investing in companies with scrutinized business operations tied to Iran or Sudan; Requires public investors to divest in current holdings in such companies.
	SB 161  Download PDF Version	5/03/07	Prohibits companies doing business with the state from doing business with Sudan as long as genocide continues in the Darfur region.
Oklahoma	HB 1900	2/06/07	Prohibits companies conducting business with the state from also conducting business with the Darfur region of western Sudan, as long as the violence continues in that region.
	HR 1026	5/17/07	Encourages state retirement systems to divest current holdings in companies doing business with Iran, Sudan, Syria and Korea.
Oregon	HJR 53  Download PDF Version	4/13/07	Urges investors within the state to divest in foreign companies doing business with Iran.
Pennsylvania	HB 729  Download PDF Version	6/04/07	Prohibits state depositories from making or maintaining financial loans or transactions with Sudan.
	HB 1085  Download PDF Version (similar bill:  HB 1087)  Download PDF Version	6/30/07   6/30/07	Prohibits investment of state funds in companies doing business with countries identified by the federal government as state sponsors of terror.