Bill Number: HB16-1284
ACLU Position: Oppose
Sponsors: D. Nordberg / D. Moreno / O. Hill / L. Garcia
The bill requires the public employees’ retirement association
(PERA) to make its best efforts to identify all companies that have
economic prohibitions against Israel (restricted company), to assemble
those identified companies into a list of restricted companies by January
1, 2017, and to review the list of restricted companies on a biannual basis.
For each company on the list of restricted companies, the bill
requires PERA to send a written notice informing the company of its
status and that it may become subject to divestment by PERA. If a
company ceases activity that designates it as a restricted company, PERA
will remove the company from the list.
If a company remains a restricted company 180 days following
PERA’s first engagement with the company, PERA is required to divest
all direct holdings of the restricted company from its assets. If on the date
of divestment PERA does not own direct holdings in a company on the
list of restricted companies, PERA is prohibited from acquiring direct
holdings in any company on the list of restricted companies during the
time that it remains on the list.
Upon request, and at least annually, PERA is required to make
available on its website information regarding investments sold,
redeemed, divested, or withdrawn in compliance with the bill.
The bill specifies the circumstances under which PERA may cease
divesting from companies, based on the value of the investments.
Governor Signed (03/18/2016)
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