SF 3616

1st Engrossment - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to state government; requiring the State Board of Investment to monitor
state investments in companies doing business with Sudan; proposing coding for
new law in Minnesota Statutes, chapter 11A.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [11A.243] INVESTMENT IN SUDAN.
new text end

new text begin Subdivision 1. new text end

new text begin (a) For the purposes of this section, the following item shall have
the meaning given to it in this subdivision.
new text end

new text begin (b) "Equity tie" means:
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new text begin (1) ownership of equipment, facilities, or property; or
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new text begin (2) maintenance of employees or any other apparatus of business or commerce.
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new text begin Subd. 2. new text end

new text begin List of investments. new text end

new text begin By January 15 of each year, the state board shall:
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new text begin (1) compile a list of corporations with an equity tie to Sudan and in whose stocks or
obligations the board has invested under section 11A.24, subdivision 3 or 5; and
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new text begin (2) determine in writing whether each corporation on the list has, during the
preceding 12 months, taken steps to divest equity ties to Sudan.
new text end

new text begin Subd. 3. new text end

new text begin Shareholder policy. new text end

new text begin The board shall:
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new text begin (1) whenever feasible, sponsor, cosponsor, or support shareholder resolutions
designed to encourage corporations listed under subdivision 2 to divest equity ties to
Sudan; and
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new text begin (2) develop and implement a strategy to urge corporations listed under subdivision
2 to divest equity ties to Sudan.
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new text begin Subd. 4. new text end

new text begin Divestment not required. new text end

new text begin Nothing in this section may be construed to
require the state board to dispose of existing investments or to make future investments
that violate sound investment policy for public pensions.
new text end

new text begin Subd. 5. new text end

new text begin Report. new text end

new text begin By January 15 of each year, the board shall provide a report
to the legislature, as provided in section 3.195, listing any determinations made under
subdivision 2 and any actions taken under subdivision 3. The board shall also post a copy
of the report on its Web site and provide a copy of the report to each member of the
Legislative Commission on Pensions and Retirement.
new text end

new text begin Subd. 6. new text end

new text begin Sunset. new text end

new text begin This section expires on January 15, 2011.
new text end