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Second Regular Session of the 122nd

S.P. 675 - L.D. 1758

An Act To Require the Maine State Retirement System To Divest Itself of Holdings in Those Businesses or Corporations Doing Business in the Nation of Sudan and To Repeal Requirements Relating to Shareholder Initiatives by State Officials on State Investments in Northern Ireland

Be it enacted by the People of the State of Maine as follows:

     Sec. 1. 5 MRSA §1955, as amended by PL 1991, c. 537, is repealed.

     Sec. 2. 5 MRSA §1956 is enacted to read:

§1956. Sudan

     1. Divestment. The Board of Trustees of the Maine State Retirement System shall review the extent to which the assets of any state pension or annuity fund are invested in the stocks, securities or other obligations of any corporation or company, or any subsidiary, affiliate or parent of any corporation or company, doing business in or with the nation of Sudan or its instrumentalities. Except as provided in subsection 2, the board shall, in accordance with sound investment criteria and consistent with the board's fiduciary obligations, divest any such holdings and may not invest any assets in any such stocks, securities or other obligations. Divestment pursuant to this subsection must be complete by January 1, 2008.

     2. Exemption. Short-term investment funds that commingle commercial paper or futures and other commingled investment or index funds are exempt from the restrictions imposed by this section.

     3. Report. The Board of Trustees of the Maine State Retirement System shall report to the joint standing committee of the Legislature having jurisdiction over labor matters by January 1, 2007 and each January 1st thereafter regarding the progress of divestment and the implementation of this section.

     4. Repeal. This section is repealed July 1, 2009.

Effective August 23, 2006.

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