NY Comptroller To Divest $86.2 Million In State Pension Fund Investments
June 30 2009 - 01:22PM
Dow Jones News
The enormous New York State Common Retirement Fund plans to
divest $86.2 million in investments from nine companies doing
business in Sudan and Iran.
New York State Comptroller Thomas P. DiNapoli also announced
Tuesday the $110 billion fund would freeze an additional $300
million in seven other companies.
It is the first time the fund has divested investments and not
tried to get the companies involved to change their policies. The
decision comes after two years of reviewing these companies, the
potential risk of the investments and, in some cases, humanitarian
efforts in these countries.
"We don't expect our investments to benefit regimes that support
genocide and terrorism," said DiNapoli.
The fund plans to divest out of $86 million in Gazprom (OGZPY),
Inpex (1605.TO), Lukoil (LUKOY), Oil And Natural Gas Corp
(500312.BY), OMV (OMVKY), Petroleo Brasilia (PBR), Statoil (STO),
Wartsila OYJ and Sinopec Corp.
DiNapoli said the firms were chosen because "they failed to
respond or we were not satisfied with their responses" when asked
to provide information to the fund on the investments and their
The fund also plans to monitor and prohibit further investment
in ENI (E), Repsol YPF (REP), Royal Dutch Shell PLC (RDSA), Total
SA (TOT), ABB Ltd. (ABB), Alstom (ALO.FR) and Snam Rete Gas
(SNMRY). Additionally, it plans to focus on other industries
The announcement comes two years after DiNapoli announced that
the pension would be reviewing investments in Iran and Sudan. It
initially encouraged companies to withdraw from Sudan or to begin
"taking substantial action aimed at providing carefully constructed
humanitarian aid and relief."
Other states are taking or planning similar actions. Florida,
which has had a state divestment law since 2007, has been one of
the most aggressive. The Florida Retirement System's pension had
divested $1.153 billion as of mid-April, said Mike McCauley, senior
officer for investment and governance for the Florida State Board
of Administration, which manages the pension.
Fourteen states have or plan to implement divestment
legislation, said Malcolm Hoenlein, executive vice chairman of the
Conference of Presidents of Major American Jewish
-By Jillian Mincer, Dow Jones Newswires; 212-416-2239
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