SENATE STATE GOVERNMENT COMMITTEE 

STATEMENT TO 

ASSEMBLY, No. 3482

 with committee amendments

 http://www.njleg.state.nj.us/2004/Bills/A3500/3482_S3.HTM

STATE OF NEW JERSEY

 DATED: JUNE 16, 2005

      The Senate State Government Committee reports favorably and with committee amendments Assembly Bill No. 3482.

      As amended, this bill prohibits the investment of New Jersey public employee retirement funds in any foreign company with an equity tie to the government of Sudan or its instrumentalities because of that country's failure to prevent genocide and its human rights abuses that include severe restrictions on the freedoms of assembly, association, movement and speech. The bill does not apply to the activities of any foreign company providing humanitarian aid to the Sudanese people through either a governmental or non-governmental organization. The bill provides that the State Investment Council and the Director of the Division of Investment must take appropriate action to divest any investments held in violation of the bill after reviewing the recommendations of, and consulting with, an independent research firm that specializes in global security risk for portfolio determinations selected by the Treasurer.

      The committee amended the bill to: 1) limit the bill to any foreign company with an equity tie to the government of Sudan or its instrumentalities; 2) exempt from the bill's requirements the activities of any foreign company providing humanitarian aid to the Sudanese people through either a governmental or non-governmental organization; and 3) provide that the State Investment Council and the Director of the Division of Investment must take appropriate action to divest any investments held in violation of the bill after reviewing the recommendations of, and consulting with, an independent research firm that specializes in global security risk for portfolio determinations selected by the Treasurer.

      As amended, this bill is identical to Senate, No. 2145(1R).