July 17, 2008
July 17, 2008
Pension funds divested from Sudan; others to follow
LANSING - Governor Jennifer M. Granholm has signed legislation that limits state of Michigan investments in companies that do business in Sudan and other countries that sponsor terror or violate human rights. The centerpiece of the package, House Bill 4854, sponsored by Representative Alma Wheeler Smith of Ann Arbor, mandates divestment from Sudan until the U.S. Congress or president declare genocide has ended in that nation or the government there is no longer allowing human rights violations.
"We are taking a stand against countries where atrocities against humanity are taking place," Granholm said. "Money talks, and we're not going to invest state funds in those countries as long as those atrocities are allowed to continue."
Granholm noted that the Michigan Department of Treasury and the State Treasurer, as sole fiduciary of the state of Michigan retirement systems, have worked closely with the Sudan Divestment Task Force to identify companies doing business in Sudan and to divest pension fund holdings in those companies."
"As a result of prudent investment decisions, Michigan's pension systems held no investments in companies doing business in Sudan as of May 31," said State Treasurer Robert J. Kleine. "As fiduciary of the state pension system, I will continue to be vigilant to ensure that continues in the future."
As of May 31, 2008, the state of Michigan retirement systems held assets of $59.9 billion on behalf of public school employees, state employees, State Police, and judges.
The divestment package includes Senate Bills 846, 849, 850, 852, 853, and 856, in addition to House Bills 4903 and 5996-5999.
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