|
|
ARIZONA HOUSE OF REPRESENTATIVESFifty-fifth Legislature Second Regular Session |
Senate: FIN DP 8-0-2-0 | 3rd Read 22-6-2-0
|
SB1250: divestment; boycott; Israel; public entities
Sponsor: Senator Gowan, LD 14
Transmitted to the Governor
Overview
Expands the definition of public entity to include universities under the jurisdiction of the Arizona Board of Regents (ABOR) and community college districts.
History
Each public fund is directed to sell, withdraw, redeem or divest all direct holdings of restricted companies from the assets under its management in an orderly and fiducially responsible manner within three months after the list of restricted companies is prepared pursuant to statute. The State Treasurer and each retirement system must post on their respective websites a list of investments that are sold, redeemed, withdrawn or divested (A.R.S. § 35-393.02).
The State Treasurer and each retirement system and any person acting on behalf of the State Treasurer are exempt from any conflicting common law obligation, conflicting statutory or fiduciary duties with respect to choice of asset managers, investment funds or investments. Additionally, the State Treasurer and each retirement system and any person acting on behalf of the State Treasurer are held harmless by the State of Arizona from liability, losses and damages (A.R.S. § 35-393.02).
Current statute defines a public entity as the State of Arizona or an agency, board, commission or department of the State of Arizona or a political subdivision of the State of Arizona (A.R.S. § 35-393).
Provisions
1. Adds the requirement of a public entity to divest from companies included on the list of restricted companies. (Sec. 2)
2. Inserts public entities along with the public fund to sell, redeem, divest or withdraw direct holdings of restricted companies under the management of the entities and outlines additional actions the entity must take within specified time periods. (Sec. 2)
3. Specifies that each public entity and any persons acting on behalf of an entity are exempt from obligations and duties with respect to specified actors and held harmless against liability relating to direct holdings of restricted companies under the entity's management. (Sec. 2)
4. Modifies the definition of public entity to include universities under the jurisdiction of ABOR and community college districts. (Sec. 1)
5.
Makes technical
changes. (Sec. 2
)
6.
7.
8. ---------- DOCUMENT FOOTER ---------
9. SB 1250
10. Initials SJ/BG Page 0 Transmitted
11.
12. ---------- DOCUMENT FOOTER ---------