House of Representatives
State of Utah
Mr. Speaker:
The Retirement and Independent Entities Committee reports a favorable recommendation on
H.B. 39, DIVESTMENT OF CERTAIN RETIREMENT FUND INVESTMENTS, by Representative
Julie Fisher, with the following amendments:
Respectfully,
John Dougall
Voting: 7-0-2
2. Page
2, Line 47 through Page 3, Line 59
:
47
(b) (i) "Scrutinized company" means a publicly traded foreign company that:
48
(A) (I)
49
services to a scrutinized entity;
50
(II)
}
(Bb)
has any direct or indirect equity share, consortium, or project
commissioned by a
51
scrutinized entity; or
52
(III)
}
(Cc)
is involved in a consortium or project commissioned by a
scrutinized entity;
{
and
}
53
(B) (I)
}
(II)
has more than 5% of the company's total revenues or assets
linked to a
54
scrutinized entity; and
55
(II)
}
(III)
has failed to adopt, publicize, and implement a formal plan to
reduce the
56
investment to 5% or below within one year; or
57
(C)
}
(B)
has, with actual knowledge, on or after August 5, 1996, made an
investment of $20
58
million or more, or any combination of investments which in the aggregate exceeds $20
million
59
in any 12-month period, in a scrutinized entity.
2. Page
3, Lines 77 through 79
:
77
(b) Subject to the provisions of Subsection (2)(c), any divestment of holdings
required
78
under Subsection (2)(a) shall be completed in at least the following time frames which
shall
79
begin on
May 5, 2008
}
July 1, 2009
:
Committee Chair
3 HB0039.HC1.wpd 2/1/08 1:11 pm benchristensen/BNC ENW/BNC
Bill Number
*HB0039*
HB0039