House of Representatives State of Utah


         UTAH STATE CAPITOL COMPLEX . 350 STATE CAPITOL
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Graphic file number 0 named letter~1.jpg with height 78 p and width 81 p Left aligned
         P.O. BOX 145030 . SALT LAKE CITY, UTAH 84114-5030 . (801) 538-1029         February 22, 2008

Mr. Speaker:

    The Retirement and Independent Entities Committee reports a favorable recommendation on H.B. 138, SUDAN DIVESTMENT ACT, by Representative D. Litvack, with the following amendments:

1.    Page 1, Lines 18 through 19 :    

             18     

      . provides certain exceptions for investments in private equity, alternative investments, or commingled funds.      

    .    requires the board to identify scrutinized companies, provide notice of potential
             19      investment withdrawal, and divest from certain entities;

2.    Page 3, Lines 72 through 73 :    

             72          (g)
  (i)       "Direct holdings" means all securities of a company that are held directly by the

             73      public fund or in an account or fund in which the public fund owns all shares or interests.
    
  (ii)    "Direct holdings" does not include investments in private equity, alternative investments, or commingled funds.      


3.    Page 3, Lines 82 through 85 :    

             82          (j)
  (i)       "Indirect holdings" means all securities of a company held in an account or fund,

             83      such as a mutual fund, managed by one or more persons not employed by the public fund, in
             84      which the public fund owns shares or interests together with other investors not subject to the
             85      provisions of this section.
 

    (ii)    "Indirect holdings" does not include investments in private equity, alternative investments, or commingled funds.  



    Respectfully,

    John Dougall
    Committee Chair

Voting: 5-0-4
3 HB0138.HC1.wpd 2/22/08 1:06 pm benchristensen/BNC ENW/BNC

Bill Number
Action Class
Action Code

*HB0138*
*H*
*HCRAMD*

 HB0138
H
HCRAMD