1st Sub.
H.B.
286
RETIREMENT SYSTEM DIVESTMENT
House Committee
Amendments
Amendment 1 March 3, 2010 10:46 AM
Representative Julie Fisher proposes the following amendments:
1. Page 1, Lines 16 through 19 :
16 . requires the Retirement Office to prevent the investment of public funds in a
17 scrutinized company by adjusting future investment practices within the office and
18 by stipulating in future investment management contracts, that no new investments
19 may be made
into direct holdings
in a scrutinized company; and
2. Page 3, Lines 70 through 76 :
70 (b) The office shall assemble a list of all identified scrutinized companies
under Subsection (2)(a)
.
71 (c) The office shall update the list, on an annual basis, with information provided and
72 received from those entities listed in Subsection (2)(a).
73 (3) The office shall prepare an annual report of public fund investments
into direct holdings
in
scrutinized
74 companies.
75 (4) The report shall include amounts and other data and statistics designed to explain
76 the past and current extent to which public fund investments
into direct holdings
in scrutinized
companies:
3. Page 3, Line 82 through Page 4, Line 90 :
82 (6) Beginning, July 1, 2010, using the most current list assembled under Subsection
83 (2), the office shall prevent the investment of public funds
into direct holdings
in a scrutinized company:
84 (a) for public funds managed within the office, by not investing
in direct holdings
in a scrutinized
85 company; and
86 (b) for public funds managed by contract by a professional investment manager:
87 (i) for existing contracts, by requesting that no more investments be made
into direct holdings
in a
88 scrutinized company; and
89 (ii) for future contracts, by stipulating in the contract that no new investments may be
90 made
into direct holdings
in a scrutinized company.
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