Bill > S767

This bill establishes a comprehensive policy for divesting public investment funds from entities involved with weapons of mass destruction (WMDs). The bill first defines key terms, including WMDs as weapons that can cause massive destruction through toxic chemicals, biological agents, destructive devices, or radiation. Within 30 days of the act's effective date, the Public Fund (which manages pension investments for state employees, teachers, and local retirement systems) must identify and list all investments in WMD Entities. The fund is then required to sell or remove all investments in these entities within 12 months and update investment policies to prevent future investments in such companies. The bill also mandates that state agencies review and terminate existing contracts with WMD Entities and prohibits entering new contracts with such entities. To protect those implementing these changes, the bill provides indemnification for board members, state officers, and investment managers from potential legal challenges. Additionally, the Public Fund must file annual reports detailing the divestment process, including investments sold and any remaining investments in WMD Entities. The overall aim is to ensure that public funds are not supporting companies involved in manufacturing, producing, promoting, selling, or distributing weapons of mass destruction.

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https://malegislature.gov/Bills/194/S767