Bill > S1869

This bill requires the Massachusetts Pension Reserves Investment Management Board (the "public fund") to divest from companies that manufacture or sell ammunition, firearms, and firearm accessories for non-law enforcement or non-military purposes. Specifically, the bill defines these companies as those deriving more than 15% of their revenues from such activities and mandates that within 30 days of enactment, the public fund must identify and list all such companies in which it holds direct or indirect investments. Within 12 months, the fund must sell or remove all publicly-traded securities of these companies, though this requirement does not apply to indirect holdings in actively managed investment funds. The bill requires the fund to request investment fund managers to remove these companies or create alternative funds without them. The legislation provides legal protection for board members and investment managers against potential liability resulting from these divestment actions. The public fund must file annual reports detailing its divestment activities, and it may cease divestment only if doing so would reduce the fund's asset value by 50 basis points or more, with a requirement to provide a detailed written justification for any such decision. The bill aims to restrict public pension fund investments in companies associated with ammunition and firearms manufacturing and sales.

Labor and Employment

https://malegislature.gov/Bills/194/S1869