Bill > H1264

This bill requires the Public Fund (the Pension Reserves Investment Trust) to identify and divest from all Weapons of Mass Destruction (WMD) entities within its investment portfolio. The bill defines WMD broadly, drawing from federal statute to include destructive devices, chemical and biological weapons, and radiation-based weapons. Within 30 days of the act's effective date, the Public Fund must identify and list all WMD entities in its investments, filing this list with the attorney general and legislative clerks, who will then make it publicly available. The bill mandates that the Public Fund sell or divest from these WMD entities within 12 months and prohibits future investments in such entities. Additionally, the bill requires state agencies to review and terminate existing contracts with WMD entities and prevent new contracts with such organizations. The legislation provides legal protection for board members, officers, and investment managers who take actions to comply with the divestment requirements, and mandates annual reporting on the divestment process. The bill aims to prevent public investments from supporting entities involved in manufacturing, producing, promoting, selling, or distributing weapons of mass destruction.

Business and Industry

https://malegislature.gov/Bills/194/H1264