Bill > H2763

This bill requires the Pension Reserves Investment Trust (public fund) to divest from companies conducting significant business operations in Myanmar following the country's military coup in February 2021. The bill defines "scrutinized companies" as those with at least $10 million in investments in Myanmar that contribute to the country's resource development in sectors like petroleum, insurance, information technology, gems, and jewelry. Within 90 days, the public fund must identify these companies using an independent third-party research firm and create a scrutinized companies list, which will be updated quarterly. The fund must then sell at least 50% of its holdings in these companies within 6 months and 100% within 12 months, with some exceptions for humanitarian assistance providers and companies excluded from U.S. federal sanctions. The bill allows the fund to engage with these companies through shareholder resolutions and provides flexibility if divesting would cause the fund's total assets to drop below 99.5% of their hypothetical value. The fund must report its divestment activities to various government bodies and file regular updates. The act will expire when the U.S. Department of State removes its sanctions against Myanmar, and the treasurer must ensure all investments comply with existing federal regulations regarding economic sanctions.

Labor and Employment

https://malegislature.gov/Bills/194/H2763