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Ch. 39
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Martin O'Malley, Governor
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(a) This section does not apply to any compact that has
ceased scrutinized active business operations.
(b) The Board of Trustees may cease divesting from
scrutinized companies and begin reinvesting in these companies only
if clear and convincing evidence shows that the value for all
assets under management by the board of trustees becomes equal
has occurred.
(c) (1) For act cessation of divestment, reinvestment, and
subsequent ongoing investment authorized by this section, the
Board of Trustees shall submit a report to the Chair of the Joint
committee on pensions in advance of initial reinvestment, the
reasons and justification, supported by clear and convincing
evidence, for its decisions to cease divestment, reinvest, or remain
invested in companies with scrutinized active business operations.
(2) The report submitted under paragraph (1) of this
subsection shall be updated every 6 months.
21-123.1.
(a) (1) in this subtitle the following words have the
meanings indicated.
(2) "Company" means act corporation, utility,
partnership, joint venture, franchisor, franchisee, trust, entity
investment vehicle, financial institution or its wholly owned
subsidiary.
(3) (I) "actively managed separate accounts" means
the accounts of the several systems that are actively managed at
the direction of the board of trustees and held in separate
accounts.
(II) "Actively managed separate accounts" does not
mean indexed funds, private equity funds, real estate funds, or
other commingled or passively managed funds.
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-837 -
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