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Ch. 40
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Martin O'Malley, Governor
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WHEREAS, It is the prerogative and desire of the State, in respect to
investment resources in its control and to the extent reasonable, with due
consideration for, among other things, return on investment, on behalf of itself and its
investment beneficiaries, not to participate in an ownership or capital-providing
capacity with entities that provide significant practical support for genocide, including
certain international companies presently doing business in Sudan; and
WHEREAS, It is the judgment of the General Assembly that this Act should
remain in effect only insofar as it continues to be consistent with, and does not unduly
interfere with, the foreign policy of the United States as determined by the federal
government; and
WHEREAS, It is the judgment of the General Assembly that divestment of
public funds from certain companies is a measure that should be employed sparingly
and judiciously — a United States Congressional and Presidential declaration of
genocide satisfying this high threshold; now, therefore,
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Personnel and Pensions
21-123.1.
(a) (1) in this section the following words have the
meanings indicated.
(2) "Company" means any 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, an© or
OTHER commingled OR PASSIVELY MANAGED FUNDS.
(4) "DIVESTMENT ACTION" MEANS SELLING, REDEEMING,
TRANSFERRING, EXCHANGING, OR OTHERWISE DISPOSING OF OR REFRAINING
FROM FURTHER INVESTMENT IN CERTAIN INVESTMENTS.
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- 843 -
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