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Senate OKs Iran divestiture bill
Published 12:00 am PDT Saturday, September 8, 2007
Story appeared in BUSINESS section, Page D2
A measure requiring California's two major public pension funds to shed holdings in companies doing business in Iran has sailed through the state Senate.
Assembly Bill 221 by El Cajon Republican Joel Anderson is now poised to go to Gov. Arnold Schwarzenegger.
The bill, which passed 36-0 in the Senate on Thursday, calls for the $247 billion California Public Employees' Retirement System and the $169 billion California State Teachers' Retirement System to unload investments in foreign-based defense, petroleum and nuclear companies operating in Iran.
The U.S. government lists Iran as a state sponsor of terrorism and imposed a ban on U.S. companies doing business there. Divestiture advocates say Iran's policies are a threat to peace.
Pension fund leaders have opposed divestiture, saying they already have policies governing investments in countries linked to political and social risks.
CalPERS officials estimate that the impact on the fund's energy holdings alone could total $2 billion.
-- Gilbert Chan
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