07 LC 21
9548
Senate
Resolution 677
By:
Senators Hill of the 32nd, Fort of the 39th, Davenport of the 44th, Thomas of
the 2nd, Balfour of the 9th and others
ADOPTED
SENATE
A
RESOLUTION
Urging
the boards of trustees of the various public retirement systems in the state not
to invest in companies which are included in the terrorism sanctions issued by
the Office of Foreign Assets Control of the United States Department of the
Treasury pursuant to Executive Order 13224, signed by the President on September
23, 2001, specifically including, but not limited to, any company doing business
with or in the Islamic Republic of Iran, Republic of Sudan, Syrian Arab
Republic, and Democratic People´s Republic of Korea; to encourage
divestiture of such investments; and for other purposes.
WHEREAS,
Georgia law authorizes certain large public retirement systems in the state to
invest up to 10 percent of their portfolios in corporations or obligations of
corporations organized in a country other than the United States or Canada;
and
WHEREAS,
the Securities and Exchange Commission has determined that business activities
in foreign states whose governments sponsor terrorist activities render any
corporation involved in such countries extremely risky investments;
and
WHEREAS,
publically traded U.S. companies are forbidden to do business with countries
which the U.S. Department of State has determined sponsor terrorist activities;
and
WHEREAS,
it would be unconscionable for Georgia´s large retirement systems to invest
public retirement funds in companies that in any way assisted or encouraged
those engaged in terror anywhere in the world; and
WHEREAS,
the most egregious supporters of terror are the countries of Iran, Sudan, Syria,
and North Korea.
NOW,
THEREFORE, BE IT RESOLVED BY THE GENERAL ASSEMBLY OF GEORGIA that the members of
this body strongly urge the boards of trustees of Georgia´s large public
retirement systems not to invest in any companies which are included in the
terrorism sanctions issued by the Office of Foreign Assets Control of the United
States Department of the Treasury pursuant to Executive Order 13224, signed by
the President on September 23, 2001, specifically including, but not limited to,
any company doing business with or in the Islamic Republic of Iran, Republic of
Sudan, Syrian Arab Republic, and Democratic People´s Republic of Korea or
with any corporation organized under the laws of any such state or political
subdivision of any such state.
BE
IT FURTHER RESOLVED that any state retirement system which holds such
investments is encouraged to divest itself of all such investments as soon as is
economically practicable.
BE
IT FURTHER RESOLVED that the Secretary of the Senate is authorized and directed
to make available appropriate copies of this resolution to the public and the
press.