Recent weeks have brought a flurry of divestiture activity. State legislators from across the nation have frantically constructed divestiture proposals. Last week the California Assembly voted unanimously to restrict investment in Iran-linked companies. The proposal requires California Senate approval before being enacted. This proposal comes shortly after the Board of California's largest pension fund, CalPERS, voted to oppose state legislation aimed at forced divestiture.
Trustees of the Arkansas Teachers' Fund have also recently taken a strong stance in the face of targeted divestiture. A push for Sudan divestiture was unsuccessful with trustees of the Fund. Although the Fund holds only one company with ties to Sudan, divestment will not be carried out.It appears state legislators are locked in a foot race, unwilling to be the last to propose statewide divestiture plans.
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