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Sudan Divestment Bill Advances At Colo. Capitol

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Feb 8, 2007 8:53 am US/Mountain

Sudan Divestment Bill Advances At Colo. Capitol

DENVER (AP) ― A plan to pull state money from companies that invest in Sudan cleared a House committee on Wednesday, its first hurdle at the state Capitol.

The measure (House Bill 1184) requires all public pension plans to develop a list of companies doing business in Sudan and warn any of those companies they invest in that they will be subject to divestiture if they continue to do business there.

If the companies don't change their policies, the pension plan would have to sell or redeem its shares of all publicly traded securities of the company.

The bill has been endorsed by 76 of the 100 state lawmakers.

The proposal has also been backed by the board of the Public Employment Retirement Association, the state's largest pension plan serving 400,000 current and former state employees. It estimates that $137 million of its $38 billion portfolio is tied to companies doing business in Sudan.

(© 2007 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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