Sen. McDowell & Rep. Keeley & Rep. Spence
144th GENERAL ASSEMBLY
SENATE BILL NO. 9
AN ACT TO AMEND TITLE 29 OF THE
Section 1. This Act shall be called the “Sudan Genocide Divestment Act.”
Section 2. Amend Title 29, Delaware Code by adding a new section to read as follows:
“§5124. Sudanese Investment Divestment
(a) Findings- the legislature finds that:
The government of
The janjaweed and military of the Sudanese government
are responsible for razing 90 percent of
The Sudanese government and janjaweed militias have
continued their attacks despite the Darfur Peace Agreement brokered, in part,
International companies operating in
(5) Responding to the genocide, nearly 100 universities, cities, states, and private pension plans have divested from companies that do business with the Sudanese government.
(6) Investment in companies intimately linked to genocide is not only immoral, it presents a material risk for investors.
(b) Purpose- This law is enacted to prevent the state form giving indirect financial support to genocide and to protect the state from undue risk as an investor.
Definitions- In this section, ‘Government of Sudan’
does not include the government of
(d) Rules of Divestment.
The assets of a pension or annuity fund under the
jurisdiction of the State shall not be invested in the stocks, securities or
other obligations of a company which directly or through a subsidiary is
engaged in business in the nation of or with the government of
(2) The Board of Pension Trustees shall take appropriate action to sell, redeem, divest or withdraw any investment holding in violation of paragraph (1) of this subsection However, paragraph (1) of this subsection shall not be construed to require the premature or otherwise imprudent sale, redemption, divestment or withdrawal of an investment, but such sale, redemption, divestment or withdraw shall be completed within the following guidelines:
a. At least 30 percent of the retirement system’s assets in such companies shall be divested within four months after the effective date of this Act.
b. At least 60 percent of the retirement system’s assets in such companies shall be divested within eight months after the effective of this Act.
c. One hundred percent of the retirement system’s assets in such companies shall be divested within 12 months after the effective date of this Act.
(3) Within 60 days of the effective date of this Act, the Board of Pension Trustees shall report to the General Assembly a list of all investments held as of the effective date of this Act which are in violation of paragraph (1) of this subsection. Annually thereafter, the Board shall report on all investments sold, redeemed, divested or withdrawn in compliance with this section.
If it is determined by the Board of Pension Trustees that
a company, which had previously been considered to have been engaged in
business directly or through a subsidiary in or with
(5) Nothing in this Act shall alter or diminish existing fiduciary or statutory obligations and other terms, conditions, and limitations on the investment of retirement system assets for the exclusive interest and benefit of participants and beneficiaries of a retirement system.
(e) Expiration of Divestment- In
the event that the government of
Section 4. Effective Date. This Act shall take effect on
requires that the Board of Pension Trustees divest state-administered pension
fund investments from companies, banks and financial institution that have
ties to, or activities in
Assembly and the state are deeply concerned over the poor human rights
Author: Senator McDowell