Protecting Pennsylvania's Investments Act - Pennsylvania Treasury

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Annual Report of Activities Pursuant to Act 44 of 2010 September 30, 2011 September 30, 2011 Last year, the Pennsylvania General Assembly enacted Act 44 of 2010, which requires the divestment of public funds from companies having scrutinized business activities in Iran and/or Sudan that meet certain thresholds of activity. Additionally, the Act prohibits Pennsylvania’s public funds from purchasing securities from companies that appear on the scrutinized business activities lists regardless of the funds’ direct holdings in such companies. Act 44 requires that the public funds assemble and provide a report to the Governor, the President Pro Tempore of the Senate, the Speaker of the House of Representatives, and each member of the boards of the Pennsylvania Municipal Retirement System, the State Employees’ Retirement System, and the Public School Employees’ Retirement System. Accordingly, we have prepared this report on the activities our funds have undertaken to comply with requirements of the Act. This report includes: � The most recent scrutinized companies lists (Sudan and Iran) � A summary of correspondence with scrutinized companies � All investments sold, redeemed, divested or withdrawn in compliance with Act 44, the costs and expenses of such transfers, and a determination of net gain or loss on account of such transactions incurred in compliance with the act � A list of publicly traded securities held by the public funds. Page 1 of 138
Annual Report of Activities Pursuant to Act 44 of 2010 September 30, 2011 A copy of the Act can be downloaded from the Internet by going to http://www.legis.state.pa.us/cfdocs/legis/home/session.cfm (Go to section entitled “by Bill,” select the 2009-2010 Regular Session and enter SB 928). Sincerely, Robert M. McCord Pennsylvania Treasurer Leonard Knepp Executive Director State Employees’ Retirement System of Pennsylvania Jeffrey Clay Executive Director Public School Employees’ Retirement System of Pennsylvania James Allen Secretary Pennsylvania Municipal Retirement System Page 2 of 138
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Protecting Pennsylvania's Investments Act - Pennsylvania Treasury

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