Protecting Pennsylvania's Investments Act - Pennsylvania Treasury
Protecting Pennsylvania's Investments Act - Pennsylvania Treasury
Protecting Pennsylvania's Investments Act - Pennsylvania Treasury
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Annual Report of <strong>Act</strong>ivities Pursuant to <strong>Act</strong> 44 of 2010 September 30, 2011<br />
Table of Contents<br />
Introduction ____________________________________________________________ 4<br />
Primary Requirements of <strong>Act</strong> 44 _____________________________________________ 5<br />
Definition of a Scrutinized Company __________________________________________ 6<br />
Independence of South Sudan and Impact on <strong>Act</strong> 44 _____________________________ 8<br />
<strong>Act</strong>ivities Timeline ________________________________________________________ 9<br />
Timeline A: Fund <strong>Act</strong>ivities Timeline ________________________________________ 9<br />
Response of Certain Public Funds ____________________________________________ 10<br />
Methodology Used to Determine Scrutinized Companies ________________________ 10<br />
Table 1a: Most Recent List of Scrutinized Companies Determined as Having<br />
Involvement in Sudan. __________________________________________________ 11<br />
Table 1b: Most Recent List of Scrutinized Companies Determined as Having<br />
Involvement in Iran. ____________________________________________________ 13<br />
Table 2: List of Prohibited <strong>Investments</strong> _____________________________________ 15<br />
Table 3: Change Log for Scrutinized Lists ____________________________________ 19<br />
Engagement and Company Correspondence ____________________________________ 21<br />
Table 4: Date of Written Notice Informing the Scrutinized Companies as to<br />
Their Status ___________________________________________________________ 21<br />
Table 5: Correspondence from Companies Initially Determined as Directly Held<br />
by One or More of the Four Funds __________________________________________ 24<br />
Table 6: Correspondence from Companies Initially Determined as Not Directly<br />
Held by One or More of the Four Funds _____________________________________ 25<br />
Divestment Process and <strong>Act</strong>ivities____________________________________________ 26<br />
Timeline B: Scrutinized Company Divestment Timeline _________________________ 26<br />
Table 7: Current Divestment Schedule of Scrutinized Companies _________________ 27<br />
Investment Transactions Related to Scrutinized Companies _______________________ 29<br />
Table 8: Investment Transactions Related to Scrutinized Companies ______________ 29<br />
Cost of <strong>Investments</strong> ______________________________________________________ 30<br />
Conclusion ______________________________________________________________ 31<br />
Appendix A: Letter Sent to U.S. Attorney General Eric Holder and Acknowledgement ___ 32<br />
Appendix B: Letter Templates for Scrutinized Companies _________________________ 35<br />
Appendix C: Securities Held by Funds ________________________________________ 39<br />
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