Protecting Pennsylvania's Investments Act - Pennsylvania Treasury

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Annual Report of Activities Pursuant to Act 44 of 2010 September 30, 2011 Table of Contents Introduction ____________________________________________________________ 4 Primary Requirements of Act 44 _____________________________________________ 5 Definition of a Scrutinized Company __________________________________________ 6 Independence of South Sudan and Impact on Act 44 _____________________________ 8 Activities Timeline ________________________________________________________ 9 Timeline A: Fund Activities Timeline ________________________________________ 9 Response of Certain Public Funds ____________________________________________ 10 Methodology Used to Determine Scrutinized Companies ________________________ 10 Table 1a: Most Recent List of Scrutinized Companies Determined as Having Involvement in Sudan. __________________________________________________ 11 Table 1b: Most Recent List of Scrutinized Companies Determined as Having Involvement in Iran. ____________________________________________________ 13 Table 2: List of Prohibited Investments _____________________________________ 15 Table 3: Change Log for Scrutinized Lists ____________________________________ 19 Engagement and Company Correspondence ____________________________________ 21 Table 4: Date of Written Notice Informing the Scrutinized Companies as to Their Status ___________________________________________________________ 21 Table 5: Correspondence from Companies Initially Determined as Directly Held by One or More of the Four Funds __________________________________________ 24 Table 6: Correspondence from Companies Initially Determined as Not Directly Held by One or More of the Four Funds _____________________________________ 25 Divestment Process and Activities____________________________________________ 26 Timeline B: Scrutinized Company Divestment Timeline _________________________ 26 Table 7: Current Divestment Schedule of Scrutinized Companies _________________ 27 Investment Transactions Related to Scrutinized Companies _______________________ 29 Table 8: Investment Transactions Related to Scrutinized Companies ______________ 29 Cost of Investments ______________________________________________________ 30 Conclusion ______________________________________________________________ 31 Appendix A: Letter Sent to U.S. Attorney General Eric Holder and Acknowledgement ___ 32 Appendix B: Letter Templates for Scrutinized Companies _________________________ 35 Appendix C: Securities Held by Funds ________________________________________ 39 Page 3 of 138
Annual Report of Activities Pursuant to Act 44 of 2010 September 30, 2011 Introduction On July 2, 2010, Governor Ed Rendell signed Act 44 of 2010 (hereafter “the Act” or “Act 44”). Act 44 requires that Pennsylvania’s public funds compile and publish lists of “scrutinized companies.” These lists comprise companies identified as having prohibited business operations in Iran or Sudan (as defined by Act 44). Furthermore, the Act prohibits Pennsylvania public funds from acquiring the securities of scrutinized companies in the future and requires them to divest the securities of scrutinized companies that fail to take action required by the Act with respect to their scrutinized activities within a specified period of time. Because they face the same responsibilities, the Pennsylvania Treasury Department, the State Employees’ Retirement System, the Public School Employees’ Retirement System, and the Pennsylvania Municipal Retirement System (“the Four Funds”) have chosen to work together to comply with the Act. The Four Funds are coordinating their activities through the Pennsylvania Treasury Department. This report is submitted on behalf of the Four Funds and has been prepared pursuant to the reporting requirements found in Act 44. Page 4 of 138
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