Divestment Annual Report - Pennsylvania Treasury

Annual Report of Activities Pursuant to Act 44 of 2010 September 30, 2012
September 30, 2012
The Commonwealth of Pennsylvania has enacted legislation (Act 44 of 2010) requiring
public funds to divest from companies doing business in Iran and/or Sudan that meet
certain thresholds of activity. Additionally, Act 44 prohibits Pennsylvania’s public funds
from purchasing securities of a company once it appears on scrutinized business activities
lists, regardless of whether the funds already have direct holdings in such company.
Act 44 requires that the public funds each year 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 the requirements of Act 44 during
the period July 1, 2011 to June 30, 2012.
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� All investments sold, redeemed, divested or withdrawn in compliance with Act 44,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.
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