Divestment Annual Report - Pennsylvania Treasury

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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 � All investments sold, redeemed, divested or withdrawn in compliance with Act 44, the costs and expenses of such transfers, and a determination of net gain or loss on account of such transactions incurred in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. Page 1 of 136
Annual Report of Activities Pursuant to Act 44 of 2010 September 30, 2012 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 David Durbin 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 136
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Divestment Annual Report - Pennsylvania Treasury

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