12F.3 - IDENTIFICATION OF COMPANIES -- NOTICE.
12F.3 IDENTIFICATION OF COMPANIES -- NOTICE.
1. a. By July 1, 2007, the public fund shall make its best
efforts to identify all scrutinized companies in which the public
fund has direct or indirect holdings or could possibly have such
holdings in the future and shall create and make available to the
public a scrutinized companies list for that public fund. The list
shall further identify whether the company has inactive business
operations or active business operations. The public fund shall
review and update, if necessary, the scrutinized companies list and
the determination of whether a company has inactive or active
business operations on a quarterly basis thereafter.
b. In making its best efforts to identify scrutinized
companies and companies with inactive business operations or active
business operations, the public fund may review and rely, in the best
judgment of the public fund, on publicly available information
regarding companies with business operations in Sudan, such as
information provided by the Sudan divestment task force, and
including other information that may be provided by nonprofit
organizations, research firms, international organizations, and
government entities. The public fund may also contact asset managers
and institutional investors for the public fund to identify
scrutinized companies based upon industry-recognized lists of such
companies that the public fund may have indirect holdings in.
2. a. For each company on the scrutinized companies list with
only inactive business operations in which the public fund has direct
or indirect holdings, the public fund shall send a written notice
informing the company of the requirements of this chapter and
encouraging it to continue to refrain from initiating active business
operations in Sudan until it is able to avoid scrutinized business
operations. The public fund shall continue to provide such written
notice on an annual basis if the company remains a scrutinized
company with inactive business operations.
b. For each company on the scrutinized companies list with
active business operations in which the public fund has direct or
indirect holdings, the public fund shall send a written notice
informing the company of its status as a scrutinized company with
active business operations and that it may become subject to
divestment and restrictions on investing in the company by the public
fund. The notice shall offer the company the opportunity to clarify
its Sudan-related activities and shall encourage the company to
either cease its scrutinized business operations or convert such
operations to inactive business operations in order to avoid becoming
subject to divestment and restrictions on investment in the company
by the public fund. The public fund shall continue to provide such
written notice on an annual basis if the company remains a
scrutinized company with active business operations. Section History: Recent Form
2007 Acts, ch 39, §3
Referred to in § 12F.4, 12F.5, 12F.7