Section 38.1133a - “MacBride principles” defined; duties of investment fiduciary; effect of unlawful principle.
PUBLIC EMPLOYEE RETIREMENT SYSTEM INVESTMENT ACT (EXCERPT)
Act 314 of 1965
38.1133a “MacBride principles” defined; duties of investment fiduciary; effect of unlawful principle.
Sec. 13a.
(1) As used in this section, “MacBride principles” means those requirements for companies doing business in Northern Ireland designed to do all of the following:
(a) Increase the representation of individuals from underrepresented religious groups in the work force including managerial, supervisory, administrative, clerical, and technical jobs.
(b) Provide adequate security for the protection of minority employees both at the workplace and while traveling to and from the workplace.
(c) Ban provocative religious or political emblems from the workplace.
(d) Publicly advertise all employment openings and make special recruitment efforts to attract applicants from underrepresented religious groups.
(e) Provide that layoff, recall, and termination procedures shall not in practice favor particular religious groupings.
(f) Abolish job reservations, apprenticeship restrictions, and differential employment criteria, which discriminate on the basis of religion or ethnic origin.
(g) Develop training programs that will prepare substantial numbers of current minority employees for skilled jobs, including the expansion of existing programs and the creation of new programs to train, upgrade, and improve the skills of minority employees.
(h) Establish procedures to assess, identify, and actively recruit minority employees with potential for further advancement.
(i) Appoint senior management staff members to oversee the efforts to comply with these principles and the implementation of timetables to achieve these principles.
(2) With respect to investments qualified under section 14 or 20k, the investment fiduciary shall use all capital stock, common stock, preferred stock, American depository receipts, or any other evidence of residual ownership of a corporation in which it has investments to support either of the following:
(a) Shareholder resolutions and initiatives proposing the adoption of the MacBride principles for companies doing business in Northern Ireland.
(b) Shareholder resolutions and initiatives proposing to recognize efforts to end employment discrimination contained in any agreement between the government of the Republic of Ireland and the government of the United Kingdom, signed on November 15, 1985, which agreement is commonly referred to as the Anglo-Irish agreement.
(3) If a provision of the MacBride principles is found to be in violation of the law of the United Kingdom by a court in the United States or the United Kingdom, then the duties of the investment fiduciary prescribed by this section shall not apply to the extent that a shareholder resolution or initiative includes the provision that has been found unlawful.
History: Add. 1988, Act 343, Imd. Eff. Oct. 19, 1988 ;-- Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000