§ 35-10-14 - Investment in corporations doing business in Northern Ireland.
SECTION 35-10-14
§ 35-10-14 Investment in corporationsdoing business in Northern Ireland. – (a) Notwithstanding any general or special law or regulation to the contrary,the general treasurer, acting as the treasurer/custodian of the stateemployees' retirement system and the teachers' retirement system, and as thechairperson of the state investment commission, is authorized and directed tomonitor, by reference to reports of the investor responsibility research centeror such other sources as he or she may deem useful and appropriate, the extentto which corporations organized under the laws of the United States or theseveral states and operating in Northern Ireland, in which the assets of theretirement systems or of the pension reserves investment trust fund areinvested, adhere to principals of nondiscrimination in employment and freedomof workplace opportunity. In conducting the survey, the general treasurer mayutilize any information presently available relative to similar pension plans.In making this determination, the general treasurer shall consider, withoutlimitation, the following standards for corporate activity:
(1) Equal access to employment, promotion, andjob-preservation without regard to religious affiliation or other minoritystatus;
(2) The promotion of religious tolerance within theworkplace, and the eradication of any manifestations of religious and otherillegal discrimination;
(3) Adherence to other legal and regulatory guidelines fornondiscrimination and equality of opportunity existing in Northern Ireland; and
(4) Adherence to the MacBride Principles for NorthernIreland, so-called.
(b) The general treasurer shall set forth the results of theinvestigation by filing a report with the clerks of the house ofrepresentatives and of the senate not later than December 31 of each year. Thereport shall include, but not be limited to, the names and addresses of allUnited States corporations operating in Northern Ireland in which the assets ofthe retirement systems or trust fund are invested, and the findings of thegeneral treasurer relative to these corporations' adherence to the standardsfor corporate activity as set forth in subsection (a). The general treasurershall also report his or her recommendations, if any, consistent with prudentfiduciary practice, based upon the findings of the investigation. The reportshall be available for public inspection in the offices of the clerks of thehouse of representatives and of the senate, and in the office of the generaltreasurer.
(c) The general treasurer, subject to the approval of thecommission, shall, where necessary, appropriate, and consistent with prudentstandards for fiduciary practice, support shareholder petitions or initiativesrequiring corporate action in compliance with the standards fornondiscrimination set forth in this section.
(d) It is not the intent of this section to diminish thepresent portfolio and it is not the intent of this section to injure thefragile economy of Northern Ireland. The general treasurer, in accordance withsound investment criteria, is encouraged to make future pension fundinvestments in United States firms which conduct business in Northern Irelandand which abide by the MacBride Principles of fair employment. Should all orany of the United States firms in which Rhode Island state pension funds areinvested refuse to comply with the MacBride Principles, the general treasurer,in accordance with sound investment criteria, does have the option and isencouraged to remove these funds and invest them in United States firms whichconduct business in Northern Ireland and which abide by the MacBride Principlesof fair employment.