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Article

26 Sep 2006

Author:
Gilbert Chan, Sacramento Bee

New laws hit Sudan funds

Students reveled Monday in a major victory for their divestment movement as Gov. Arnold Schwarzenegger signed two bills requiring California's public pension funds to shed Sudan-related holdings...Assembly Bill 2941...requires that CalPERS and CalSTRS meet with corporate executives whose operations are generating revenue for the Khartoum government or show complicity in the Darfur crisis. If companies refuse to cooperate or pull out of Sudan, the funds would start selling off their holdings. Assembly Bill 2179...supplies the legal underpinning for UC to carry out its plan to end investments in nine energy and engineering companies that invest in Sudan. Among the targeted businesses are Bharat Heavy Electricals Ltd. of India...China Petroleum and Chemical Corp...Oil & Natural Gas Co. of India; PetroChina Co., a publicly traded subsidiary of China National Petroleum Corp.; and Tatneft OAO, a Russian oil company.