The report says Michigan has adopted one of the most comprehensive laws in the country requiring public employee pension systems to divest of holdings in companies doing business in South Africa; passage of the law is also significant because Michigan is a major institutional investor, with pension fund assets totaling $15.5 billion; in addition, several major U.S. companies that operate in South Africa and that have consistently opposed divestment are based in Michigan, including General Motors (GM), Ford Motor Company, Unisys (formerly Burroughs), and Dow. The report says Michigan's law is only the second state divestment law (along with Missouri) to specifically include various forms of...
The report says Michigan has adopted one of the most comprehensive laws in the country requiring public employee pension systems to divest of holdings in companies doing business in South Africa; passage of the law is also significant because Michigan is a major institutional investor, with pension fund assets totaling $15.5 billion; in addition, several major U.S. companies that operate in South Africa and that have consistently opposed divestment are based in Michigan, including General Motors (GM), Ford Motor Company, Unisys (formerly Burroughs), and Dow. The report says Michigan's law is only the second state divestment law (along with Missouri) to specifically include various forms of indirect business activities in South Africa, such as licensing, management, and franchise agreements; during the past two years, many American firms with direct investments in South Africa restructured their operations there. The report discusses sanctions, the divestment movement, stocks, corporate bonds, IBM, Coca-Cola, Governor James Blanchard, Treasurer Bob Bowman, Samcor, Anglo-American, HB 4935, S 171, the state Supreme Court, universities, banks that made loans to South Africa, the University of Michigan, and the Court of Appeals.
