Press release on the adoption of a law to divest Michigan pension funds from companies doing business in South Africa. The press release says after over eight years of struggle and debate in the Michigan Legislature, Governor James J. Blanchard today signed into law one of the most comprehensive South Africa divestiture bills ever passed in the United States; Representative Perry Bullard (D-Ann Arbor), Chair of the Judiciary Committee and a primary proponent of the legislation, hailed the Governor's action. The press release says the Michigan plan requires the state treasurer to draw up a registry of U.S. firms that either have a direct investment in South Africa, or maintain franchise,...
Press release on the adoption of a law to divest Michigan pension funds from companies doing business in South Africa. The press release says after over eight years of struggle and debate in the Michigan Legislature, Governor James J. Blanchard today signed into law one of the most comprehensive South Africa divestiture bills ever passed in the United States; Representative Perry Bullard (D-Ann Arbor), Chair of the Judiciary Committee and a primary proponent of the legislation, hailed the Governor's action. The press release says the Michigan plan requires the state treasurer to draw up a registry of U.S. firms that either have a direct investment in South Africa, or maintain franchise, licensing or management agreements with companies or individuals in that country; the treasurer is then required to begin selling off assets that the state may hold in such companies; State Treasurer Robert Bowman recently indicated that some $4.18 billion in pension funds assets would have to be divested over the five year period permitted by the legislation. The press release includes SCOPE OF IMPACT OF SOUTH AFRICA DIVESTITURE LEGISLATION.
