The press release says legislation requiring the State of Michigan to divest its public employees pension funds of $2.85 billion of investments in firms operating in South Africa was announced today at a State House press conference. The press release says the legislation prohibits new investments and requires the state to follow a five-year divestment timetable, selling off at least 20% of the affected pension fund assets each year; passage of the legislation would more than double the $1.3 billion that has been divested nationwide by 4 other states, 20 cities and many universities, including Michigan State University. The press release says in action taken last Friday, May 17, the Board of...
The press release says legislation requiring the State of Michigan to divest its public employees pension funds of $2.85 billion of investments in firms operating in South Africa was announced today at a State House press conference. The press release says the legislation prohibits new investments and requires the state to follow a five-year divestment timetable, selling off at least 20% of the affected pension fund assets each year; passage of the legislation would more than double the $1.3 billion that has been divested nationwide by 4 other states, 20 cities and many universities, including Michigan State University. The press release says in action taken last Friday, May 17, the Board of Directors of the Michigan State Employees Association unanimously endorsed the legislation. The press release says the Representatives were joined by Reverend Maurice Ngakane, a Lutheran minister from South Africa; Althea Williams, President of the Michigan State Employees Association; Akua Budu, Political Action Director of TransAfrica; and David Wiley, Director of the MSU African Studies Center. The press release includes quotes by Representative Virgil Smith (D-Detroit), Representative Perry Bullard (D-Ann Arbor), Representative Nelson Saunders (D-Detroit), and Representative Carolyn Cheeks Kilpatrick (D-Detroit). Documents included with the press release include Press Conference Outline; Divesting Michigan Pension Funds of Investment in Firms Operating in South Africa, Fighting Apartheid Protecting Public Employees' Retirees' Pensions; Divesting Michigan Pension Fund of Investments in Firms Operating in South Africa, Questions and Answers; and The Role of United States Corporations in South Africa: Propping up Apartheid. The press release includes a copy of a newspaper opinion article "We must get out of South Africa" by Clifton R. Wharton, Jr. The press release includes a copy of a newspaper article "LIFE WITH APARTHEID South African rule produces 'pattern of inhumanity' against blacks" by Michael Parks. The press release discusses Union Carbide, people killed in South Africa, bracelets on which are inscribed the names of political prisoners, Deborah Robinson, the House Committee on Economic Development and Energy, the House Judiciary Committee, the House Committee on Senior Citizens and Retirement, the Retirement Committee of the House Appropriations Committee, Ginny Goigzeone, murder, investment, the Financial Mail, U.S. firms, Connecticut. Massachusetts, Michigan. Maryland, Nebraska, public funds, bank loans, direct investment, U.S. based multinationals, foreign capital, the computer market, the auto market, the oil market, homelands (Bantustans), and political rights.
