The testimony by Joel Fischer says the Hawaii Committee for Africa strongly supports passage of HB 2574. Fischer welcomes the ERS Board of Trustees' plan announced on January 23, 1990 to divest all pension funds from companies doing business with South Africa. He notes that this came after years of intense lobbying coordinated by the Hawaii Committee for Africa, including pressure by all the public unions, most religious and other responsible community groups, and efforts of individual state legislators. This policy was passed some 21 months after the state legislature adopted a resolution calling on all state agencies to divest. Fischer says the policy falls short by not specifying a time...
The testimony by Joel Fischer says the Hawaii Committee for Africa strongly supports passage of HB 2574. Fischer welcomes the ERS Board of Trustees' plan announced on January 23, 1990 to divest all pension funds from companies doing business with South Africa. He notes that this came after years of intense lobbying coordinated by the Hawaii Committee for Africa, including pressure by all the public unions, most religious and other responsible community groups, and efforts of individual state legislators. This policy was passed some 21 months after the state legislature adopted a resolution calling on all state agencies to divest. Fischer says the policy falls short by not specifying a time period and by begin unclear about the process by which funds will be divested. Passage of HB 2574 will set a clear target date for divestment and allow portfolio managers freedom to implement divestment within that time frame and thus insure fiduciary responsibility. Passage of HB 2574, together with the Board of Trustees' policy of January 23, 1990, will be a major step, signaling to South Africa that the State of Hawaii will not tolerate use of its funds to support the South African Government's policies of racial oppression. Hawaii will be joining some 25 other states, 19 counties, 82 cities, and the federal government in taking economic action against apartheid.
