(a)  Within ninety (90) days following the effective date of this chapter, the public fund shall make its best efforts to identify all scrutinized companies in which the public fund has direct or indirect holdings or could possibly have such holdings in the future. Such efforts shall include, as appropriate:

(1)  Reviewing and relying, as appropriate in the public fund’s judgment, on publicly available information regarding companies with business operations in Iran, including information provided by nonprofit organizations, research firms, international organizations, and government entities; and/or

(2)  Contacting asset managers contracted by the public fund that invest in companies with business operations in Iran; and/or

(3)  Contacting other institutional investors that have divested from and/or engaged with companies that have business operations in Iran.

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Terms Used In Rhode Island General Laws 35-10.3-3

  • Business operations: means engaging in commerce in any form in Iran, including by acquiring, developing, maintaining, owning, selling, possessing, leasing, or operating equipment, facilities, personnel, products, services, personal property, real property, or any other apparatus of business or commerce. See Rhode Island General Laws 35-10.3-2
  • Iran: means the government of Iran, and includes the territory of Iran and any other territory or marine area, including the exclusive economic zone and continental shelf, over which the government of Iran claims sovereignty, sovereign rights, or jurisdiction, provided that the government of Iran exercises partial or total control over the area or derives a benefit from economic activity in the area pursuant to international arrangements. See Rhode Island General Laws 35-10.3-2
  • Public fund: means Rhode Island state pension funds or the state investment commission in charge of the Rhode Island state pension funds. See Rhode Island General Laws 35-10.3-2

(b)  By the first meeting of the public fund following the ninety (90) day period described in subsection (a), the public fund shall assemble all scrutinized companies identified into a “scrutinized companies list.”

(c)  The public fund shall update the scrutinized companies list on an annual basis based on evolving information from, among other sources, those listed in subsection (a).

History of Section.
P.L. 2013, ch. 173, § 1; P.L. 2013, ch. 225, § 1.