Prohibits the CalSTRS and CalPERS boards from making additional or new investments or renewing existing investments in any company that contracts or subcontracts to build, maintain or provide material for President Trump’s Border Wall. Requires the CalSTRS and CalPERS boards to engage with, and to liquidate their investments in, such a company within 12 months of the company contracting or subcontracting to provide work or material for a border wall. The bill also requires the boards, by January 1, 2019, to report to the Legislature any investment actions related such companies, subject to the fiduciary duty of these boards and indemnifies board members, officers, employees and contracting investment managers for actions related to the bill.
- Version: Amended 3/28/2017
- Sponsor: Author
- Location: Assembly PER&SS Committee
- Board Position: Oppose