AB 1320 (Nazarian) – Turkish Investment Vehicle Divestment
Prohibits the CalSTRS and CalPERS boards from making additional or new investments or renewing existing investments in any investment vehicle issued, owned, controlled or managed by the government of Turkey, immediately upon passage of a federal law that imposes sanctions on the government of Turkey for failure to acknowledge its responsibility for the Armenian Genocide, and requires divestment from such investments within 18 months of the passage of such a federal law, subject to the fiduciary duty of the boards.
Requires the boards, within one year of the passage of such a federal law, to report to the Legislature any investments in a Turkish investment vehicle and other specified information.
Also indemnifies present, former and future board members, officers and employees of and investment managers under contract with those retirement systems for actions related to the bill.
Also provides for repeal of its provisions on the earlier of either a determination that the government of Turkey has officially acknowledged its responsibility for the Armenian Genocide or January 1, 2025.
- Version: Amended 4/4/2019
- Sponsor: Author
- Location: Assembly Appropriations Committee
- Board Position: Oppose