AB 33 (Bonta) – Private Prison Divestment
Prohibits the CalSTRS and CalPERS boards from making additional or new investments or renewing existing investments of public employee retirement funds in a private prison company, as defined, and requires liquidation of such investments on or before July 1, 2020, subject to the fiduciary duty of the boards. Requires the boards to engage with those companies to establish if the company is transitioning its business model to another industry. 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.
- Version: Introduced 12/3/2018
- Sponsor: Author
- Location: Assembly PE&R Committee
- Board Position: Oppose
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