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January 10, 2012

 

State Comptroller DiNapoli Statement on Iran Divestment Act of 2012


"New York's Legislature took appropriate action yesterday to prohibit state and local governments from doing business with companies investing in Iran's energy sector. The governor should sign this important legislation," New York State Comptroller Thomas P. DiNapoli said. "As the trustee of the New York State Common Retirement Fund, I took action in 2007 to identify and evaluate companies that the fund was invested in that were doing business in Iran. After extensive due diligence, in 2009 we divested from several companies.

"Iran is supporting terrorism that hurts our country and innocent people. The actions taken by our fund and by the New York State Legislature send a loud message that hopefully will result in change."

DiNapoli divested holdings worth $86 million in nine companies because of their involvement in Iran and Sudan. DiNapoli froze fund holdings in seven other companies. For more information on DiNapoli's actions, go to www.osc.state.ny.us/press/releases/june09/063009a.htm.

The legislation passed, called the "Iran Divestment Act of 2012," would require the Office of General Services to create a public list of individuals or companies engaged in investment activities in Iran which are targeted by the federal law. Individuals or companies would be deemed to be engaged in such investment activities if they provide goods or services, or credit used for goods or services of $20 million or more in the energy sector of Iran.

The legislation does not apply to the New York State Common Retirement Fund.


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