BILL NUMBER: ACR 79	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Anderson

                        JANUARY 7, 2008

   Relative to the investments of the University of California.


	LEGISLATIVE COUNSEL'S DIGEST


   ACR 79, as introduced, Anderson. University of California:
divestment from Iran.
   This measure would call upon the University of California to
divest from foreign companies with business activities in the Islamic
Republic of Iran.
   Fiscal committee: yes.



   WHEREAS, The Securities and Exchange Commission has determined
that business activities in foreign states, such as Iran, that
sponsor terrorism and that are subject to sanctions by the United
States, may materially harm the share value of foreign companies.
Shares in these foreign companies may be held in the investment
portfolios of the University of California; and
   WHEREAS, Publicly traded companies in the United States are
substantially restricted in doing business in or with foreign states,
such as Iran, that the United States Department of State has
identified as sponsoring terrorism; and
   WHEREAS, The University of California currently invests in
publicly traded foreign companies that may be at risk due to business
ties with foreign states, such as Iran, that sponsor terrorism and
are involved in the proliferation of weapons of mass destruction; and

   WHEREAS, Investments in publicly traded foreign companies that
have business operations in or with foreign states such as Iran are
liable for sanctions under United States law and risk the pensions of
the dedicated employees of the University of California who are
members of the University of California Retirement System, as well as
the university's financial holdings generally; and
   WHEREAS, Divesting from companies with business activities in
foreign states, such as Iran, that sponsor terrorism and excluding
them from the investment portfolios of the University of California
will help protect the financial security of the University of
California from investment losses related to these business
activities and may improve the performance of the university's
investment portfolios; and
   WHEREAS, It is unconscionable for the University of California to
invest in foreign companies with business activities that benefit
foreign states, such as Iran, that commit egregious violations of
human rights and sponsor terrorism; now, therefore, be it
   Resolved by the Assembly of the State of California, the Senate
thereof concurring, That the Legislature hereby calls upon the
University of California to divest from foreign companies with
business activities in the Islamic Republic of Iran.
   Resolved, That the Chief Clerk of the Assembly transmit copies of
this resolution to the author for appropriate distribution.