BILL NUMBER: SB 1632	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Figueroa

                        FEBRUARY 20, 2004

   An act to add Section 12334 to the Government Code, relating to
the Treasurer.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1632, as introduced, Figueroa.  Treasurer: pension plan
investments.
   Existing law requires the Treasurer to receive and keep moneys
belonging to the state and to provide specified periodic reports to
the Governor and the public.  The Treasurer is an ex officio member
of the retirement boards of the Public Employees' Retirement System
and the State Teachers' Retirement System.
   This bill would authorize the Treasurer to obtain specified
information from a corporation, if the stock of the corporation is
held by a public pension system in the state, or from an external
fund manager of a public pension system, as specified, and to
biannually report its findings regarding that information to the
public.
   Vote:  majority.  Appropriation:  no.  Fiscal committee:  yes.
State-mandated local program:  no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:


  SECTION 1.  Section 12334 is added to the Government Code, to read:

   12334.  (a) The Treasurer may request the following information
from any corporation described in subdivision (b) not more often than
once every six months:
   (1) Whether the corporation does business in nations that have
been identified by the United States Department of State as
supporting terrorism.
   (2) Whether the corporation does business with organizations that
the United States Department of State has identified as supporting
terrorism.
   (3) Whether the corporation directly or indirectly uses or
benefits from slave or child labor.
   (4) Whether the corporation has been directly or indirectly cited
for public health or human rights violations abroad or domestically.

   (b) This section shall apply to any corporation if the capital
stock of the corporation is held in the investment portfolio of a
public pension system in this state.
   (c) The Treasurer may also request the information described in
subdivision (a) regarding a corporation described in subdivision (b)
from any external fund manager that manages an investment portfolio
for a public retirement system.
   (d) Every six months, there shall be placed on file for public
inspection during business hours at the office of the Treasurer, and
on the Treasurer's Web site, a report by the Treasurer with respect
to the information, if any, gathered pursuant to this section during
the immediately preceding six months.