CalPERS Votes to Bar Sudan-related Investments

May 16, 2006 ( - Trustees of the California Public Employees' Retirement System (CalPERS) voted to bar investments in nine multinational corporations doing business with the Sudanese government.

While CalPERS has no holdings in the nine companies, experts and activists say the decision by the $208 billion fund puts red flags on these companies for other institutional investors, according to a news release.

The California State Teachers’ Retirement System (CalSTRS) voted in April to dump its holdings in firms doing business in Sudan (See  CalSTRS Approves Sudan Divestment).

At the same time it voted to bar investments in the nine corporations, CalPERS warned lawmakers against requiring Sudan divestment without assuring the state would cover possible related fund losses, the release said.

Other states have already passes mandates requiring divestment in Sudan-related investments (See  Measure Requiring Sudan Divestment Passed in ME ).

The nine companies, which already have been targeted for divestment by the University of California (See  UC Regents Approve Sudan Divestment Program), are: 

  • Bharat Heavy Electricals Ltd. of India, an energy pipeline and power generating engineering company.
  • ChinaPetroleum and Chemical Corp.
  • Nam Fatt Co., a Malaysian construction company.
  • Oil & Natural Gas Co. of India.
  • PECD Bhd., a Malaysian engineering and construction company
  • PetroChina Co., a publicly traded subsidiary of China National Petroleum Corp.
  • Sudan Telecom Co.
  • Tatneft OAO, a Russian oil company.
  • Videocon Industries Ltd. of India, a giant conglomerate with oil and gas operations.