Administration November 1, 2006

Sudanese Investments Get Boot From Tar Heel Pension Fund

November 1, 2006 (PLANSPONSOR.com) - North Carolina's pension fund will sell its holdings in nine companies that officials say provide monetary and military support to the Sudanese government, state Treasurer Richard Moore said today.
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Only about $24 million of the $70 billion pension fund was invested in the companies, according to Moore’s office.  Nonetheless, “Our state pension funds should not be used to invest in companies that profit from genocide,” Moore said in a statement. He said the divestiture “sends a strong message that those who are complicit in the genocide in Sudan will continue to face serious consequences in the world community.”

According to the Herald-Sun, the new state policy relies on information from pension funds in California and other states that have identified the nine companies as the most egregious offenders. North Carolina officials will try to identify other companies that support the Sudanese government.  

The companies are: Bharat Heavy Electricals, China Petroleum and Chemical Corp., Nam Fatt, Oil & Natural Gas Company, PECD Berhad, PetroChina Company, Sudan Telecom Company, Tatneft OAO, and Videocon Industries Limited.

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