Sudan-related divestment on table
Julie Poppen, Rocky Mountain News
Published January 22, 2007 at midnight
Legislation is expected to be introduced today that would force PERA to divest $137 million in pension funds from firms that do business with the Sudanese government.
The Public Employees Retirement Association manages $37 billion for the state's teachers, college staff and government workers.
"With their help we're going to stop the first genocide of the 21st century," Scott Wisor, senior field organizer for the Sudan Divestment Task Force, said Sunday at the African Community Center.
PERA is the largest entity that would be affected by the legislation.
Backers say cutting off money to the government is the only way to stop a genocide in the Darfur region that has claimed 400,000 lives and forced 2.5 million from their homes since 2003.
The bill targets the worst offending companies, such as PetroChina and Sinopec, and makes provisions for those that shift resources to southern Sudan for rebuilding.
Six states have passed similar legislation, and more than 20 others are considering doing so, Wisor said. Thirty universities have divested funds from Sudan, including the University of Colorado.
PERA, while condemning the Darfur genocide, has raised concerns.
PERA says it will have to pay nearly $1 million per year to determine what companies have ties to Sudan, pay transaction fees and create new investment strategies. PERA also worries about "reduced investment return," according to a statement on its Web site.
PERA officials say the state should cover those costs.
"Such an approach would spread the cost to all Colorado taxpayers and would add the voice of the entire state's citizenry to the call for action."
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