AK SB131

The commissioner of revenue must create and maintain a quarterly list of publicly traded companies conducting business operations in Iran that meet or exceed the $20,000,000 threshold under the Iran Sanctions Act of 1996.

State funds including the Alaska Permanent Fund, retirement systems, Supplemental Annuity Plan, and deferred compensation program must divest from companies on the scrutinized list within 90 days of identification, unless investments are commingled or index funds.

Companies identified for the list receive written notice and a 90-day comment period before being added; companies can avoid listing by demonstrating their Iran operations do not exceed $20,000,000 or fall within federal exemptions for licensed activities, humanitarian work, health/education services, or retail petroleum sales.

The commissioner of revenue, fiduciaries, investment managers, and board members acting in good faith compliance are exempt from conflicting state law and immune from liability for divestment decisions.

The divestment requirements automatically repeal once Iran is removed from the U.S. Department of State's list of state sponsors of terrorism or upon a declaration by Congress or the President that the divestment interferes with U.S. foreign policy.