CT HB07084

State Treasurer must review major investment holdings to identify state funds invested in companies doing business in Venezuela, effective October 1, 2019.

Treasurer may divest or decline future investments in companies doing business in Venezuela, and must divest from any company issuing securities to Venezuela.

Mandatory divestment factors include revenues paid directly to Venezuela's government, contracts with Venezuelan government entities, involvement in oil-related activities, obstruction of lawful inquiries, sanctions circumvention attempts, and federal authorization status.

Treasurer shall encourage companies with state investments operating in Venezuela to act responsibly and not enable Venezuela's corruption or impoverishment of its people, consistent with fiduciary duties.

Treasurer must provide annual reports to the Investment Advisory Council on divestment actions taken under this section.