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NY A04827
Bill
Status
2/23/2023
Primary Sponsor
Philip Palmesano
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AI Summary
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Prohibits New York's common retirement fund from investing in stocks, securities, or obligations of cobalt and lithium mining companies that cannot demonstrate through independent monitoring they do not use child labor and meet International Labor Organization standards for worker conditions.
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Prohibits pension and annuity funds under the comptroller's jurisdiction from investing in banks or financial institutions with outstanding loans to or financial activities associated with cobalt or lithium mining, unless those entities meet the same labor standards and monitoring requirements.
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Requires the comptroller to create an exclusion list within six months of enactment identifying all cobalt and lithium producers in which the common retirement fund holds investments, and to make the list publicly available.
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Mandates the comptroller file an initial report within 60 days of completing the exclusion list detailing investments in violation of the act, with annual reports thereafter on divested investments and compliance progress.
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Requires divestment of non-compliant investments within three years of enactment, provided such sales meet sound investment criteria and fiduciary obligations and do not constitute premature or imprudent transactions.
Legislative Description
Enacts the "cobalt and lithium mining and production divestment act" to prevent monies or assets of the common retirement fund from being invested in the stocks, securities or other obligations of any institution or company engaging in cobalt and lithium mining or production for the manufacture of batteries used in large-scale battery storage power stations and the primary propulsion systems for electric vehicles, if such company cannot establish through approved independent monitoring that their mining operation does not use child labor and that adult miners and other workers are employed under conditions that meet accepted criteria.
Last Action
referred to governmental employees
1/3/2024