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NY A06391
Bill
Status
3/4/2025
Primary Sponsor
Philip Palmesano
Click for details
AI Summary
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Prohibits the New York Common Retirement Fund from investing in cobalt and lithium mining or production companies that cannot demonstrate through independent monitoring that they do not use child labor and meet International Labor Organization standards for worker conditions
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Bars pension and annuity funds under the comptroller's jurisdiction from investing in banks or financial institutions with loans to or financial activities associated with non-compliant cobalt and lithium operations
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Requires the comptroller to create an exclusion list of all cobalt and lithium producers in fund investments within six months, to be made publicly available and sent to legislative leaders
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Mandates annual reporting to the legislature on investments held in violation and progress on divestment activities
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Requires divestment of non-compliant investments within three years, while allowing flexibility to avoid premature or imprudent sales consistent with fiduciary obligations
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
1/7/2026