§ 35-10-14. Investment in corporations doing business in Northern Ireland.
(a) Notwithstanding any general or special law or regulation to the contrary, the general
treasurer, acting as the treasurer/custodian of the state employees' retirement system
and the teachers' retirement system, and as the chairperson of the state investment
commission, is authorized and directed to monitor, by reference to reports of the
investor responsibility research center or such other sources as he or she may deem
useful and appropriate, the extent to which corporations organized under the laws
of the United States or the several states and operating in Northern Ireland, in which
the assets of the retirement systems or of the pension reserves investment trust fund
are invested, adhere to principals of nondiscrimination in employment and freedom
of workplace opportunity. In conducting the survey, the general treasurer may utilize
any information presently available relative to similar pension plans. In making this
determination, the general treasurer shall consider, without limitation, the following
standards for corporate activity:
(1) Equal access to employment, promotion, and job-preservation without regard to religious
affiliation or other minority status;
(2) The promotion of religious tolerance within the workplace, and the eradication of
any manifestations of religious and other illegal discrimination;
(3) Adherence to other legal and regulatory guidelines for nondiscrimination and equality
of opportunity existing in Northern Ireland; and
(4) Adherence to the MacBride Principles for Northern Ireland, so-called.
(b) The general treasurer shall set forth the results of the investigation by filing a
report with the clerks of the house of representatives and of the senate not later
than December 31 of each year. The report shall include, but not be limited to, the
names and addresses of all United States corporations operating in Northern Ireland
in which the assets of the retirement systems or trust fund are invested, and the
findings of the general treasurer relative to these corporations' adherence to the
standards for corporate activity as set forth in subsection (a). The general treasurer
shall also report his or her recommendations, if any, consistent with prudent fiduciary
practice, based upon the findings of the investigation. The report shall be available
for public inspection in the offices of the clerks of the house of representatives
and of the senate, and in the office of the general treasurer.
(c) The general treasurer, subject to the approval of the commission, shall, where necessary,
appropriate, and consistent with prudent standards for fiduciary practice, support
shareholder petitions or initiatives requiring corporate action in compliance with
the standards for nondiscrimination set forth in this section.
(d) It is not the intent of this section to diminish the present portfolio and it is not
the intent of this section to injure the fragile economy of Northern Ireland. The
general treasurer, in accordance with sound investment criteria, is encouraged to
make future pension fund investments in United States firms which conduct business
in Northern Ireland and which abide by the MacBride Principles of fair employment.
Should all or any of the United States firms in which Rhode Island state pension funds
are invested refuse to comply with the MacBride Principles, the general treasurer,
in accordance with sound investment criteria, does have the option and is encouraged
to remove these funds and invest them in United States firms which conduct business
in Northern Ireland and which abide by the MacBride Principles of fair employment.