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Board adopts IPS change to comply with state statute on company boycotts
Summary
Trustees updated the investment policy statement to add a state statute prohibiting public pensions from investing in companies that boycott Israel; Tyler cited Unilever/Ben & Jerry's as an example and the board voted to accept the IPS change.
Trustees approved an amendment to the investment policy statement (IPS) to reflect a recently passed state statute that, as described during the meeting, prohibits public pensions from investing in companies that boycott Israel. Tyler told the board it is an add-on to the plan’s existing "scrutinized companies" list and cited Unilever/Ben & Jerry's as an example discussed in the statute.
Tyler said, "Earlier this year, the state passed a statute, that basically prohibits, public pensions from, investing in any company that boycotts Israel," and recommended adding the requirement to the IPS as counsel had suggested. A motion to accept the change was made, seconded and the board voted to adopt the update.
The transcript includes discussion that the change is largely an insertion to the existing IPS and that no other major alterations were proposed. Trustees asked procedural questions about final signatures and Tyler confirmed he would send the finalized document for signature.
