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Palatka pension board adopts state-mandated anti‑boycott language in investment policy
Summary
The board approved an amendment to its Investment Policy Statement adding state-required language that prohibits direct investments in firms that boycott Israel; presenters said the change is driven by state legislation and won’t materially affect current holdings.
The Palatka Pension Board on Dec. 2 voted to amend its Investment Policy Statement to add state-mandated language prohibiting direct investments in companies that boycott Israel. The board approved the change after a presentation from its investment consultant and a brief question period.
The change was introduced by Michael Brennan of BCA, who said the new text is "language from the state, per legislation, regarding prohibiting direct investments in companies or, firms that boycott Israel." Brennan told the board the provision is state-directed and "shouldn't impact any of your investments" and that it would take effect about 30 days after approval.
Board members asked whether the policy would be retroactive and how it would affect specific holdings. Brennan said the amendment is forward‑looking, not retroactive, and that any new large‑cap manager hired after adoption would have to acknowledge the language and avoid direct holdings in companies identified under the state provision. He cited Unilever (owner of Ben & Jerry's) as an example of a security that could be restricted under the language.
Brett Dennis moved to approve the amendment; a second was recorded and the board approved the motion by voice vote. The consultant said the final signed Investment Policy Statement would be returned to staff after the meeting.
The amendment was presented as required compliance with state legislation rather than a discretionary change by the board. The attorney confirmed staff would file the updated statement with the required state report due Dec. 15.
The board’s action was procedural: it adopted the wording requested by the state and recorded no immediate changes to holdings; the consultant and staff said they will handle implementation and signature logistics.
