Gov. Rick Perry today signed Senate Bill 247, which directs the state Employees Retirement System (ERS) and Teachers Retirement System (TRS) to divest financial holdings in companies doing business in Sudan.
"As one of the richest nations in the world, our country holds both tremendous power and great influence," said Perry. "The brutal attacks on the people of Darfur are sickening. And what is worse, they are coming from the very body that should be protecting them: the Sudanese government.
"I am proud that lawmakers joined me in demanding resources be pulled from this country of carnage. Texas is setting an example for the rest of the nation - and the world - that these unconscionable acts will not be tolerated or supported."
The Sudanese government is responsible for mass genocide and other inhumane attacks on their people. Today, 17 states, including Texas, have adopted divestment policies. SB 247 specifically directs divestment of funds that have a direct relation to the atrocities taking place in Sudan. The Comptroller's Office will compile and publish a list of prohibited companies and update on a quarterly basis. ERS and TRS will give written notice to companies recognized as actively participating or linked to genocide, and provide a timeline for companies to discontinue business with Sudan.
SB 247 takes effect January 1, 2008.