US - The US$115bn Teacher Retirement System (TRS) of Texas may be forced to divest over US$60m from companies with dealings in Sudan under laws that came into effect on New Years Day.
These include a total $34.8m stake in Petrochina Corporation, $9m in Sinopec Shanghai Petrochemical Co and $7m in power generation firm Alstom.
The TRS' policy on Sudanese divestment requires it to seek clarification of each company's activities in the country; with a view to 100% divestment over an 18 month timescale should investment requirements not be met.
These criteria include controls on oil and mineral extraction and the non-supply of military equipment to the government unless it can be proven beyond doubt the material will not be used "to facilitate offensive military actions".
The TRS told Global Pensions the divestment would have "no material impact" on the performance of the fund but declined to comment on the political ramifications of doing so.
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