US - FTSE Group has announced the launch of its terror-free index series, developed to help pension schemes to comply with new state legislation increasingly being introduced in the US.
Companies with active or current non-humanitarian business ties in or with countries that expose them to global security risk, including Iran, Sudan, Syria and/or North Korea, will be excluded from the indexes.
FTSE said it had been devised in response to exclusion requirements being adopted by US state governments, public and private organisations and investor demand.
Nineteen US states, including New York, New Jersey, Massachusetts, California, Texas, Pennsylvania, Maryland, Missouri and Louisiana have proposed or enacted legislation requiring state plan sponsors to divest from international companies with active business ties to terror-sponsoring countries.
Definitions vary by state with terror-sponsoring countries most commonly identified as Iran, Sudan, Syria and North Korea.
Companies excluded from the FTSE CSAG Terror-Free indexes were informed prior to finalising the construction and given a chance to respond to CSAG's assessment of their business operations.
In a joint statement, FTSE Americas president Jerry Moskowitz and CSAG president and chief executive Roger Robinso, said: "FTSE and CSAG identified demand from institutional investors in the US for the option to invest terror-free and have introduced this new index series to meet it.
"The FTSE CSAG Terror-Free Index Series is also tradable and suitable for the creation of retail investment products such as ETFs and mutual funds."
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