Protecting Pennsylvania's Investments Act - Pennsylvania Treasury

Annual Report of Activities Pursuant to Act 44 of 2010 September 30, 2011
September 30, 2011
Last year, the Pennsylvania General Assembly enacted Act 44 of 2010, which requires the
divestment of public funds from companies having scrutinized business activities in Iran
and/or Sudan that meet certain thresholds of activity. Additionally, the Act prohibits
Pennsylvania’s public funds from purchasing securities from companies that appear on the
scrutinized business activities lists regardless of the funds’ direct holdings in such
companies.
Act 44 requires that the public funds assemble and provide a report to the Governor, the
President Pro Tempore of the Senate, the Speaker of the House of Representatives, and
each member of the boards of the Pennsylvania Municipal Retirement System, the State
Employees’ Retirement System, and the Public School Employees’ Retirement System.
Accordingly, we have prepared this report on the activities our funds have undertaken to
comply with requirements of the Act.
This report includes:
� The most recent scrutinized companies lists (Sudan and Iran)
� A summary of correspondence with scrutinized companies
� All investments sold, redeemed, divested or withdrawn in compliance with Act 44,
the costs and expenses of such transfers, and a determination of net gain or loss
on account of such transactions incurred in compliance with the act
� A list of publicly traded securities held by the public funds.
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