Public pensions, international affairs and divestment regulations: A critical analysis and call for a model law

Research output: Contribution to journalArticle

Abstract

This article undertakes a critical examination of the state laws of the United States requiring public pension funds to divest from companies that do business with Cuba, Iran, Syria and Sudan, countries that are currently listed as state sponsors of terrorism by the federal government. The article finds that divestment statutes contain legal and public policy deficiencies that are worth revisiting and rectifying. The article argues that a model law that addresses the divestment schemes statutory deficiencies be drafted. The project posits that the voluntary adoption of the proposed model law by the states would ensure the constitutionality of the divestment statutes and would also protect pension fund employees, retirees and government employees. The project, to the best of the author's knowledge, is the first study that analyses the substance of state divestment statutes and places them in a comparative perspective to highlight the laws strengths and weaknesses.

Original languageEnglish (US)
Pages (from-to)80-87
Number of pages8
JournalPensions
Volume17
Issue number2
DOIs
StatePublished - May 1 2012

Fingerprint

Public pensions
Divestment
Statute
Employees
Pension funds
Sudan
Terrorism
Iran
Public policy
Cuba
Federal government
Syria
Sponsor
Government

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics
  • Organizational Behavior and Human Resource Management

Cite this

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abstract = "This article undertakes a critical examination of the state laws of the United States requiring public pension funds to divest from companies that do business with Cuba, Iran, Syria and Sudan, countries that are currently listed as state sponsors of terrorism by the federal government. The article finds that divestment statutes contain legal and public policy deficiencies that are worth revisiting and rectifying. The article argues that a model law that addresses the divestment schemes statutory deficiencies be drafted. The project posits that the voluntary adoption of the proposed model law by the states would ensure the constitutionality of the divestment statutes and would also protect pension fund employees, retirees and government employees. The project, to the best of the author's knowledge, is the first study that analyses the substance of state divestment statutes and places them in a comparative perspective to highlight the laws strengths and weaknesses.",
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Public pensions, international affairs and divestment regulations : A critical analysis and call for a model law. / Ghahramani, Salar.

In: Pensions, Vol. 17, No. 2, 01.05.2012, p. 80-87.

Research output: Contribution to journalArticle

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