OFA Bill Analysis

SB 285

AN ACT CONCERNING THE MACBRIDE PRINCIPLES.

SUMMARY:

Under current law, the State Treasurer is required to divest the Connecticut Retirement Plans and Trust Funds of investments in companies that have not implemented the MacBride Principles. This bill changes statutory language to give the Treasurer greater discretion in divestiture decisions and sunsets the requirement for such divestitures after January 1, 2020.

EFFECTIVE DATE: July 1, 2012

BACKGROUND

The MacBride Principles are a corporate code of conduct for U. S. companies doing business in Northern Ireland. The Principles were initiated, proposed and launched by the Irish National Caucus in November 1984, and designed to address religious discrimination in the workplace. They consist of nine fair employment and affirmative action principles. The Principles deal with such issues as security for minority employees both at work and while traveling to work, the banning of provocative religious or political emblems in the workplace, and increasing the representation of Catholics in the workplace.

COMMITTEE ACTION

Finance, Revenue and Bonding Committee

Joint Favorable

Yea

47

Nay

8

(4/3/2012)