Pensions&Investments
Md. drops Shell holdings over Iran
December 28, 2009, 12:01 AM ET
Maryland State Retirement and Pension System, Baltimore, divested more than 1 million shares of common stock valued at more than $38.3 million and $3.5 million in bonds of Royal Dutch Shell and its affiliates because the company does business in Iran, the $31.8 billion system announced earlier this month.
The action is the result of a state law enacted last year that requires the system to consider divesting investments in companies that do business in Iran or Sudan and have no plans to cut those operations.