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ROYAL DUTCH SHELL NAMED AS A COMPANY WITH TIES TO TERRORIST STATES

NEW YORK PENSION FUND LINKED TO TERRORIST STATES, REPORT SAYS

EXTRACT: That number represents 16% of New York State’s total equity assets invested in companies with ties to terrorist states, which include well known conglomerates like the Chevron Corporation ($537,599,794), Coca-Cola ($349,280,545), Royal Dutch Shell ($209,991,294), and Haliburton ($192,237,198).

(The following is a reformatted version of a press release issued by New York State Sen. Jeff Klein, obtained from www.nyssenate34.com.)

Klein Releases Analysis of NY State Assets Tied To Terrorism
Monday, June 18, 2007

NEW YORK — Gathered at the United Nations, the seat of international cooperation, Senator Jeff Klein (D-Bronx/Westchester), joined by Senator Eric Adams (D-Brooklyn), Senator Toby Stavisky (D-Queens), and Senator Craig Johnson (D-Port Washington) released an analysis of New York State pension fund assets invested in companies that do business with nations on the U.S. Department of State’s list of terrorist nations: Syria, Iran, Sudan, and North Korea. The study is based on an analysis of assets listed in the Comptroller’s 2006 Comprehensive Final Annual Report.

The report, compiled with the assistance of Conflict Securities Advisory Group, Inc. a Washington, DC based research and consulting firm that specializes in the assessment and management of global security risk – i.e., the risk associated with corporate ties to countries of security concern, terrorism or weapons proliferation, reveals that the NYS pension fund has approximately $12 billion invested in 235 companies that have direct dealings with terrorist states.

That number represents 16% of New York State’s total equity assets invested in companies with ties to terrorist states, which include well known conglomerates like the Chevron Corporation ($537,599,794), Coca-Cola ($349,280,545), Royal Dutch Shell ($209,991,294), and Haliburton ($192,237,198).

The NY State pension fund, a $140 billion investment, has an overall membership of 995,536 individuals which includes 653,291 members and 342,245 beneficiaries and retirees.

“In this century we face a different kind of enemy than in previous times. Americans should not be financiers of a war against ourselves. As citizens of New York we can show that we are still as united against terrorism as strongly as we were on September 11, but New York’s future can not be in conflict with the crusade for moral righteousness that this country faces on a daily basis. It is our responsibility to oppose the specter of terrorism that looms large over our families and our future by immediately divesting our finances from terrorist states,” said Senator Klein.

To address the issue, Senator Klein has introduced legislation, The New York Terror Free Investment Act of 2007, to limit the investment of public retirement funds in corporate or financial entities doing business in or with the nations of Iran, Syria, North Korea and Sudan, which have been designated by the U.S. State Dept. as state sponsors of terrorism. This bill will require the State Comptroller to use his discretion to divest from and refrain from any further public pension fund investments in Iran, Syria, North Korea and Sudan, as well as to issue a report outlining any current public pension fund investments in these nations within 6 months.

In addition, many other states have enacted or proposed legislation regarding divestment from Iran, including: California, Florida, Georgia, Kansas, Louisiana, New Jersey, Oklahoma, Oregon, Texas, and Missouri.

“By diverting our investments from countries that sponsor terrorist organizations, we are not only securing the future of New York’s investment portfolio, we are making the world safer from terror. New York State should lead the march toward fiscal and moral responsibility,” said Senator Eric Adams.

“I would hope that New York State would invest its retirement funds in a fiscally prudent and socially responsible manner. We should not invest in companies doing business with nations that promote terror abroad and deny human rights at home. Divestiture has been an effective weapon against apartheid in South Africa and genocide in the Darfur region of the Sudan. It’s time to add the Middle Eastern promoters of terror to the list,” said Senator Stavisky.

“Even tyranny cannot stand up to strong and unrelenting economic pressure,” said Senator Craig M. Johnson, (D-Port Washington,) who is sponsoring a measure to enable New York to divest in companies that conduct business in Iran. “Through divestment, New York will be able to use its economic might in a way that will perhaps foster some real changes in the behavior of these terror- promoting countries.”

As the sole trustee, the Comptroller is responsible for the Common Retirement Fund, which represents The New York State and Local Employees’ Retirement System, and the Police and Fire Retirement System, providing pension, death and disability benefits for state and local government employees and employees of certain other participating employers.

(sgp)NY
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Last Updated: June 18, 2007 12:43 EDT

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