Global Business in Iran Database
In-depth metrics and analysis of Iran's international economic partnerships.
CalPERS, Iran Financial Links
description
The California State Public Employees' Retirement System, (CalPERS) is under scrutiny for failing to divest nearly $900 million of assets invested in firms that do business in Iran's energy or defense industries. In 2007, California passed a law mandating the state sell its stakes in such companies. Nearly 23 international companies have been identified from CalPERS $200 billion portfolio. According to a May 2010 report, despite being in violation of a 2008 law, CalPERS has still resisted calls to cease investing in companies that do business in Iran, citing $24 million in transaction fees for getting rid of the investments in question. When asked for comment, CalPERS has maintained that it is talking with companies to withdraw from Iran rather than ceasing investments wholesale though it did not detail its progress on these efforts.
- Country: United States
- Contractor: California Public Employees’ Retirement System (CalPERS)
Status
- Current Status:
- Discussion Date:
- Contract Date:
- Completion Date:
Citation
1. "Hearing probes CalPERS investments' Iran links", San Fransisco Chronicle, 25 February 2010, available at http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/02/24/BA4D1C6KJP.DTL.
2. "Groups say CalPERS, CalSTRS flout Iran divestment law", LA Times, 25 February 2010, available at http://articles.latimes.com/2010/feb/25/business/la-fi-iran-divest25-201....
3. Mike Luery, "On the Money: Pension Funds Breaking the Law?", CBS Broadcasting, May 12, 2010, available at http://cbs13.com/onthemoney/law.calstrs.calpers.2.1691209.html
