Tied To Terrorism
NEW YORK—As a follow-up to his June 2007 analysis of New York State pension fund assets which found that $12 billion of New York's total $75 billion in equity assets are invested in companies that do business with nations that sponsor terrorism, Senator Jeff Klein (D-Bronx/Westchester), today released further information about the exact amount of money invested in companies doing business with Iran, North Korea, Sudan and Syria.
Syria (approx. $9 billion or 12% of the total portfolio). The total exceeds the 235 holdings or 16% of total equity assets cited in Klein's original report, Terrorist Treasury: Investing in Our Enemies, because some companies are active in more than one terror-sponsoring nation.
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, cited several well known conglomerates like the Chevron Corporation ($537,599,794), Coca-Cola ($349,280,545), and Royal Dutch Shell ($209,991,294) with financial ties to terrorist nations.
The study is based on an analysis of assets listed in the Comptroller's 2006 Comprehensive Final Annual Report. A $140 billion investment, the NY State pension fund has an overall membership of 995,536 individuals, including 653,291 active members and 342,245 beneficiaries and retirees.
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.
Sudan, as well as to issue a report outlining any current public pension fund investments in these nations within 6 months. An Assembly companion to that measure is currently being considered by the Assembly Committee on Government Employees.