Connecticut Senate Bill SB00285

Connecticut 2012 Regular Session

• Introduced: 2/29/12
• Refer: 2/29/12
• Report Pass: 4/3/12
• Refer: 4/12/12
• Report Pass: 4/18/12
• Engrossed: 4/25/12
• Report Pass: 4/27/12
• Chaptered: 5/30/12
• Enrolled: 6/1/12
• Passed: 6/15/12

Caption

An Act Concerning The Macbride Principles.

Impact

The passage of SB00285 would significantly impact how Connecticut's state funds are managed in relation to foreign companies, particularly those doing business in Northern Ireland. The State Treasurer would be required to review existing investments and make decisions based on whether companies adhere to the MacBride Principles. This introduces a mechanism for the state to influence corporate practices on a global scale, reinforcing Connecticut's commitment to social equity. By promoting diversity and equal opportunity within the workforce, the bill aligns state financial practices with ethical standards.

Summary

Senate Bill No. 285, titled 'An Act Concerning The MacBride Principles', focuses on revising the state's investment policies regarding companies operating in Northern Ireland. Specifically, it mandates that the State Treasurer assess state funds invested in such companies and encourages those firms to adopt the MacBride Principles, which promote equal employment opportunities for underrepresented religious groups. The bill aims to ensure that state investments are aligned with principles of fairness and diversity, emphasizing the importance of corporate responsibility in social justice.

Sentiment

The sentiment surrounding SB00285 appears largely supportive, particularly among advocates for social justice and corporate accountability. Supporters argue that the bill is a positive step toward ensuring that state investments reflect ethical considerations, particularly in areas historically affected by discrimination. However, there may be some contention regarding the feasibility and enforcement of these principles, with concerns about the potential impact on investment returns and state finances. Overall, proponents view the bill as a necessary action to uphold ethical investment strategies.

Contention

Some notable points of contention involve the applicability and enforcement of the MacBride Principles. Critics may argue that imposing such requirements on companies might deter investment and affect economic relationships with businesses that do not meet these criteria. Additionally, questions could arise regarding the discretion given to the State Treasurer in evaluating compliance and the potential ramifications for companies failing to adhere to the principles. The bill's effectiveness may hinge on the clarity of its implementation guidelines and the willingness of companies to adopt more inclusive practices.