Hawaii House Bill HB1013

Hawaii 2024 Regular Session

• Introduced: 1/25/23
• Refer: 1/30/23
• Report Pass: 2/14/23
• Report Pass: 3/3/23
• Refer: 2/14/23
• Refer: 3/9/23
• Engrossed: 3/3/23

Caption

Relating To The Repeal Of Act 192, Session Laws Of Hawaii 2007.

Impact

The repeal of Act 192 is significant as it removes the legal obligation for the Employees' Retirement System to continue its divestment from particular companies. This could lead to a reallocation of assets that had previously been barred due to ethical concerns regarding investments in companies involved in human rights violations. Supporters of the repeal argue that reinstating ties with Sudanese entities may facilitate economic growth and development, while critics express concerns over the potential signal this sends regarding accountability for past humanitarian issues.

Summary

House Bill 1013 proposes the repeal of Act 192, Session Laws of Hawaii 2007, which mandated the Employees' Retirement System of the State of Hawaii to divest from any investment in companies that were deemed to significantly support genocide in Darfur, Sudan. The rationale for this repeal is based on changes in the geopolitical landscape, particularly the cessation of genocide as declared by the U.S. government and the revocation of economic sanctions against Sudan. As such, the bill advocates that the circumstances triggering the initial divestment requirement have changed, warranting a legislative update.

Contention

The bill has sparked debates centered around the ethical implications of investing in companies linked to past human rights abuses. Opponents of the repeal may argue that it undermines the efforts to hold such companies accountable and risks normalizing investments in regions with poor human rights records. On the other hand, proponents contend that the evolving political situation in Sudan justifies a reevaluation of prior regulations that are now deemed out of touch with current realities.