Hawaii Senate Bill SB1311

Hawaii 2024 Regular Session

• Introduced: 1/25/23
• Refer: 1/30/23
• Report Pass: 2/17/23
• Report Pass: 3/3/23
• Refer: 2/17/23
• Engrossed: 3/7/23
• Refer: 3/9/23
• Report Pass: 3/16/23
• Report Pass: 4/6/23
• Refer: 3/16/23

Caption

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

Impact

The repeal of Act 192 signifies a significant shift in how Hawaii manages ethical investments, especially concerning international human rights issues. As the federal stance on Sudan has changed, proponents suggest that it is appropriate for state laws to reflect this new reality. The potential impacts include improved investment strategies for the ERS and a more favorable investment climate for companies operating without the pressure of divestment related to international conflicts.

Summary

SB1311 aims to repeal Act 192 of the Session Laws of Hawaii 2007, which mandates the Employees' Retirement System (ERS) to divest investments in companies supporting genocide in Darfur, Sudan. The bill arises from the evolving situation in Sudan, where the U.S. government has lifted sanctions and recognized the country's steps towards humanitarian aid and peace. By repealing Act 192, the ERS is no longer required to publicly report on their divestment status, which supporters argue enhances financial flexibility and aligns investment practices with current federal policy.

Contention

Opponents of the repeal might view this move as an abandonment of ethical considerations in state investments, particularly relating to human rights violations. While proponents cite the need for flexibility and alignment with federal policy, critics could argue that it undermines the state's commitment to global humanitarian issues, particularly concerning ongoing concerns about human rights abuses in Sudan. The discussion around SB1311 highlights the delicate balance between ethical investment strategies and the dynamic nature of international relations.