In a Nikkei Asia article, ERISA and benefits partner Joshua Lichtenstein, who heads the firm’s ERISA fiduciary practice, discussed how some states are pressuring public pension funds to divest from Chinese-owned companies.
While laws have passed in Florida and Indiana, the Arizona governor recently vetoed a divestment bill passed by the state legislature over concerns of economic growth.
Joshua explains that in a polarized political climate some state governments are focusing more on the use of pension assets as a tool for messaging broader policy goals. This creates challenges for the pension boards and asset managers because “they have to keep the best interest of the pension plan participants in mind, so they are not looking for fire sale prices,” said Joshua.
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