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SENATE COMMITTEE ON SOCIAL CONCERNS MINUTES OF MEETING OCTOBER 9, 2006 [In these minutes: Divestment from Sudan]

SENATE COMMITTEE ON SOCIAL CONCERNS MINUTES OF MEETING OCTOBER 9, 2006
[These minutes reflect discussion and debate at a meeting of a committee of the University of Minnesota Senate; none of the comments, conclusions or actions reported in these minutes represent the views of, nor are they binding on, the Senate, the Administration or the Board of Regents.]

PRESENT: Mani Subramani, chair, Joseph Marchesani, Jennifer Oliphant, Peter Hiniker, Brandi Hoffman, Richard Lidstad, Elizabeth Richardson, Benton Schnabel, Julia Washenberger, Carolyn Chalmers, Greg Schooler, Kenneth Heller, Catherine Jordan, Mira Reinberg

REGRETS: Todd Tratz, Amelious Whyte, Katherine Fennelly, David Fox, Ajay Skaria, David Gysbers

ABSENT: Craig Hassel

GUESTS: Professor Norman Bowie, Carlson School of Management; Bill Cunningham, social investment advisor, Creative Investment Research; Stuart Mason, chief investment officer, Office of Asset Management

I). Professor Subramani called the meeting to order, welcomed t…

SEC Adopts Regulations to Implement Sudan Accountability and Divestment Act of 2007

According to the SEC, "The Securities and Exchange Commission has adopted rules requiring a registered investment company (fund) to disclose when it divests, in accordance with the Sudan Accountability and Divestment Act of 2007, from securities of issuers that the fund determines conduct or have direct investments in certain business operations in Sudan. The Commission adopted the rules on April 24, 2008. The Sudan Accountability and Divestment Act required the SEC to prescribe regulations requiring this disclosure by April 29, 2008.

On Dec. 31, 2007, the President signed the Sudan Accountability and Divestment Act into law. Among other things, the Act provides that no person may bring any civil, criminal, or administrative action against any fund, or any employee, officer, director, or investment adviser of the fund, based solely upon the fund divesting from securities issued by persons that the fund determines, using credible information that is available to the public, conduct…