35-393.05 - Arizona Statutes

35-393.05. Reinvestment in certain companies with scrutinized active business operations (Conditionally Rpld.) Notwithstanding any other law, the public fund may cease divesting from certain scrutinized companies pursuant to section 35-393.02 or reinvest in certain scrutinized companies from which it divested pursuant to section 35-393.02 if a preponderance of the evidence shows that the value of the assets of the affected account of the public fund becomes equal to or less than ninety-nine and one-half per cent of the hypothetical value of the assets of the affected account of the public fund assuming no divestment for any company had occurred under section 35-393.02. For any cessation of divestment, reinvestment or subsequent ongoing investment authorized by this section, the public fund shall provide a written report to the governor, the senate and the house of representatives committees that are responsible for retirement issues, in advance of initial reinvestment, updated annually thereafter as applicable, setting forth the reasons and justification, supported by a preponderance of the evidence, for its decisions to cease divestment, reinvest or remain invested in companies with scrutinized active business operations. This section has no application to reinvestment in companies on the ground that they have ceased to have scrutinized active business operations.