Mich. Gov. Granholm signs Sudan divestment legislation

by The Associated Press

Friday July 18, 2008, 9:00 AM

LANSING -- Gov. Jennifer Granholm has signed legislation to pull state funds and investments from companies that do business with Sudan and other nations accused of government-supported genocide or terrorism.

The legislation signed this week primarily will affect pension investments in companies that deal with Cuba, Iran, Sudan and Syria. All are on the U.S. State Department's list of terror-sponsoring nations.

Supporters say it's one of the most comprehensive divestment policies in the nation, although several states have enacted at least some similar measures.

The bills set varying timetables for when the Michigan Department of Treasury must divest any holdings the state may have in companies that deal with the affected nations.