A resolution that urges California's two largest public pension
funds not to invest in Russia cleared a California panel on Monday.
The Senate Public Employment and Retirement Committee approved the
measure with a 4-1 bipartisan vote.
Senate Resolution 18 was introduced by Senator Mark Leno, an
openly gay Democrat from San Francisco, in response to laws signed by
President Vladimir Putin. One law prohibits gay couples from
adopting Russian-born children, while a second prohibits the public
promotion of gay rights where minors might be present, effectively
banning Gay Pride marches and similar demonstrations. Russian
officials have said that its “gay propaganda” law would be in
effect at the Winter Olympics at Sochi and that athletes or guests
who violate the law will be detained.
SR 18 calls on CalPERS and CalSTRS, which together manage more
than $400 billion in assets, to stop making direct future investments
in Russia and urges other organizations planning large events inside
Russia, including the Miss Universe Pageant, to find new venues
outside Russia.
“Russia's new anti-gay laws are designed to promote the ongoing
persecution of LGBT people in that country, and they are an
unconscionable affront to LGBT people around the globe,” Leno said
in a statement. “As the host of international events, including
the Winter Olympics and the Miss Universe Pageant, it is unacceptable
that Russia promote discrimination against people based solely on
sexual orientation or gender identity. California joins the
worldwide outrage against these new laws and is in a unique position
as one of the largest economies to make a strong statement that we
will not tolerate nor invest in blatant violations of human rights.”