MN BREAK THE BONDS CAMPAIGN HOLDS THIRD ANNUAL DAY ON THE HILL
[St. Paul] MN Break the Bonds Campaign (MN BBC) is a statewide campaign aimed at stopping the State of Minnesota’s investment of millions of dollars of state retirement funds in Israel’s human rights and international law violations. On March 6, MN BBC will hold its third annual Day on the Hill by first attending the State Board of Investment (SBI) quarterly meeting to express dissatisfaction with the Board’s extreme indifference to the injurious human rights consequences of its investment decisions. Following the SBI meeting, MN BBC members will then engage in constituent meetings with legislators.
The SBI is violating its own internal agency guidelines. Pursuant to SBI foreign investment guidelines, because of Israel’s dismal human rights record, as documented by official State Department reports, the SBI can only invest in Israeli securities if it finds that its fiduciary obligations would be breached by failing to do so. The SBI has failed to make any such findings. Yet, it has invested millions of dollars of taxpayer funds not only in Israel’s government bonds, knowing that Israel uses Israel Bond funds to pay for illegal settlement activities and other international law violations, but in Israeli corporations that profit from Israel’s illegal settlement activities and racial discrimination against the indigenous Palestinians as well. The SBI has been put on notice that these investments are aiding and abetting violations of international law which exposes the SBI and the state retirement funds it manages to potential liability.
Following the SBI meeting, MN BBC members will visit their legislators asking them to sponsor a bill to divest from Israel Bonds until Israel agrees to participate in the UN Human Rights Council Periodic Review Process and obtains an objectively favorable human rights review confirming that it is in compliance with its international law and human rights obligations. Israel recently became the first UN member nation ever to refuse to participate in the review process, despite efforts by the United States Government encouraging Israel to participate.
The State Board of Investment meets at 9:00 am on March 6 in room 118 of the Capitol. MN BBC members are encouraged to arrive early to get a seat in the room.
Click to read the MNBBC Letter to the SBI to Renew Divestment Demand.
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Photo: www.imemc.org