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West Virginia Legislature considers bill allowing agencies to divest from Russian entities

By Jess Mancini, The Intelligencer

PARKERSBURG, W.Va. — A bill allowing authorities to divest from Russian investments has unanimously passed the West Virginia Senate and is in the House of Delegates.

Senate Bill 730, entered in response to Russia’s invasion of Ukraine, authorizes state or local spending units with investment authority, such as the West Virginia Investment Management Board and the West Virginia Board of Treasury Investments to divest from Russian entities; specifies divestment from Russian entities does not violate fiduciary duties and provides immunity for boards and officials for Russian divestment.

The legislation does not compel any specific divestment action.

The bill is supported by State Treasurer Riley Moore. The state Investment Management Board and the Board of Treasury Investments has already completed a review of investments, he said…

To read more: https://www.theintelligencer.net/news/top-headlines/2022/03/west-virginia-legislature-considers-bill-allowing-agencies-to-divest-from-russian-entities/

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