Florida Florida Statutes

§ 215.474 — Analyses of technology and growth investments

FS § 215.474Ch. 215

Statute text

The Office of Program Policy Analysis and Government Accountability shall perform an annual review of technology and growth investments made in Florida-based companies by the State Board of Administration and submit its findings to the State Board of Administration, the President of the Senate, and the Speaker of the House of Representatives by January 15 of each year. The office may consult with the board, the Department of Revenue, the Office of Economic and Demographic Research, and other entities as necessary to obtain and evaluate the informationragraph">(2)(a) The board may not acquire, on behalf of the Florida Retirement System Trust Fund, direct holdings in a Chinese company.

(b)The board must:1. Initiate, no later than June 1, 2024, a review of all current direct holdings to determine which direct holdings, if any, include securities of a Chinese company. 2. Develop, no later than September 1, 2024, a divestment plan for all direct holdings in Chinese companies. The divestment plan must be developed and implemented consistent with the fiduciary standards set forth in s. 215.47(10). 3. Complete divestment from direct holdings in Chinese companies included in the divestment plan developed pursuant to subparagraph 2. no later than September 1, 2025, or at such later time if necessary for the board to implement the divestment plan consistent with the fiduciary standards set forth in s. 215.47(10).

(3)The board's actions taken in compliance with this section, including all good faith determinations regarding companies as required by this section, must be adopted and incorporated into the investment policy statement as provided in s. 215.475.

Legislative history

s. 2, ch. 2024-187.