New Jersey § 52:18a-89

§ 52:18a-89.

a. Notwithstanding any provision of law to the contrary, no assets of any pension

or annuity fund under the jurisdiction of the Division of Investment in the Department

of the Treasury, or its successor, shall be invested in any company that boycotts

the goods, products, or businesses of Israel, boycotts those doing business with Israel,

or boycotts companies operating in Israel or Israeli-controlled territory. This section shall not apply to those boycotts organized by foreign governments

pursuant to 50 U.S.C. s.4607(c) . The activities of any company solely providing humanitarian aid to the Palestinian

people through either a governmental or non-governmental organization shall not render

the company subject to the provisions of this act, P.L.2016, c. 24 ( C.52:18A-89.13 et seq. ) unless it is also engaging in the prohibited boycotts or otherwise discriminating

against goods, products, or businesses of Israel, or entities operating in Israel

or Israeli-controlled territory. b. The State Investment Council and the Director of the Division of Investment shall

take appropriate action to sell, redeem, divest, or withdraw any investment held in

violation of subsection a. of this section. This section shall not be construed to require the premature or otherwise imprudent

sale, redemption, divestment, or withdrawal of an investment, but such sale, redemption,

divestment, or withdrawal shall be completed not later than 24 months following the

effective date of this act. c. Within 120 days after the effective date of this act, the Director of the Division

of Investment shall file with the Legislature, pursuant to section 2 of P.L.1991, c. 164 ( C.52:14-19.1 ), a report of all investments held as of the effective date that are in violation

of subsection a. of this section. The State Investment Council and the Director of the Division of Investment shall

use its best efforts to identify all companies that boycott Israel and these efforts

shall include, but are not limited to, the following, as appropriate in the judgment

of the State Investment Council and the Director of the Division of Investment: (1) reviewing and relying on publicly available information regarding companies that

boycott Israel, including information provided by non-profit organizations, research

firms, and government entities; (2) contacting other institutional investors that have divested from companies that

boycott Israel; and (3) retaining an independent research firm to identify companies that boycott Israel. One year thereafter, and every subsequent year on the anniversary of the effective

date of this act, the director shall report on all investments sold, redeemed, divested,

or withdrawn in compliance with subsection b. of this section. The report shall provide a description of the progress that the division has made

since the previous report and since the effective date of this act in implementing

subsection b. of this section. d. The members of the State Investment Council, jointly and individually, and State

officers and employees involved therewith, shall be indemnified and held harmless

by the State of New Jersey from all claims, demands, suits, actions, damages, judgments,

costs, charges, and expenses, including court costs and attorney's fees, and against

all liability, losses, and damages that these council members, and State officers

and employees, may sustain by reason of any decision to restrict, reduce, or eliminate

investments pursuant to this act. e. As used in this act, “ humanitarian aid ” means the provision of goods and services intended to relieve human suffering or

to promote general welfare and health; “ Boycott, Divestment, and Sanctions ” (BDS) refers to the encouragement of boycotts, divestments and sanctions that place

economic and political pressure on states, business entities, and other organizations

and institutions to influence their behavior against Israel; “ boycott ” means engaging in actions that are intended to penalize, inflict economic harm on,

or otherwise limit commercial relations with another state or nation; “ divestment ” means to sell, redeem, or withdraw all holdings of a company from the investment

portfolio of another company or of a governmental entity; and “ sanctions ” means the attempts by national governments, multilateral organizations and other

international bodies or their subdivisions to limit or ban trade or other relations

with a state or nation. f. The provisions of this act are severable. If any phrase, clause, sentence, provision or section is declared to be invalid

or preempted by federal law or regulation, the validity of the remainder of this act

shall not be affected thereby.