AB 273

This bill prohibits, with exceptions, the State of Wisconsin Investment Board

(SWIB) from investing in securities of any company that has entered into a contract

with the federal government to plan, design, or construct a wall along the southern

border between the United States and Mexico pursuant to a presidential executive

order. Within 30 days after the effective date of the bill, SWIB must make its best

efforts to identify all companies that contract to build a border wall and make a list

of these companies. SWIB must update this list at least quarterly. For each company

included on this list, SWIB must send a written notice to the company informing the

company that SWIB is prohibited from investing in the company and of the reason

for this prohibition. SWIB may remove a company from the list one year after the

company completes all work related to the border wall or one year after the contract

termination date, whichever is later. After 30 days following the effective date of the

bill, SWIB may not make any new investment in securities of any company included

on the list. If at this time SWIB already maintains investments in companies

included on the list, SWIB must divest itself of these investments within

approximately six months. If SWIB later updates its list and adds a company in

which SWIB already maintains an investment, SWIB must divest itself of the

investment within six months after the company is added to the list. However, these

investment prohibitions do not apply to investments made by external managers

with whom SWIB has contracted, investments in mutual funds and other

commingled instruments, and investments in private equity funds. The bill also

requires SWIB to include, in an annual report that under current law SWIB submits

to the legislature, SWIB's most recent list and other information relating to SWIB's

divestment from companies that contract to build a border wall.