Florida Senate - 2025 COMMITTEE AMENDMENT
Bill No. CS for SB 1678
Ì3937063Î393706
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
04/02/2025 .
.
.
.
—————————————————————————————————————————————————————————————————
—————————————————————————————————————————————————————————————————
The Committee on Appropriations (Leek) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 62 - 177
4 and insert:
5 215.4725 Prohibited investments by the State Board of
6 Administration; companies and other entities that boycott
7 Israel.—
8 (1) DEFINITIONS.—As used in this section, the term:
9 (a) “Agency” means any of the various state officers,
10 departments, boards, commissions, divisions, bureaus, and
11 councils and any other unit of organization, however designated,
12 of the executive branch of state government.
13 (b) “Boycott Israel” or “boycott of Israel” means refusing
14 to deal, terminating business activities, or taking other
15 actions to limit commercial relations with Israel, or persons or
16 entities doing business in Israel or in Israeli-controlled
17 territories, in a discriminatory manner. A statement by a
18 company, an educational institution, a nonprofit organization,
19 an agency, a local governmental entity or unit thereof, or a
20 foreign government that it is participating in a boycott of
21 Israel, or that it has initiated a boycott in response to a
22 request for a boycott of Israel or in compliance with, or in
23 furtherance of, calls for a boycott of Israel, may be considered
24 by the State Board of Administration to be evidence that a
25 company or other entity is participating in a boycott of Israel.
26 The term includes taking adverse action, including changes to
27 published commercial financial ratings, risk ratings, and
28 controversy ratings based on nonpecuniary factors, to inflict
29 economic harm on Israel or persons or entities doing business in
30 Israel or in Israeli-controlled territories. The term includes
31 trade practices that are prohibited by federal regulations
32 issued in compliance with 50 U.S.C. s. 4842 and does not include
33 trade practices that are preempted by federal law. The term also
34 includes an academic boycott of Israel in which an educational
35 institution enacts or implements restrictive policies, or
36 otherwise participates in activities having the object or effect
37 of restricting ongoing or potential academic relationships, on
38 the basis of ties to the State of Israel or its academic,
39 educational, or research institutions, or by holding
40 researchers, students, prospective students, guest lecturers,
41 and artists-in-residence or institutions collectively liable for
42 any alleged objectionable conduct by the State of Israel. An
43 educational institution is deemed to have engaged in an academic
44 boycott of Israel if any of its departments, centers, or other
45 organs engages in a boycott, or, in the case of a foreign
46 educational institution, if any faculty union recognized by that
47 institution engages in a boycott.
48 (c)(b) “Company” means an a sole proprietorship,
49 organization, an association, a corporation, a partnership, a
50 joint venture, a limited partnership, a limited liability
51 partnership, a limited liability company, or other entity or
52 business association, including all wholly owned subsidiaries,
53 majority-owned subsidiaries, and parent companies, or
54 affiliates, having more than 10 full-time employees. The term
55 does not include a natural person or a sole proprietorship that
56 exists for the purpose of making profit.
57 (d)(c) “Direct holdings” in a company means all securities
58 of that company that are held directly by the public fund or in
59 an account or fund in which the public fund owns all shares or
60 interests.
61 (e)(d) “Indirect holdings” in a company means all
62 securities of that company that are held in a commingled fund or
63 other collective investment, such as a mutual or index fund, in
64 which the public fund owns shares or interests, together with
65 other investors not subject to this section or which are held in
66 an index fund.
67 (f) “Local governmental entity” means a county,
68 municipality, special district, or other political subdivision.
69 (g) “Other entity” means an educational institution, a
70 nonprofit organization, an agency, a local governmental entity
71 or unit thereof, or a foreign government, including any of its
72 public investment funds, public pension funds, sovereign wealth
73 funds, or other government-sponsored investment funds.
74 (h)(e) “Public fund” means all funds, assets, trustees
75 trustee, and other designates under the State Board of
76 Administration pursuant to part I of chapter 121.
77 (i)(f) “Scrutinized companies or other entities” means
78 companies or other entities that boycott Israel or engage in a
79 boycott of Israel.
80 (2) IDENTIFICATION OF COMPANIES OR OTHER ENTITIES.—
81 (a) The public fund shall make its best efforts to identify
82 all scrutinized companies or other entities in which the public
83 fund has direct or indirect holdings or could possibly have such
84 holdings in the future. Such efforts include:
85 1. To the extent that the public fund finds it appropriate,
86 reviewing and relying on publicly available information
87 regarding companies or other entities that boycott Israel,
88 including information provided by nonprofit organizations,
89 research firms, international organizations, and government
90 entities;
91 2. Contacting asset managers contracted by the public fund
92 for information regarding companies or other entities that
93 boycott Israel; or
94 3. Contacting other institutional investors that prohibit
95 such investments or that have engaged with companies or other
96 entities that boycott Israel.
97 (b) By the first meeting of the public fund following the
98 identification of scrutinized companies in accordance with
99 paragraph (a), the public fund shall compile and make available
100 the “Scrutinized Companies or Other Entities that Boycott Israel
101 List.”
102 (c) The public fund shall update and make publicly
103 available quarterly the Scrutinized Companies or Other Entities
104 that Boycott Israel List based on evolving information from,
105 among other sources, those listed in paragraph (a).
106 (3) REQUIRED ACTIONS.—The public fund shall adhere to the
107 following procedures for assembling companies or other entities
108 on the Scrutinized Companies or Other Entities that Boycott
109 Israel List.
110 (a) Engagement.—
111 1. The public fund shall immediately determine the
112 companies or other entities on the Scrutinized Companies or
113 Other Entities that Boycott Israel List in which the public fund
114 owns direct or indirect holdings. The Department of Management
115 Services shall work with the public fund to determine the
116 companies or other entities with which the state currently
117 contracts or has a grant agreement, as detailed under ss.
118 287.135 and 265.286, respectively.
119 2. For each company or other entity newly identified under
120 this paragraph, the public fund shall send a written notice
121 informing the company or other entity of its scrutinized company
122 status and that it may become subject to investment prohibition
123 or divestment by the public fund. The Department of Management
124 Services shall also notify each company or other entity newly
125 identified under this paragraph that it may be barred from
126 future contracts or grants awarded by the state. The notices
127 notice must
128
129 ================= T I T L E A M E N D M E N T ================
130 And the title is amended as follows:
131 Delete line 14
132 and insert:
133 other entities on such list; requiring the Department
134 of Management Services to work with the public fund to
135 determine the companies or other entities with which
136 the state contracts or has grant agreements; requiring
137 the department to notify certain companies that they
138 may be barred from future contracts with the state;
139 requiring the public fund