Bill Summary, LB 1066 (1994)


Based on news that South Africa abolished apartheid and scheduled its first democratic elections, LB 1066 outright repeals sections 72-1270 to 72-1276 which prohibit the investment of Nebraska funds in financial institutions and corporations doing business in South Africa.  In 1984, Nebraska was the first state to pass formal legislation in an effort to condemn South Africa’s practice of apartheid.


The provisions of LB 705 were added to LB 1066.  The amendment adds three new sections to the Nebraska Funds Investment Act in order to impose new requirements on the state investment officer regarding the investment of state funds in stocks and obligations of corporations doing business in Northern Ireland.


Among several new requirements, LB 1066 requires the state investment officer to: compile an annual fist of stocks and corporations doing business in Northern Ireland; determine whether each corporation has taken affirmative action to eliminate ethnic or religious discrimination in Northern Ireland’s hiring practices; and consider whether a corporation has taken substantial action designed to lead toward the achievement of affirmative action goals (known as the McBride principles).  The state investment officer must also annually report findings to the Legislature.


LB 1066 passed with the emergency clause 34-5 and was approved by the Governor on April 19,1994.