Scott’s anti-investing outline to the Florida State Board of Administration that does not have any investments coincides with global efforts aimed at putting pressure on President Nicolas Maduro to cancel a contentious election planned for Sunday.
Maduro is pushing ahead of the election, which critics fear will weaken the nation’s democracy and strengthen Maduro’s position in a country embroiled in protests that have left more than 100 dead over the last couple of months.”
I look forward to working together with the SBA on this important proposal, and I’ll cooperate with the Florida Legislature through the next legislative session to take more actions against Maduro and his group of thugs,” Scott said in a media release issued Thursday.
The step doesn’t seem to go as far as you initially floated by the Senate earlier this month when Scott said he was “indicating the State of Florida be banned from doing business with any company that affirms this dictatorship.”Patronis, appointed by Scott last month, fast voiced support for Scott’s strategy while announcing that the Florida Treasury does not run any business with Venezuelan companies tied into the Maduro government.
“The Maduro regime is known for inflicting gross human rights abuses against the people of Venezuela, and under no conditions should Florida’s investment funds be tied to such tyranny,” Patronis stated in a release.
“I believe that the idea would be to utilize the ability of this state of Florida,” Rodriguez, who’s running for Congress, said. “The question is, is this going to be sufficient?”Rodriguez is crafting legislation for the 2018 session that would expand Scott’s proposed prohibition on investments to encompass all state agencies and would require divestment of existing investments.Under Scott’s proposition, the State Board of Administration will be prohibited from investing in securities issued by the Venezuelan authorities, companies that are majority-owned from the government, or companies that trade in or with the government.
The order would also forbid the State Board of Administration from participating in any proxy vote or resolution that supports or advocates the Maduro regime.Florida law already bans the SBA from engaging in similar conduct with Cuba and Syria.The proposed order won’t require any agency action, according to John Kuczwanski, manager of external affairs for the State Board of Administration.”
As a result, of prudent investing and exemptions and procedures, the SBA does not maintain any investments associated with or possessed by the Venezuela government,” Kuczwanski stated in an email address.The bureau does not have figures on national investments in businesses that may have advanced money or who continue to exchange with the authorities, ” he explained.
Scott has not named or targeted any individual firm, but Goldman Sachs Asset Management that has taken heat because of its cost of $2.8 billion in bonds of Venezuela’s petroleum oil company through a broker from the secondary market has met with the Florida governor and other people to discuss his proposal.
As of early this month, Goldman Sachs, an investment manager of part of what is known as Florida’s “long duration portfolio,” had an allocation in the state of $478 million, according to the state chief financial officer’s office.On Wednesday, the U.S. enforced sanctions on 13 high-ranking government and army officers in Venezuela, together with supervisors of the state oil firm called PDVSA.