WMTW-TV8 • December 2, 2022
When Gov. Janet Mills signed a bill requiring Maine to divest public funds from fossil fuel stocks in June 2021, Maine became the first state in the country to mandate that divestment through legislation. The law requires the state to reallocate money in its trust funds and employee pension funds that were invested in oil company stocks – within six years. However, the law allows an exception to selling oil stocks if there is a compelling financial reason – a “fiduciary duty” – not to do so. According to Rebecca Wyke, CEO of the Maine Public Employment Retirement System, which manages State pension funds, “MainePERS is working with a consultant to determine the potential financial impact, which will help us to determine the extent to which divestment is required under the law.” Maine’s total divestment is a tiny fraction of fossil fuel company stock market value, a combined $6.5 trillion.