Florida Governor Crist Cancels Meeting With Petrobras

Protecting Florida's Investments Act sets moral example for nation and world

November 7, 2007 -- RIO DE JANEIRO, BRAZIL – Florida Governor Charlie Crist today did not meet with Petrobras as previously scheduled due to their business dealings with Iran. Governor Crist asked Chief of Staff George LeMieux to meet with Petrobras executives to explain why the meeting was cancelled in light of the steps the state has taken to have the Florida Retirement System’s $139-billion pension fund divest of foreign companies with certain business operations in Iran and Sudan.

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“I am deeply committed to showing the world that Florida will not support companies that threaten our nation or our allies,” Governor Crist said. “We will continue to follow the moral and prudent path by not doing business with companies that sponsor terror and by setting an example for all other states and nations.”

In May, Governor Crist sent letters to other United States governors encouraging them to follow Florida’s lead in Iran and Sudan divestiture. During a week-long trade mission to Israel, the Governor announced his intent to sign Senate Bill 2142, the Protecting Florida’s Investments Act.

Signed into law in June, the legislation requires the State Board of Administration of Florida to identify all investments of the Florida Retirement System in companies conducting certain types of business operations with either Iran or Sudan. The board has notified those companies that divestiture will begin if the scrutinized business operations still exist after September 2008. Florida is the first state to pass legislation requiring divestiture from such companies doing business in Iran.

LeMieux met with Samir Passos Awad, executive manager of Petrobras, and explained Florida’s concerns about the company’s business dealings with terrorist regimes that threaten America’s allies such as Israel through its support of Hezbollah and Hamas. Mr. Awad was sympathetic to Florida’s concerns and explained the company’s limited business dealings with Iran.

“I communicated at the Governor’s direction that Florida has taken a bold step not to support companies that do business with Iran,” said LeMieux. “I was encouraged although Petrobras could not offer any guarantee that their business dealings with Iran would end next year.”

Source: Florida Governor