Groupe Bruxelles Lambert (GBL)
In 2017, CalSTRS designated Groupe Bruxelles Lambert as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS staff met with representatives of the company and confirmed it is a holding company only and does not have a subsidiary operating in Iran. Furthermore, CalSTRS reviewed the company’s investment and compliance policies and confirmed it maintains appropriate controls and includes geopolitical risk in its investment process. CalSTRS subsequently removed Groupe Bruxelles Lambert from the list of “Under Review” companies.
In 2017 the U.S. state of California listed Groupe Bruxelles as a company under review for having a subsidiary that reportedly provides oil and gas testing services in Iran.