Groupe Bruxelles Lambert (GBL)
In 2018, the California State Public Employees Retirement System (“CalPERS”), designated GBL as “Under Review” for having a subsidiary that was reported as potentially providing oil and gas testing services in Iran. In 2019, CalPERS changed the designation to “Being Monitored” because CalPERS’ “initial screening has not identified the company as having involvement in the [activities] targeted by the [2019 California Public Divest from Iran] Act.
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.