Illinois Municipal Retirement Fund, Oak Brook, is advising its money managers to use KLD Research & Analytics to screen out prohibited investments connected with Sudan, said Louis W. Kosiba, executive director of the $20 billion fund. The fund's board considered a number of screening firms before deciding on KLD, he added. An Illinois law requires the state's public funds to divest Sudan investments by July 27, 2007. "KLD is good at providing the type of independent review required under the statute, and at a low cost," Mr. Kosiba said.
The board proposed the firm to "provide uniformity in the information provided by investment managers" on divesting, he said, adding that the suggestion isn't a recommendation because "we're conscious of the fact under the statute (the choice of screening firm) is up to managers."