By JAD MOUAWAD
Published: July 25, 2007
As American and European governments debate how to deal with Iran’s nuclear program, some of the nation’s largest public pension funds are leaning on European and Asian oil companies to reconsider their investments in Iran.
In letters citing the risk that international sanctions might jeopardize their investments, a coalition of funds from New York, California, North Carolina and Illinois has cautioned eight foreign energy companies working in Iran about investing there.
These pensions, which include New York City’s five main funds and the California Public Employees’ Retirement System, hold $3.7 billion worth of shares in energy companies involved in Iran, out of a total $570 billion in assets.
The two-page letters were sent to the chief executives of Royal Dutch Shell, Total of France, Repsol of Spain, Eni of Italy and Gazprom of Russia. In Asia, they were sent to the China National Petroleum Corporation, the Oil and Natural Gas Corporation of India and Inpex Corporation of Japan.
A growing number of municipalities and legislatures are seeking ways to bar state investments in place like Iran and Sudan. Recently, Florida passed the nation’s first such measure and others, like California and Texas, are considering similar ones.
Pension funds usually oppose these efforts, which they see as curtailing their ability to invest. They also point out that long-term investors very rarely divest themselves of any of their holdings. But the funds in the coalition are taking their concerns to the companies directly, seeking to reduce their risks.
“It is increasingly likely that the worsening situation and tightening economic sanctions will negatively impact companies doing business there,” the letters said, which referred to Iran as a “state sponsor of terrorism.”
The companies were asked to respond about their plans by Aug. 31.
The public strategy recalls a similar campaign a few years ago when shareholders pressured American companies like Halliburton, ConocoPhillips and General Electric to shut down the offices of foreign-owned subsidiaries in Iran.
For European companies that have shares traded in American markets, the move by these institutional shareholders is another headache for their Persian Gulf strategy.
The Bush administration has warned foreign energy companies and some foreign governments lately that they might incur penalties if they pursued deals in Iran. Given the recent tensions, several European companies have frozen plans to invest billions of dollars in several projects.
Iran is the world’s second-largest holder of oil and natural gas reserves. American companies are barred from doing business there.
Kenneth B. Sylvester, assistant comptroller for pension policy at the New York City comptroller’s office, denied that the move by the pension funds was a response to pressure from state assemblies.
“We are trying to get the companies to focus on the risks to them and to their investors,” Mr. Sylvester said.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
