MAINE PUBLIC • March 9, 2023
A new bill could require that state employee pension funds divest from any corporations that have publicly announced plans to stop trading lobster caught in the Gulf of Maine. Sen. Eric Brakey, R-Androscoggin, said his bill is modeled on a 2021 law that called on Maine to divest state pension funds from fossil fuel companies. For now, Brakey said he believes the proposal may only apply to Amazon, which owns Whole Foods. The grocery chain announced last fall that it would stop carrying Gulf of Maine lobster after the fishery lost sustainability certifications from the Marine Stewardship Council and the Seafood Watch program operated by California’s Monterey Bay Aquarium. The Maine Public Employees Retirement System says it has about $70 million in holdings that could be required to divest under the new proposal, but much more study is needed about the potential impacts to $18.3 billion state fund.