GLENDALE, CA – July 17, 2024 In a landmark initiative, the Armenian Bar Association has partnered with the City of Glendale to advocate for and enact a Resolution Amending the City’s Investment Policy to prohibit investments in or related to the Republic of Azerbaijan. The resolution also mandates a thorough review of all city funds to ensure compliance with these principles.
The new policy, which was supported by the City Treasurer and unanimously approved by the Glendale City Council on July 16, 2024, underscores the city’s commitment to ethical investment practices and human rights advocacy. It aligns with Glendale’s longstanding support for human rights worldwide, particularly considering recent geopolitical and human rights developments.
Key provisions of the resolution include:
- Prohibition of Investments: The City of Glendale will refrain from making investments in any entities or ventures associated with the Republic of Azerbaijan, in recognition of and response to ongoing gross human rights violations and international war crimes committed by Azerbaijan.
- Comprehensive Review: The City Manager of Glendale is mandated to conduct an annual review of all city investments. This includes assessments of investments held by deferred compensation or retirement plans in which Glendale employees participate, such as CalPERS. The objective is to ensure full compliance with the newly adopted Investment Policy.
- Transparency and Accountability: By implementing regular reviews, the city aims to uphold transparency and accountability in its financial operations. This proactive approach underscores Glendale’s role as a leader in ethical governance and responsible investment practices.
At the July 16th City Council meeting, Armenian Bar Association Investments Committee member Edgar Mkrtchian and ABA Vice Chair Steve Dadaian expressed the timeliness and importance of this policy and their appreciation for the City of Glendale’s swift action and commitment to the protection of human rights. Mkrtchian and Dadaian summed up as follows:
“This Resolution marks a significant step towards ethical investment practices and reflects Glendale’s solidarity with the recent U.S. Senate stance on cutting off military aid to Azerbaijan as well as worldwide condemnation of Azerbaijan’s ongoing campaign of ethnic cleansing in Artsakh. We commend the City Council for its leadership and commitment to upholding human rights principles in the face of global challenges.”
The Armenian Bar Association has been at the forefront of efforts to advocate for justice and accountability, particularly in relation to the grave human rights transgressions by the Republic of Azerbaijan. This collaboration with the City of Glendale exemplifies the growing capacity and positive consequences of civic engagement and proactive governance in addressing international issues at the local level.
