A. The state board of investment, the Arizona state retirement system board and the board of trustees of the public safety personnel retirement system shall each adopt a policy, and submit a copy of the policy to the president of the senate and the speaker of the house of representatives, regarding the countries identified as those countries currently designated by the United States department of state as state sponsors of terrorism. The policy shall include:

1. 1. The procedure to identify United States companies that are in violation of section 6(j) of the export administration act.
2. 2. The process for communicating with the companies and appropriate federal officials, including this state's congressional delegation, in regard to its findings pursuant to this section.
3. 3. The process for divestment from the companies that are identified pursuant to paragraph 1.