BARCLAYS' NEW POLICY STATEMENT ON SOUTH AFRICA

by John Lind, CALIFORNIA/NEVADA INTERFAITH COMMITTEE ON CORPORATE RESPONSIBILITY
San Francisco, California, United States
March 18, 1986
Publisher: CALIFORNIA/NEVADA INTERFAITH COMMITTEE ON CORPORATE RESPONSIBILITY
7 pages
Type: Memorandum
Coverage in Africa: South Africa
Coverage outside Africa: United States, United Kingdom
Language: English

Memorandum to Endorsers of the Barclays Campaign quotes a recent policy statement by Sir Timothy Bevan, Chairman of Barclays Plc.: “… we shall commit no new money to that country nor shall we be party to any formal debt rescheduling until South Africa has demonstrated its ability to reduce its indebtedness and meet its obligations and until there are changes which confirm an end to the bankrupt policy of institutionalized racial discrimination.” This is by far the best statement of any bank and comes closest to the policy requested by church groups. Barclays Plc. has a lending exposure in South Africa of $1,100 million, larger by far than any U.S. bank. The memo includes an excerpt of an article about this statement by Allistar Sparks in the Washington Post. Churches in California and the U.K. should now concentrate on Standard Chartered Bank and its California subsidiary, Union Bank. A March 4, 1986 letter to Sir Timothy Bevan is attached that responds affirmatively to an offer of a meeting with a Barclays Plc. Representative in California. People who wish to participate in the meeting are Rev. John R. Deckenback, United Church of Christ (UCC); Bishop Will Herzfeld, Association of Lutheran Churches; Rev. John C. Moyer, Northern California Ecumenical Council; Rev. J. Alfred Smith, Sr., Allen Temple Baptist Church; Sister Maureen Fenlon, Sisters of St. Dominic of Adrian, MI. Portfolio Board; Bishop Leontine T.C. Kelly, United Methodist Church; Bishop Stanley E. Olson, Lutheran Church of America (LCA); Reverend James Stewart, American Baptist Churches of the West; and Sister Kathleen Tighe, Sisters of Loretto. The memorandum includes a copy of BARCLAYS GROUP PROFITS 1985 by Barclays Bank Plc. The memorandum discusses Barclays National Bank in South Africa, pressure from anti-apartheid groups in Britain, Finance Minister Barend du Plessis, and Brian G. Pearse.

Used by permission of John E. Lind, CANICCOR Research.
Collection: Miloanne Hecathorn papers