This annual report highlights Mobil Oil's decision to withdraw from South Africa, after an extended campaign. Mobil said its reason was that it can no long deduct South African tax payments from its U.S. tax bill. Five stockholder resolutions calling for complete withdrawal from South Africa received over 20 percent favorable votes. The "Partners in Apartheid" campaign continued to focus on key petroleum and technology companies: Mobil, Chevron, Texaco, Royal Dutch Shell, IBM, Control Data, and Unisys. Religious leaders are urging banks not to convert short-term loans to longer terms, as Citibank has done. With assistance from CANICOOR, a San Francisco-based church corporate...
This annual report highlights Mobil Oil's decision to withdraw from South Africa, after an extended campaign. Mobil said its reason was that it can no long deduct South African tax payments from its U.S. tax bill. Five stockholder resolutions calling for complete withdrawal from South Africa received over 20 percent favorable votes. The "Partners in Apartheid" campaign continued to focus on key petroleum and technology companies: Mobil, Chevron, Texaco, Royal Dutch Shell, IBM, Control Data, and Unisys. Religious leaders are urging banks not to convert short-term loans to longer terms, as Citibank has done. With assistance from CANICOOR, a San Francisco-based church corporate responsibility organization, ICCR began an international campaign with churches and anti-apartheid organizations in Europe to influence the South African lending policies of banks in England, France, West Germany and Switzerland. The report also describes the networks of organizations with which ICCR works on South Africa. [Note: The article is from The Corporate Examiner (Vol. 18 No. 4), which is the ICCR Annual Report for July 1, 1988 to June 30, 1989.]
