The AFSC's testimony in support of the State of Washington divesting from companies doing business in South Africa says this policy is being implemented by an increasing number of municipalities and states. The Government of South Africa continues its repressive measures, with press censorship, treason trials, daily killings of innocent protestors, bribery, extortion, and spying. Many institutions have concluded that the Sullivan criteria are not a real remedy and that apartheid will not be ended by desegregating factories, restaurants, and restrooms. Full divestment is now having a financial impact. The South African rand has slipped to all-time low levels, repayment of debt to western...
The AFSC's testimony in support of the State of Washington divesting from companies doing business in South Africa says this policy is being implemented by an increasing number of municipalities and states. The Government of South Africa continues its repressive measures, with press censorship, treason trials, daily killings of innocent protestors, bribery, extortion, and spying. Many institutions have concluded that the Sullivan criteria are not a real remedy and that apartheid will not be ended by desegregating factories, restaurants, and restrooms. Full divestment is now having a financial impact. The South African rand has slipped to all-time low levels, repayment of debt to western lenders has been suspended, and foreign corporations have been restricted from repatriating their profits. The testimony mentions Steve Clifford's report to the Seattle Retirement Board that cites three major studies of South Africa Free (SAF) U.S. standard portfolio evaluation benchmarks. On the whole, SAF portfolios outperformed Standard and Poors 500 and the Wilshire 5000. The American Friends Service Committee has long maintained SAF portfolios, and, in one portfolio, the rate of return for 15 years averaged 2% above the market. AFSC urges the state of Washington to divest of stocks and bonds, to certify banks and brokers to be South Africa Free, and to undertake selective purchasing of commodities from certified South Africa Free suppliers. The testimony discusses Trinity Management, a study for the State of Connecticut by Capital Management Sciences, and Alliance Capital. • Performance of a Fully Divested Portfolio • Suppliers Qualification • Conclusion
