Reprint of an article in the newsletter Voice of 1707. The article says the New York City Employees' Retirement System trustees voted recently to gradually withdraw all investments in companies doing business in South Africa. After 15 months, the fund will sell off all holdings in businesses that deal with the South African military or police, that provide financial services to that government, or that refuse to sign the "Sullivan principles" that pledge greater opportunity for South African blacks and Asians. After two years, the fund will have no holdings in companies that have signed these principles, but which do not allow monitoring of compliance. After three years, a company must have...
Reprint of an article in the newsletter Voice of 1707. The article says the New York City Employees' Retirement System trustees voted recently to gradually withdraw all investments in companies doing business in South Africa. After 15 months, the fund will sell off all holdings in businesses that deal with the South African military or police, that provide financial services to that government, or that refuse to sign the "Sullivan principles" that pledge greater opportunity for South African blacks and Asians. After two years, the fund will have no holdings in companies that have signed these principles, but which do not allow monitoring of compliance. After three years, a company must have achieved the highest rating in complying with the Sullivan principles. Finally, after five years, the fund will cease to invest in all companies except those whose activities are deemed "to be of substantial assistance to efforts to eliminate apartheid." The article says impetus for the divestment came from efforts to get the city to refuse to buy goods made in South Africa; lobbying for that effort was sponsored by Local 107 members from the American Committee on Africa (ACOA) and the New York Area Labor Committee Against Apartheid. The article says the city council held hearings in June on the purchasing measure, known as Intro. 619. Among those who urged restrictions on city purchasing were City Council President Carol Bellamy, Council member Ruth Messinger, D.C. 37 Director Victor Gotbaum, and other area union members. The article says ACOA members anticipate that the final version of Intro. 619 will mandate that the city give preference when making purchases to firms that do not sell to South African government agencies. The article mentions Sandy Boyer of ACOA.
