African Activist Archive

Press statement with a release date of April 24, 1978 says members of the Northern California Interfaith Committee on Corporate Responsibility (NC-ICCR) and the Interfaith Center on Corporate Responsibility (ICCR) will attend two stockholder meetings, of BankAmerica Corporation and Texaco Inc., to present their views through shareholder resolutions. Bank loans and corporate investment in South Africa have gained world-wide significance over the past year, with organizations such as the NAACP, World Council of Churches, United Auto Workers, National Council of Churches, AFL-CIO, and numerous university and religious groups calling for termination of loans and investments in South Africa. Chase Manhattan Bank, Chemical Bank, and Citibank have announced recently that they are making no further loans to the South African government or its agencies. These actions are an important first step toward U.S. withdrawal of support for the apartheid system in South Africa. This is the first time Bank America Corporation has received a shareholder resolution about its loans to the government of South Africa. BankAmerica Corporation stockholders also will decide whether the bank will continue to loan money to the military junta of Chile or its agencies. Texaco Inc. will receive two shareholder resolutions: one will request the corporation to terminate its present operations in South Africa as expeditiously as possible until apartheid is ended, and the other resolution calls for an investigation into Texaco's participation in oil sales to Rhodesia. At the press conference on April 24, the ICCR (which coordinates the corporate responsibility work of 150 Catholic orders and 14 Protestant denominations) will be represented by Timothy Smith, Executive Director; Jeanne Wells, United Presbyterian Church USA; and Sr. Barbara Blake and Sr. Mary Sullivan, Religious Sisters of Mercy. Rev. Jody Parsons will represent the Northern California Interfaith Committee on Corporate Responsibility, a regional ecumenical coalition of 35 Protestant and Catholic organizations and over 50 individuals.

African Activist Archive

[In a rare occurance, the issue of bank loans and investments in South Africa will be debated at two stockholder meetings on Tuesday, April 25, 1978, in Los Angeles.]

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