Mailing to Undergraduate Assembly members before its vote on the University of Pennsylvania's investments in corporations doing business in South Africa. The trustees' position has appeared in the Daily Pennsylvanian and the Almanac. Data from the university's investment office are more complete than the prior abbreviated list of investments. Despite the stated policy of "Selective Divestment," Penn's investments in corporations doing business in South Africa have increased from $27 million to $92 million since 1982. Under its "Selective Divestment" policy, the university has divested from only one corporation, Dart and Kraft. On the other hand, in the past year, its investments in corporations...
Mailing to Undergraduate Assembly members before its vote on the University of Pennsylvania's investments in corporations doing business in South Africa. The trustees' position has appeared in the Daily Pennsylvanian and the Almanac. Data from the university's investment office are more complete than the prior abbreviated list of investments. Despite the stated policy of "Selective Divestment," Penn's investments in corporations doing business in South Africa have increased from $27 million to $92 million since 1982. Under its "Selective Divestment" policy, the university has divested from only one corporation, Dart and Kraft. On the other hand, in the past year, its investments in corporations doing business in South Africa has leaped from $62 million to $92 million. Also, several corporations doing business in South Africa have been added to the university's portfolio, e.g. CIGNA ($5.5 million), Cummins Engine ($3 million). At the same time, the university doubled its holdings of Ford stock. An article by Elizabeth Schmidt, a scholar who has monitored the effectiveness of the "Sullivan Principles," is included. The independent trade unions representing black workers, as well as legitimate leaders such as Bishop Tutu, have rejected the Sullivan Principles as inadequate and, indeed, counterproductive. Also included is an analysis of the performance of some corporations in which Penn invests, entitled "How Penn Invests in Apartheid." Lastly, an analysis of the financial consequences of divestment shows that divestment need not be accompanied by financial losses. The mailing asks recipients to consider the following: 1) Endorse the rally on October 11; 2) Demand that the Trustees discuss divestment at their October meeting; 3) Participate in research into the viability of a South Africa-free portfolio; 4) Demand that the Trustees divest the university's South Africa-related holdings.
