The document responds to a question raised by a member of the University Council as to why the dollar amounts of the University's investments in corporations doing business in South Africa has increased - from $27 million in 1982 to $92 million in 1985. Much of the increase is due to the purchase of 248,900 additional shares in Ford stock. Also, nine new purchases of stock were not listed in 1984, most significantly in CIGNA (approx. $5.5 million) and Cummins Engine (approx. $3 million). The Trustees' policy of "Selective Divestment" is misleadingly names, since only one corporation's stocks (Dart and Kraft, value approx. $800,000) have been divested under this policy. On the other hand, the...
The document responds to a question raised by a member of the University Council as to why the dollar amounts of the University's investments in corporations doing business in South Africa has increased - from $27 million in 1982 to $92 million in 1985. Much of the increase is due to the purchase of 248,900 additional shares in Ford stock. Also, nine new purchases of stock were not listed in 1984, most significantly in CIGNA (approx. $5.5 million) and Cummins Engine (approx. $3 million). The Trustees' policy of "Selective Divestment" is misleadingly names, since only one corporation's stocks (Dart and Kraft, value approx. $800,000) have been divested under this policy. On the other hand, the University's holdings in corporations doing business in South Africa have more than trebled since 1982 because of purchasing addition stocks of several corporations not previously held. The document includes a list, "UNIVERSITY OF PENNSYLVANIA EQUITY HOLDINGS (STOCKS) IN U.S. CORPORATIONS DOING BUSINESS IN SOUTH AFRICA, BY NUMBER OF SHARES, JUNE 30, 1984 - JUNE 30, 1985." The list documents the change in the number of shares in Burroughs, Coca-Cola, Control Data, E.I. DuPont, Eastman Kodak, Exxon, G.E. (General Electric), G.M. (General Motors), Goodyear, Hewlett-Packard, I. B. M. (International Business Machines, IBM), International Minerals and Chemicals, Marsh and McLennan, Merck and Co., 3M (Minnesota Mining and Manufacturing Company), Mobil, Philips Petroleum, R. J. Reynolds, Rockwell International, Rohm and Hass, Schering Plough, Standard Oil of California, Tenneco, Texaco, Timken, and Xerox. Patrick Hagopian and Drew Feldman are listed as contacts.
