University of Virginia Library

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4794

RESOLUTION REMOVING RESTRICTIONS ON UNIVERSITY INVESTMENTS
IN COMPANIES DOING BUSINESS IN SOUTH AFRICA

• The following resolution was adopted:
• WHEREAS, the Board of Visitors, in May 1990, exercising its legal authority and responsibility under Virginia Code, Sections 23.81 and 55.268.4, directed the Vice President for Business and Finance (now Executive Vice President and Chief Financial Officer) to begin to implement a policy of divestment of individual holdings in those United States companies having direct investments in South Africa - that is, material assets controlled by the home corporation such as inventories, sales offices, manufacturing operations or employees, which are so identified on lists published by the Investor Responsibility Research Center; and
• WHEREAS, the Board, at that time, stated its intent to periodically revisit the divestment issue, following closely any changes in conditions in South Africa that might warrant reinvestment; and
• WHEREAS, the president of the African National Congress has recently asked Governments of other countries to remove any economic sanctions against South Africa and begin reinvesting in that country to help provide stability; and
• WHEREAS, the United States Government has recently eliminated remaining U.S. trade sanctions with South Africa; and
• WHEREAS, the President of the United States has indicated that his administration will encourage investment in South Africa; and
• WHEREAS, Governor L. Douglas Wilder has recently rescinded Executive Order Number Eight (1990) which had prohibited State agencies from investing in firms operating in South Africa; and
• WHEREAS, the Board of Visitors believes that changes in conditions in South Africa have occurred that warrant reinvestment;
• RESOLVED, that the University's policy of divestment adopted at the May 1990 Board meeting be and hereby is rescinded and that the University's investment managers are authorized to invest in companies that do business in South Africa.