UC Regents to Divest From Companies With Business Ties to Sudan
The UC Board of Regents voted March 16 to divest from several companies involved in significant business activities that provide revenue to the Sudanese government to continue acts of genocide in Darfur, marking the first major public university in the nation to take such action.
UC Davis law student and Regent Adam Rosenthal '06 first presented the divestment issue at the November 2005 meeting. "Today's vote puts the university on the right side of history, in the position to exercise powerful and practical action to help end the murder, torture, and genocide in Darfur," he said.
The regents voted to divest all UC shares, including those combined in index funds, of the following nine companies held within separately managed equity portfolios of the university's pension and endowment funds: Bharat Heavy Electricals Ltd., China Petroleum and Chemical Corp. (Sinopec), Nam Fatt Co. Bhd., Oil & Natural Gas Co. Ltd., PECD Bhd., PetroChina Company Ltd., Sudan Telecom Co. Ltd. (Sudatel), Tatneft OAO, and Videocon Industries Ltd.
Divestment should be completed within an 18-month period, commencing once indemnification legislation has been enacted.
UC press release January 2006 press release
UC Davis law student and Regent Adam Rosenthal '06 first presented the divestment issue at the November 2005 meeting. "Today's vote puts the university on the right side of history, in the position to exercise powerful and practical action to help end the murder, torture, and genocide in Darfur," he said.
The regents voted to divest all UC shares, including those combined in index funds, of the following nine companies held within separately managed equity portfolios of the university's pension and endowment funds: Bharat Heavy Electricals Ltd., China Petroleum and Chemical Corp. (Sinopec), Nam Fatt Co. Bhd., Oil & Natural Gas Co. Ltd., PECD Bhd., PetroChina Company Ltd., Sudan Telecom Co. Ltd. (Sudatel), Tatneft OAO, and Videocon Industries Ltd.
Divestment should be completed within an 18-month period, commencing once indemnification legislation has been enacted.
UC press release January 2006 press release