Repository: UIHistories Project: Board of Trustees Minutes - 1980 [PAGE 216]

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206

BOARD OF TRUSTEES

[March 21

MINUTES APPROVED T h e secretary presented for approval the press proofs of the minutes of the Board of Trustees meetings of July 18, 1978 (as a Committee of the Whole), and July 19, 1978, copies of which had previously been sent to the board. O n motion of Mr. Velasquez, these minutes were approved as printed on pages 1 to 34 inclusive. BUSINESS PRESENTED BY THE PRESIDENT OF THE UNIVERSITY President's Reports President Corbally presented a report on selected topics of current interest, copies of which were distributed at the meeting, and a copy was filed with the secretary of the board. OLD AND NEW BUSINESS Report of Finance Committee: Amendment of Policy Statement with Regard to Investments in South Africa Pursuant to discussion and action of the Finance Committee on February 20, the chairman of the committee, Mr. Neal, presented the revised text of a resolution amending the University's policy concerning investments in companies doing business in South Africa. T h e revised text was discussed and a few minor amendments approved by the members of the committee. Mr. Neal then moved that the statement be approved by the Board of Trustees as a recommendation of the Finance Committee. T h e motion was approved without dissent. T h e statement is as follows:

Whereas, the Board of Trustees of the University of Illinois and the Finance Committee of the Board have studied in depth questions relating to investments held by the University and shareholder responsibility for certain of its investments; and Whereas, the Finance Committee previously held hearings in Urbana and Chicago, following which the Committee recommended and the Board adopted on September 21, 1977, amended procedures involving shareholder responsibility and specifically involving investments in companies doing business in South Africa; and Whereas, the Finance Committee has subsequently received substantial additional information from interested persons and groups, has held hearings in Urbana on November 16, 1978, and has been provided with reports from the Investor Responsibility Research Center, Inc., as well as copies of recent statements from other universities; and, Whereas, the official policy of apartheid in South Africa has virtually excluded from the political process all Blacks, Colored, and Asians (groups which compose approximately 83 percent of the population); and Whereas, educational, religious, and civil rights groups in the United States have increasingly opposed corporate involvement in South Africa by U.S. companies; and, Whereas, such corporations are faced with a variety of imposing, although not necessarily convincing, arguments for either continuing to do business in South Africa and by that presence to help to effect constructive change, or to withdraw, and the decision to either remain or withdraw is not susceptible of a clear-cut solution; and,