Repository: UIHistories Project: Board of Trustees Minutes - 1988 [PAGE 166]

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156

BOARD OF TRUSTEES

[January 15

President Nina T . Shepherd welcomed the two new trustees beginning their terms with the present meeting, Mrs. Galder and Mr. Wolff. HEARING, UNIVERSITY POLICY REGARDING INVESTMENTS IN COMPANIES DOING BUSINESS IN SOUTH AFRICA (1) Mrs. Shepherd reviewed the background on this question and the board's consideration of the subject over many years. She noted, in particular, President Ikenberry's recommendation of September 11, 1986, and notice from Trustee Logan that it was his intention at the current meeting to raise again for consideration the president's recommendation. T h e hearing was arranged to provide additional testimony from interested groups. T h e following individuals, representing the organizations noted, spoke briefly on the subject: Betty Lou Saltzman — Senator Paul Simon's office; Lynn Barrier — Clergy and Laity Concerned; Prexy Nesbitt—• Mayor Harold Washington's office; Donald E. Crummey — Director, African Studies Center, Urbana-Champaign campus; Steve Apotheker — Champaign-Urbana Coalition Against Apartheid; Rachel Reuben — Coalition for Illinois Divestment from South Africa; William Wint, Jr.; and Gregg Keuster — student, Chicago campus. (Some individuals provided prepared texts and in such cases copies are filed with the secretary of the board for record.) Following the hearing, the board discussed briefly President Ikenberry's recommendation of September 15, 1986, and the associate secretary, Mr. Wicklund, was asked to read it. T h e text is as follows. Whereas, the Board of Trustees has for many years expressed its abhorrence of the system of apartheid in the Republic of South Africa — a system which disenfranchises the majority population of black Africans and coloreds of their human, political, and economic rights; and Whereas, the board has pursued its fiduciary responsibility as well as its responsibility to invest University funds in a socially responsible manner by incorporating the principles enunciated by the Reverend Leon Sullivan in its investment policy; and Whereas, following extensive study, on J u n e 20, 1985, the board strengthened its policy by limiting its investments in U.S. corporations doing business in South Africa to those that have attained the top two performance categories of the Sullivan Principles and required that its primary banks conform with certain criteria prohibiting loans to the government of South Africa and the sale of Krugerrands; and Whereas, the board took action on July 10, 1986, to direct that communications be sent to U.S. corporations doing business in South Africa and representatives of the governments of the United States and the Republic of South Africa, again expressing abhorrence of apartheid and outlining University policy on investment in corporations doing business in South Africa; and