Repository: UIHistories Project: Board of Trustees Minutes - 1988 [PAGE 168]

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BOARD OF TRUSTEES

[January 15

corporate activities in South Africa; (3) the termination or prevention of sales to the South African military or police. 2. If the government of South Africa has not statutorily abolished the apartheid system by May 31, 1987, then the University shall, in a sound financial manner, begin to eliminate its investments in U.S. corporations with operations in South Africa, such sale to be concluded not later than December 31, 1988. I n addition, effective J u n e 1, 1987, the University shall not make new investments in any U.S. corporation with operations in South Africa. 3. If the government of South Africa has not statutorily abolished the apartheid system by May 31, 1987, and the primary bank has loans with, or is otherwise extending credit to the government of South Africa, then the University shall, in a sound financial manner, withdraw its deposits and terminate its agreements with such primary bank not later than December 31, 1988. 4. T h e university comptroller shall make quarterly reports on progress in implementing this investment policy and shall advise the board immediately if it should appear that the implementation of this policy might violate the Board's fiduciary responsibilities with respect to the prudent investment of University funds. 5. I n an effort t o evaluate this investment policy in the context of ongoing social and economic developments in South Africa, the board will review the impact and application of the policy after the completion of the divestiture actions required, i.e., after December 31, 1988. M r . Logan then moved that the following language be added at the end of the recommendation (shown as item 5 above) :

In an effort to evaluate this investment policy in the context of ongoing social and economic developments in South Africa, the board will review the impact and application of the policy after the completion of the divestiture actions required, i.e., after December 31, 1988.

O n voice vote the addition was approved as presented. Mr. Logan then moved the main recommendation, the full text of which appears above, including the addition thereto. T h e motion was a p proved by the following roll call vote: Aye, Mrs. Calder, Mr. Howard, Mr. Logan, Mrs. Shepherd, Miss Smith, M r . Wolff; no, Mr. Forsyth, Mrs. Gravenhorst; absent, Mr. H a h n , Governor Thompson. ( T h e student advisory vote was: Aye, Mr. Filip, Mr. Starkeson; no, none.) T h e board recessed at 3:40 p.m. to reconvene at 8 o'clock Thursday morning, January 15, 1987.

BOARD MEETING, THURSDAY, JANUARY 15,1987

W h e n the board reconvened at 8:10 a.m., t h e members of the board, officers of the board, and officers of the University as recorded at the