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Caption: Board of Trustees Minutes - 1978
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1978] UNIVERSITY OF ILLINOIS 641 the world are moving to restrict or end their loans to the government or companies there. Our bank has not yet moved in this direction. Regrettably, the white minority continues to find a willing lender at Citibank. Given the importance of these loans in South Africa and their implications for U.S. foreign policy, we believe that the bank must make pertinent information about them available to all shareholders. Such information will enable the shareholders to make an informed judgment about the propriety — both in moral and economic terms — of our bank's continued relationship with South Africa. We believe that such a report will demonstrate that, while continuing South African loans are not essential to the economic viability of this bank, they are essential for the maintenance of the South African system of apartheid. T h e comptroller sent the attached letter to C. W. Desch, secretary of Citicorp. Minnesota Mining and Manufacturing Company O n May 9, 1978, the stockholders of Minnesota Mining and Manufacturing Company met and, among other matters, considered a Stockholder Proposal that was submitted by T h e National Council of Churches of Christ, Dominican Sisters of the Sick Poor, and Marianist Provincial House. T h e proposal was supported by 1.90 percent of the stockholders. The text of the proposal to the stockholders of Minnesota Mining and Manufacturing Company was: Whereas in South Africa the black majority is rigorously controlled and oppressed by a white minority which comprises 18 percent of the population; Whereas South Africa's apartheid system legalizes racial discrimination in all aspects of life and deprives the black population of most basic human rights, e.g., Africans cannot vote, cannot collectively bargain, must live in racially segregated areas, are paid grossly discriminatory wages, are assigned 13 percent of the land while 87 percent of the land is reserved for the white population; Whereas South Africa's system of white minority rule called apartheid is widely condemned by the U.S. government and numerous international bodies, and the United Nations requires a mandatory arms embargo since South Africa is a threat to world peace; Whereas black opposition to apartheid and black demands for full political, legal, and social rights has risen dramatically within the last years; Whereas widespread killing, arrests, and repression has been the South African government's response to nationwide demonstrations for democratic rights; Whereas Prime Minister Vorster has openly declared his intention to maintain white political control and deny political rights to South African blacks; Whereas as church investors, we believe that U.S. business investments in South Africa, including our company's operations, provide significant economic support, international credibility, and moral legitimacy to South Africa's apartheid government; Therefore Be I t Resolved, the shareholders request the Board of Directors establish the following as corporate policy:
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