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Caption: Board of Trustees Minutes - 1978
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1978] UNIVERSITY OF ILLINOIS 645 African law. We firmly believe such sales blatantly violate the spirit of the arms embargo. If the South Africans force Caltex to sell to the military then Caltex becomes a virtual "hostage" of the apartheid government. Polaroid recently withdrew upon discovering its products were misused in South Africa. Caltex's investment involves it, willingly or not, in strategic assistance to South Africa's apartheid goyernment. T h e attached letter was sent to Texaco by the comptroller. No other proxies containing stockholder proposals covered by the board action on South Africa were received. T h e Securities and Exchange Commission (SEC) requires that a resolution receive 3 percent support the first year, 6 percent the second year, and 10 percent the third and each succeeding year to qualify automatically for inclusion in a company's proxy materials the following year. This table indicates the percentage support of the shareholder proposals and whether it qualifies for inclusion next year under SEC rules. Corporation Bankamerica Citicorp Minnesota Mining & Manufacturing J. P. Morgan Texaco Support 4.77% 4.58 1.90 4.38 2.19 Qualifies yes yes no yes no April 18, 1978 Bankamerica P.O. Box 37108 San Francisco, California 94137 Gentlemen: The Board of Trustees of the University of Illinois, in the public meeting held on September 21, 1977, directed that the University express its opposition to all corporate activity which supports a n d / o r furthers the policy of apartheid in South Africa. In accordance with that direction, we are enclosing Proxy No. 8 of Olen & Co. for 8,144 shares Bankamerica common stock voted in favor of Item No. 5, a stockholder's proposal concerning South Africa. By copy of this letter, we are informing Olen & Co. of our action. Sincerely, R. W. Brady Comptroller RWB:vll
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