Word: divests
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Since we, the Harvard Darfur Action Group, sent our letter to Interim President Derek C. Bok on March 8, some people have asked, “Why do we have yet another divestment campaign? Didn’t Harvard divest from Sudan already?” The answer is not yet. Harvard has only divested its direct holdings in two Chinese oil companies: Petrochina and Sinopec. The focus of our campaign, however, is not Harvard’s indirect holdings in these companies. While we do want Harvard to divest from stocks, exchange traded funds, index funds, and other financial...
These are two of the companies from which we want Harvard to divest. Our hope is that divestment will force the companies to change their behavior, and once they do so, we would gladly re-invest in them. We ask Harvard to divest only when a company meets four stringent criteria: 1) It has a business relationship with the Sudanese government or is involved in a government-created project; 2) It fails to benefit civilians outside of the government; 3) It fails to implement a substantial corporate governance policy regarding the crisis in Darfur; and 4) It fails to respond...
Let’s imagine that Harvard decided to divest from every offending oil company in the Sudan within a few years of its launching operations. Given that it costs hundreds of millions of dollars to begin drilling, such large sunk costs would make the company loathe to pull out. In contrast, if oil companies knew before entering or expanding operations that doing so would make them subject to divestment, they might behave differently. Only a targeted divestment policy, by defining the actions that warrant divestment, would effectively deter an oil company from entering the country or proactively affect...
Schlumberger’s “extensive placement of oil rigs in Sudan” led the state of Maine to divest from the company in early...
With the revelation two months ago that Harvard still holds stock—albeit indirectly—in companies from which it had allegedly divested because of their involvement in Sudan, the student divestment movement has been launched anew. Apparently, the Corporation’s April 2005 decision to divest from directly-held stock in PetroChina, one such company, did not translate into selling off “indirect holdings,” such as mutual funds, which hold stock in the company. While we agree with student activists that Harvard should drop more of this indirectly-held stock...