Word: exxon
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...Church Project is sponsoring a resolution to have EXXON (275,000; May 17) establish "a broadbased committee including outside representatives" to investigate the implications of the new oil exploration the company plans to begin off the coast of Angola. Unless Exxon comes up with a tolerably complete study of these implications, which include increased payments to repressive Portugal, it's hard to see how Harvard can oppose this resolution, even if it accepts Portugal's claim that Angola's not a colony at all, but an integral part of Portugal...
Until Mass Hall, demonstrations against large corporations were generally directed at Vietnam war profiteers. This year Clergy and Laity Concerned is sponsoring resolutions calling on G.E. and Exxon to report to their shareholders on their involvement in military projects in Southeast Asia and to establish committees "to provide for an orderly transition from military to civilian-oriented production." The ACSR came out against the G.E. resolution last week, not so much because it likes the company's military contracting, Auerbach said, as because most of the information G.E. hasn't already released is classified anyway...
...Corporation votes next week on the ACSR's Phillips recommendation, the way the ACSR handles the Exxon issue, and the kinds of tasks the ACSR sets for itself when the pressure of other people's proxy resolutions is off will reveal more about the ACSR's potential as a progressive force. But whether investment policy can be changed to reflect the University's supposedly moral purposes, depends largely upon the intensity of independent political action--perhaps a more persistent kind of political action than that which led to the ACSR's creation in the first place...
...social consequences. Harvard's Top Ten Investments shares market value 1. IBM 194,299 $76,165,208 2. General Reinsurance 81,162 $33,032,934 3. Eastman Kodak 245,564 $32,567,925 4. Texaco 837,139 $27,207,017 5. General Motors 269,257 $20,160,617 6. Exxon 266,956 $19,788,113 7. Ford $18,770,563 8. ITT 322,607 $16,815,889 9. Gulf Oil 686,797 $16,740,676 10. General Electric 225,253 $14,810,384 *as of June...
...only issue, however. In Saudi Arabia, the shrewd Minister of Oil and Mineral Wealth, Ahmed Zaki Yamani, negotiated a new policy of "participation" by his government's oil agency, Petromin. Within three years, Petromin will acquire a 25% share in Aramco, the huge producing company through which Exxon, Texaco, Standard Oil of California and Mobil have been pumping Saudi Arabian oil. By 1983, the Saudis' share of Aramco will have increased to 51%. Similar deals have been made by other Middle East producers. Last week, the government of Iran took over the operations of a consortium of American...