Word: petrochina
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Although Harvard has said that it would sell its shares in the two firms, PetroChina and Sinopec, it appears that the University's holdings in both firms have actually increased since the divestitures were announced...
Over the past week, The Crimson has uncovered the full extent of Harvard’s indirect investments in PetroChina and Sinopec. These are two of the worst offending companies in terms of financial complicity with the Sudanese government’s genocidal campaign in Darfur, and as reported yesterday in an online update, Harvard currently holds $16 million worth of shares in them...
...implementation of this model would not require any substantive policy change from the position Harvard adopted when it decided to divest from its direct holdings in PetroChina and Sinopec back in 2005 and 2006, respectively. Both those decisions were made on the grounds that Harvard should not be supporting companies with proven complicity in a situation that the U.S. government has determined to be genocide—in other words, companies that meet the "worst offending" criteria. Furthermore, there is precedent for this approach. During the mid-1980s, Harvard started screening the "worst-offending" companies operating in South Africa under...
...Monday’s Crimson, Interim University President Bok said he did not know about the University’s indirect holdings in PetroChina and Sinopec, and that the investments must relate to something that happened prior to his interim presidency. As long as the current ad hoc approach to Darfur-related divestment remains in place, we can expect to see the incoming Harvard president make similarly blinkered statements, which will ultimately undermine Harvard’s good standing on this issue. By contrast, the implementation of a targeted divestment model as a matter of policy provides...
HARVARD STILL HOLDS SUDAN STAKE: Through index fund, school owns estimated $6.6 million in PetroChina, Sinopec stock...