Word: petrochina
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While divestment from PetroChina this past April made Harvard the first university to divest its holdings from companies tied to Sudan, its divestment has not been as comprehensive as that of either Yale or Brown...
...views were cited by the Advisory Committee on Shareholder Responsibility (ACSR)—a group of students and faculty that advises the Corporation, Harvard’s highest body, on investment decisions—when it recommended that Harvard sell its holdings in Beijing-based PetroChina. The oil firm has been accused of facilitating the ongoing genocide in Sudan’s Darfur region.But did the ACSR accurately synthesize Bok’s views? In an interview last spring, Bok declined to weigh in. “I never bite the hand the quotes...
...which we hold our institution leaves us no alternative. We must divest from Sudan now and ensure that our investments do not support genocide ever again,” the students said in the statement. The University announced this past April that it would divest from PetroChina, a subsidiary of the Chinese National Petroleum Corporation (CNPC), after pressure from students and some faculty members. The coalition cited Yale President Richard C. Levin statement that Yale’s policy on ethical investing forced it to cease supporting a regime that commits genocide. According to documents released...
What might such guidelines look like? The Corporation should look to both the standards set by its peer institutions and the criteria set forth by the Harvard Corporation in the PetroChina decision. A prudent place to start would be an unequivocal ban on investments that facilitate governments responsible for committing or supporting Congress-declared genocides There is no excuse for Sinopec, which is involved in Sudan in the same way as PetroChina, to remain in Harvard’s portfolio—since the University has taken a moral stance against genocide in Sudan, it behooves them to be consistent...
...Advisory Committee on Shareholder Responsibility (ACSR). Comprised of professors, alumni, and students, the ACSR was a concession made by the University to student activists demanding institutional checks during the campus debate over investments in apartheid South Africa in 1972. While the ACSR research was valuable in prompting the PetroChina decision, they hold little real power—they can only make recommendations and primarily focus on shareholder votes, not screenings of investments. Overall, the Bok standard of ad hoc ethical decision-making—adopted in reaction to student protests over investments in Apartheid—is a formula...