Word: petrochina
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April 4, 2005: After considerable student pressure, Harvard announces it will divest from PetroChina, a firm linked to the genocide in Darfur. In doing so, the Corporation points to Bok’s writings and upholds the precedent of “a strong presumption against [divestment]” unless there are “exceptional circumstances...
...years ago, University President Derek C. Bok wrote that “any policy that encourages the University to engage in boycotts...will have grave disadvantages for the institution.” Yet several events in the past year, including Harvard’s selling its shares of PetroChina, Michigan’s termination of its contract with Coca-Cola, and Stanford’s, Yale’s, and Amherst’s divestment from all companies doing business in Sudan, indicate that this debate is anything but a closed case. And divestment remains in the news?...
...guided us to take this strong action,” Yale President Richard C. Levin said in a statement.Yale’s announcement follows similar moves last year by colleges and universities such as Stanford, Amherst, and Dartmouth. Harvard 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. But Harvard continues to hold a stake in a second Beijing-based oil company, Sinopec, which also does business in Sudan.PetroChina and Sinopec were both listed among the seven companies targeted by Yale?...
...would have been approximately $7.8 million as of the close of the New York Stock Exchange yesterday. University spokesman John D. Longbrake declined to comment for this article in an e-mail, citing University policy to not comment on specific investments. The University announced its decision to divest from PetroChina in April of last year due to “deep concerns” about the role of PetroChina’s parent company, the China National Petroleum Corporation, in supporting the Sudanese regime. A report by the Harvard Corporation Committee on Shareholder Responsibility (CCSR) stated that...
...June 2005, Stanford became the second major school to divest from firms linked to Sudan, announcing that it would sell direct stakes in PetroChina, Sinopec, Tatneft, and power and automation equipment company ABB Ltd. Elsewhere, at Yale, an advisory committee is preparing a report on whether the school should divest from companies tied to Sudan...