Word: petrochina
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...fairness, if the University still owns the stock, the estimated value of the investment in PetroChina is a mere 0.02 percent of Harvard’s endowment and a fraction of that company’s public holdings. Yet the relative amount of money does not matter in this case: Any amount of money, any fraction of a dollar that Harvard invests in a company with such a disregard for the ethical implications of its activities is too much...
...don’t expect that Harvard alone can do much damage to PetroChina. But as one of America’s most recognizable and respected institutions, Harvard has an opportunity to spur a divestment campaign in this country. If the University divests, other investment funds susceptible to public pressure, such as state pension funds, may choose to divest as well. With formal economic sanctions in the U.N. rendered impossible by China’s veto power on the Security Council and military intervention in Sudan unlikely at best, Harvard must lead the movement to divest—starving...
...January of this year, BP Amoco sold its $1.65 billion stake in PetroChina. The move came on the heels of a four-year campaign by black churches and human rights groups in the U.S. to boycott Amoco stations in protest of BP’s links to Sudan—although BP’s decision to drop the shares was likely made due to economic considerations and not humanitarian concerns...
Several faculty members said they would be more than willing to join an effort aimed at convincing Harvard to drop its shares in PetroChina, the oil stock linked to the Sudanese government...
Outside activists have called on the University to shed its stake in PetroChina (see story, page A1). But within the Harvard community, no professor has yet stepped up to take the lead...