Word: sinopec
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...most recent filing with federal regulators on Feb. 9, Harvard revealed that it owned 134,050 shares in Sinopec, also known as the China Petroleum and Chemical Corporation. Those shares were worth a total of $8.3 million on the New York Stock Exchange at noon yesterday. Since Sept. 30, 2001, when Harvard first reported to the federal Securities and Exchange Commission (SEC) that it had purchased a stake in Sinopec, the price of shares in the Beijing-based firm has quadrupled...
...Harvard Corporation, the University’s highest governing board, directed the school’s endowment managers yesterday to sell the Sinopec shares after the Corporation’s Committee on Shareholder Responsibility—which comprises Robert D. Reischauer ’63, an economist, and James R. Houghton ’58, the chairman of the glass and fiber-optic company Corning—recommended divestment. In a statement yesterday, the Committee on Shareholder Responsibility said that Sinopec is a partner in a venture that will significantly increase oil production in southeastern Sudan in the coming months...
...It’s wonderful that they divested,” Kennedy School student Chad J. Hazlett, an organizer of the petition targeting Sinopec, said. But, he added, “there should be discussion of a broader policy of divestment so we don’t find ourselves in this position again...
Manav K. Bhatnagar ’06, co-founder of the website HarvardDivest.com that hosted the initial petition targeting PetroChina and the more recent anti-Sinopec effort, called yesterday's announcement “a welcome step.” But in an e-mail, he wrote that “Harvard’s divestment still remains the most limited in scope compared to divestment decisions of other universities...
...companies, but more importantly, have set down concrete criteria to guide investments,” Bhatnagar wrote. “Harvard’s current system of reviewing investments is ad-hoc and inadequate,” he added. “This explains the fact that while Sinopec and PetroChina met the same criteria, there was a one-year gap in Harvard’s divestment...