Word: sinopec
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...Harvard has publicly announced its direct divestment from two Chinese oil companies, PetroChina and Sinopec. But as of December 31, 2006—the date of Harvard’s most recent filing—the University maintained indirect holdings worth $13.4 million in these companies as well as Petronas, a Malaysian oil firm linked to Sudan, through its investment in funds managed by the British bank Barclays...
...Harvard has apparently sold nearly a third of its shares in the Barclays fund, though it appears the University still holds $3.5 million in PetroChina stock and $2.3 million in Sinopec stock through the fund...
...Harvard Management Corporation (HMC) has not divested from PetroChina and Sinopec. Despite declaring in April, 2005 its intentions to withdraw investments from PetroChina due to “the unique pattern of circumstances relating PetroChina to the crisis in Sudan,” and shortly thereafter promising to cut ties with oil giant Sinopec as well, Harvard’s stake in the two companies has actually increased from $10.1 million to $15.7 million. The current holdings come as a result of Harvard’s investments in two index funds managed by the British investment bank Barclay?...
...fund, change over time in response to market fluctuations. However, the University’s financial gurus cannot ignore what is in plain sight. Now that it is clear to Harvard and the world that a sizable portion of Harvard’s endowment is supporting the actions of Sinopec and PetroChina, the HMC should find a way to dispose of the shares...
...symbolic gesture would be meaningless. By refusing to support corporations that underwrite death even if it comes at a cost, Harvard makes an important statement about acting for a greater good than simply maximizing endowment returns. As long as Harvard continues to hold clearly traceable investments in PetroChina and Sinopec, that statement is robbed of its validity. We hope Harvard sticks to its word and makes divestment a reality...