Word: stockely
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Dates: during 1970-1979
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...vote, concerning some $12 million worth of stock, came after many months of discussion and protest by students and faculty members...
There are more than 300 such firms with subsidiaries in South Africa that annually do a total of $1.7 billion worth of business. Students charge that universities, by owning stock in these corporations, are indirectly supporting a racist government; they demand that the stock be sold. Proclaims one Berkeley activist: "We're calling for complete divestiture and nothing short...
Some colleges have already taken action. The University of Massachusetts has sold $700,000 of such securities. The Oregon state board of higher education, which administers 13 colleges, has voted to divest itself of stock valued at $6 million. Tufts University has sold $200,000 of stock in Citicorp, a holding company that through its First National City Bank has made loans to South Africa. The University of Wisconsin has been advised by the state attorney general to sell $9 million worth of holdings in companies with South African subsidiaries, as well as stock in any firms with Saudi Arabian...
...pressure, many have instead established policy committees that compare the affirmative-action policies of each company with a set of guidelines established by the Rev. Leon Sullivan, a black civil rights activist and General Motors board member. After such studies, Smith College, for one, kept most of its disputed stock but sold 42,000 shares of Firestone because, says the college, the company failed to give an adequate account of its South African policies. In another approach, the University of Minnesota is pressuring companies directly by introducing resolutions on South Africa at stockholders' meetings...
Private colleges, dependent on their endowment for survival, are finding it particularly difficult to weigh the issue against the financial benefits of their stock holdings. Stanford, for example, estimates that brokerage fees alone for the sale of its $125 million worth of stock in 59 of the companies in question would amount to well over $ 1 million. In addition, firms with assets in South Afric'a have contributed $19.6 million to the university, and Stanford fears alienating them. The student response: "Stanford is subjecting itself to corporate blackmail...