Word: texaco
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...time has come for Harvard to seriously consider divesting from the Texaco Corporation. The recent scandal in which top Texaco executives were taped discussing their own discriminatory policies is only the latest evidence that the oil giant has been seriously lacking in institutional integrity...
Last week, Texaco board chair Peter I. Bijur settled a class-action lawsuit that had been filed several years ago by several black employees who claimed they were denied promotion opportunities because of their race. The corporation, which had previously been fighting the suit tooth and nail, offered the $176.1 million settlement only after a former Texaco executive disclosed a tape-recording he had made of a 1994 board meeting. On the recording, top Texaco brass discuss destroying evidence of hiring discrimination while using racially insulting language...
...Corporation committee abstained on a proposal to request that Texaco terminate operations in Burma until prisoners are released and the democratically-elected government is restored to power...
...same time, the committee voted to ask Texaco and other companies "to review their codes of conduct for international operations," the annual report says...
There has been no action on the Texaco investment in light of last week's events. As part of its settlement, Texaco will pay $115 million to about 1,400 current and former employees and also will give black employees 10 percent raises. The company also agreed to spend $35 million on a task force to recruit black workers, monitor discrimination and develop diversity and sensitivity training...