A motion by Regent Philip H. Power at the October Regents’ meeting has opened the door to possible re-investment of University funds in companies doing business in South Africa.
Power says his motion “invites the administration to review past policy with respect to University investments in corporations doing business in South Africa and asks them to make recommendations for appropriate changes.”
His action was prompted by two recent events: an appearance by Nelson Mandela at the United Nations, calling for an end to the world boycott of South Africa, and an executive order by President Bill Clinton.
“I think it’s important for the Univer-sity to review its past policy in this new context,” Power says, adding that the review should be done in a “prudent, orderly and timely manner.”
Regents’ resolutions in April 1983 and September 1985 directed the University to sell holdings in companies doing business in South Africa. Overall proceeds from the sales were $43.9 million. The largest holdings at that time were IBM, Bristol Meyers, Motorola, General Electric and Mobil.
Power said he noted in his motion that the move “is disconnected from recent actions in the state House of Representatives because there is argument as to whether the state law [banning investments] applies to the University.”
