Page Two THE MICHIGAN DAILY
Sunday, Apri l 11, 1971
'U'
investment: Profit or morality?
(Continued from Page 1) At Harvard, Yale, Princeton, the
because we felt it improper on University of Pennsylvania a n d
public health grounds, but because Stanford - all schools with large
it just wasn't good business." endowment funds for investing in
Likewise was a previous decis- corporations - student-faculty
ion not to invest in companies committees have been set up to
making alcoholic beverages, says examine how university stock
Griffiths. "Most of those firms proxies should be voted - espec-
just don't have the growth." Itally focusing on businesses t h a t
Conger and Griffith sum up have dealings in South Africa.
their opposition to groups like Though only a handful voted with
Campaign GM and the Angola campaign GM last year, with the
Gulf Project - opposition shared subsequent addition of other or-
by most of the Regents - by ganized campaigns - such as the
criticizing their "indirect ap- Gulf Angola Project - increased
proach:" pressure is expected to be put
"If Dow Chemical (a company on universities to either sell con-
in which the University currently troversial stocktor participate in
owns $500,000 worth of stock) stockholders' campaigns against
hadn't made napalm, someone else
would," says Griffith. "T h e s e unpopular corporate policies.
people have made the investment For example, the University of
"The closest we ever came to making an in-
vestment decision on moral grounds was when
we declined to invest in tobacco," Conger says.
"The decision that tobacco investment was not
necessary was made not only because we felt it
improper on public health grounds but because
it just wasn't good business."
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question a symbolism and they're Pennsylvania recently divested it-
trying to use it as a political lever." self of $1,597,270 of General Mo-
Notwithstanding this criticism, tors stock after the propriety of
Campaign GM and the Gulf An- holding such stock was widely
gola Project have been organizing contested because of, among other
for several months, supported in things, its plants in South Africa.
part by the National Presbyterian Next week, besides getting their
and Episcopal churches. Concen- monthly report on University in-
trating on universities with large vestment transactions, the Re-
investments in General Motors gents may also review Campaign
and Gulf Oil Corp., they are try- GM's collected General M o t o r s
ing to push through provisions at securities with Campaign GM.
upcoming stockholders meetings to
"open up" the corporations' rul- Although the Regents have
ing boards to input from outside agreed to listen to a debate on
the company stockholders. And, this question at 4:30 p.m. Thurs-
though judging from Campaign day, most observers feel it unlike-
GM's proposals' overwhelming de- ly any substantive changes will
feat last year - they received be made in the standard regental
only 2.7 per cent of the vote - policy of supporting management
the outcome may be "symbolic" policy.
but is attracting increased sup- Campaign GM's current pro-
port from many universities. posal would alter the following as-
dM Mea,
Feast opens Monday.
ie f
:rn1XeS 1 _ 1and drama
pects of General Motors manage-
ment:
-Voting procedure. General
Motors would be required to list
on its proxy candidates nominat-
ed by shareholder petitions; and,
-Selection of management di-
rectors. General Motors consum-
ers, dealers and employes (e v e n
though not stockholders) would be
allowed to select three of the
board's directors; and,
-Publication of statistics. Gen-
eral Motors would be required to
publish exact data on its progress
in pollution control, safety and
minority hiring.
The Gulf Angola Project pro-
posal, which was only recently pre-
sented to the University, a s k s
the University to vote its over
$600,000 worth of Gulf Oil Corp.
stock to terminate Gulf's opera-
tions in "colonial controlled areas
suchdas Angola" and expand its
board of directors to include non-
shareholders.
Most observers feel this pro-
posal stands little chance of be-
ing considered, let alone passed,
by the Regents. I
Chances for the full proposal
being passed by the Regents ap-
pear so minute as to be almost
negligible. Even the more liberal
Regents appear only lukewarm to
a proposal that would necessitate
careful revision of their policy of
voting with management, and
would open up sensitive issues of
University involvement in social
issues roughly analogous to the
debate over recruiting policy the
Regents, just faced.
In February, the Regents modi-
fied a rule passed by the Office
of Student Services Policy Board
which barred discriminatory com-
panies from using University
placement offices. The Regents'
decision in "clear-cut" cases, b u t
how stringently it will be enforc-
ed remains doubtful.
Despite a hesitancy on this lev-
el, Brain Mistrust, a radical eco-
nomic research group, charges
that the Regents are, by b a c k-
ground, biased towards business
concerns and are satisfied w i t h
profit alone.
"The Regents argue that we
should invest only on the basis of
what brings in the most profit", a
recent Brain Mistrust statement
read. "In other words, no matter
the effect on the lives and liveli-
hoods of peoples throughout the
world, they think the UniversityI
should invest only with an eye toI
what profits the University most."
However, a more basic consid-
eration might be the effect of such
policy changes on the gift giving
that forms the basis of Univer-
sity investments in the first place.
Investment officials, like the Re-
gents during the recruitment pol-
icy debate, are wary of making
changes "social and moral" judg-
ments lest alumni support drop
of f.
Drawing over $6 million in div-
idends on University investments
in the last year alone - usually
earmarked for a donor's special
project or concern - University
finances could be significantly
handicapped by an investment
police which forced liquidation of
securities more conservative alum-
ni gave as gifts. i
As Conger says, "Voting s t o c k
this way could backfire. Alumni
might in turn try to use their
monetary gifts to influence us."
Meanwhile, there appears to be
at least some awareness in gov-
ernment of the long-range mag-
nitude a shift in universities' in-
vestment policies might have. Sen.
Lee Metcair (D-Mont.), particu-
larly interested in universities'
growing interest in buying elec-
trical power and energy stocks, has
proposed - groups of universities
band together "to work within the
system to check corporate exces-
ses." Such stocks comprise 27 per
cent of all University securities.
How his proposal is greeted by
those who would like to remove
universities from the corporations
remains to be seen, but both
groups agree with Metcalfs state-
ment on the Senate floor t h a t
"universities - as institutions ra-
ther than as groups of students
and faculty - are very much a
part of the corporate orbit today."
Thus, the debate over how this
University invests its money in
corporate America stands to in-
crease before it subsides. This
campus, having one of the largest
endowment funds of any state-
supporteduniversity appears head-
ed for an investment dilemma
as long as unpopular corporations
hold sizeable chunks of Univer-
sity money.
Women march
on .Pentagon
(Continued from Page 1)
The 11 hour rally at the De-
fense Department followed a
police-escorted march10 abreast
from the Justice Department.
"Hey, hey ho, ho! Male suprem-
acy's got to go," chanted the
marchers, as they p a s s e d the
White House.
Along the way and at t h e
Pentagon, the women performed
guerrilla-theater skits depicting
the United States as an aggressor
nation enslaving peoples around
the world.
At the Defense Department, a
succession of speakers demanded
an immediate withdrawal of a 11
U.S. troops from South Vietnam
and an end to all "repression" -
including alleged male domination
of women.
For the student body:
FLARES
by
Levi
Farah
Wright
j Tads
Sebring
State Street at Liberty,
Join The Daily
Couzens Hall presents
TOLKIEN
OR
What's Happening ii Middle Earth?
A LECTURE BY CLYDE S. KILBY. Professor Kilby spent
a summer working with J.R.R. Tolkien on the Silmarillion, a
trilogy set in the First Age of Middle Earth.
MONDAY, APRIL 12
7:30 p.m.-Couzens Assembly Room
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The Feast Family, tenuously of
Chapel Hill, North Carolina, will
be presentingatheirtheatrical off-
spring, "Feast" at Canterbury
H o u s e this week - tomorrow,
Tuesday and Thursday at 8 p.m.
Written by Shubert Playwrit-
ing Fellow Lewis Black, "Feast"
weaves conventional drama w i t h
the imaginative use of film to de-
pict the childhood and . adoles-
cence of Delaney, a boy coming
to maturity in upper middle class
America.
But "Feast" is far more t h a n
REWARD
Two bicycles were s t o l e n
from outside The Daily offices
y e s t e r d a y afternoon. They
were a green Schwinn "Var-
sity", license number 0029 and
a brown Raleigh "S u p e r
Course." These bikes belonged
to two kids who don't have the
money to buy new ones so if
you see them or know where
they are, please call e it h e r
Geoff or Steven at 662-4648 or
663-1770. There will be a re-
ward for the return of either
bike.
just another play about the "gen-
eration gap." Taking a broader
focus, "Feast" is a parable about
modern America. Centered around
the banality of a modern kitchen,
"Feast" moves from the breakfast
table to a post-midnight snack as
it unfolds the story of Delaney
from 5 to 20.
Although written byuBlack,
"Feast" is also a communal ef-
fort. ; Calling upon; the collective
experience of the Feast Family,
Black fashioned a play expressly
for them which is, in a sense, a
group auto-biography.
First presented at the - Univer-
sity of North Carolina last Decem-
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three performances at Canterbury
House will be the play's first pro-=
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REVOLUTION in four films for 60c
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