FORUM CONTINUES:
Speaker urges
'U' divestment
The Michigan Daily, Thursday, February 2, 1978-Pa
POETRY READING
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CAROLYN GREGORY and
JOHN REINHARD
READINGS FROM THEIR WORK
Thursday, Feb. 2-7:30 p.m.
at GUILD HOUSE
Refreshments 802 MONROE (corner of Oakland)
9e5r
By IENE BECKER
"The University's system is the same
as that of the church: they cannot keep
their concerns for the oppressed of
southern Africa in one pocket and their
investment concerns in another," the
Director of the Interfaith Center for
Corporate Responsibility (ICCR) told a
University audience yesterday after-
noon.
The director, Timothy Smith, urged
the University to aggressively
challenge corporations on moral issues
as part of the Forum on Corporate In-
vestment in South Africa.
SMITH'S REMARKS to the small
audience marked a shift in the forum's
focus from socio-economic conditions in
that country to investments in South
Africa by American corporations..
"I would say that, although it is a
small actcit's an important act; if you
own stock in a corporation, it's time to
let them know what you think, what you
feel, and to call them to account,"
Smith urged.
The ICCR, a branch of the National
Council of Churches, has been studying
American corporate investment in
South Africa for seven years.
SMITH SUGGESTED the University
examine fifteen alternative courses of
action proposed by ICCR. The most
controversial suggestion here is that of
divestiture.'
He said the "problem with divestiture
is that there is "no pure place to go."
Smith said there are so many cor-
porations with South African ties it
would be difficult to reinvest.
"If one is investing in the stock-
market at all you are investing in com-
panies that have a whole series of
problems. If you sell your stock in com-
pany X because of its involvement in
South Africa, and buy company Y and
you find out that it's a major war con-
tractor ... you may be just trading one
evil for another," Smith said.
A GOOD FIRST step Smith recom-
mended is to write inquiry letters to
corporations asking about their policies,
in South Africa. He said Harvard
University and the University of
California and many other groups have
done this with some success.
From there, the University could
request a meeting with corporate
management to discuss the moral
'issues and company policies in South
Africa, Smith said.
Or, the University could make a
strong public statement expressing its
stance on all of the issues involved with
its corporate investments, he said.,
ORGANIZATIONS like the Univer-
sity could also participate in the boycott
of products of companies which have
dealings in South Africa, Smith
suggested.
Individuals and groups could also
agree to withdraw their own money
from banks and savings institutions
which deal extensively with South
Africa, he noted.
"You have to be looking at the social
bottom line, the social performance of
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Smith Daily Photo by WAYNE CABLE
corporations as well as looking at the
financial return," he said.
"IF ONE IS a silent investor in a cor-
poration or in a city bank making loans
to South Africa, and is not raising
questions with that bank about such
loans, you really are an accomplice.
Your are a participant," he said.
Smith also suggested other possible
alternatives, both for the University
and for individual stockholders. They
are:
" Extensive general research into the
corporate asctivities and policies in
South Africa, 'and widespread
publication of the results
* More public hearings similar to this
week's forum
* Attendance at stockholders'
meetings, rather than voting by
proxy-a move which almost always
supports corporate management
" Filing resolutions regarding cor-
porate activity in South Africa at the
stockholders' meetings '
" Publicizing individual stockholder
votes on such resolutions, and on cor-
porate policies
" Actively gathering support from
other stockholders for resolutions to be
presented at meetings
" Working with various groups and
building networks of support with
stockholders and the general public
about particular issues regarding cor-
porate investment in South Africa
i
a
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Samoff Daily Photo by WAYNE CABLE
S. African holdings:
Should 'U' divest?
Y -C
:a
1_
(Continued from Page 1)
GM has made in South Africa since 1926
including school books for children of
black and colored employes,
recreational facilities for blacks, and
training programs specifically for
blackemployes.
Dufey also argued that the University
should not divest. He said "in this coun-
try there are perfect channels of alter-
native action" to change the situation in
South Africa. "The pension fund of the
University is the wrong vehicle (to use
to effect that change)," he said:
SAMOFF, WHO spoke last, said the
situation in South Africa is well known.
He equated apartheid with widespread
.malnutrition, a high infant mortality
rate amongst blacks, and extensive use
of state power to control blacks.
"South Africa doesn't exist in
isolation," said Samoff. "It is a country
which requires U.S. political and
economic support."
He said much of the change which has
been effected in South Africa has been
the result of pressure exerted from this
country. "That pressure needs to be
continued," he said.
Samoff said, while some argue the
futility of the University's divestment
gesture, he claimed it is important
because (the University) is one in-
stitution amongst many including
churches, labor unions, and other
organizations trying to effect change.
In a nutshell!
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