The UC Board of Regents voted today (Jan. 19) to tell their foreign investments fund managers that it has strong concerns about University dollars being invested in companies that help make it possible for the Sudan government to continue acts of genocide in Darfur.
The Regents also will establish a task force to consider a more detailed plan to identify a specific list of offending companies and divest from them as well as the legal and financial implications of divestment upon the University.
"The Regents' action to formally notify their external fund managers about their concerns about the investment of University funds in these companies represents a strong measure for putting the University on record in opposition to the acts of genocide and violence in Sudan, while maintaining the Regents' fiduciary obligations to the beneficiaries of the University's pension and endowment funds," said Gerald L. Parsky, board chairman.
The proposal for Sudan divestment was first presented by Regent Adam Rosenthal, a law student at UC Davis, at the Regents' meeting in November 2005, at which time the board directed the UC Office of the President to explore options of a possible divestment and report back to the Regents at today's meeting.
Members of the University Sudan divestment task force, which will include representatives from the Regents, the treasurer's Office, the general counsel, students, faculty, the UC retirement plan advisory board, the regents' investment advisory committee and external fund management, will be announced in the coming days.
Source: UC Office of the President
Links:
UC Students Lobby for Divestment in Sudan
University of California
