On a motion duly made and seconded, the Board of Trustees of Amherst College passed the following resolution January 14, 2006:

A divestment action should be considered rarely and only in the face of human atrocities that are wholly inconsistent with the moral and ethical values of Amherst College. There is clear and mounting evidence that the government of Sudan is committing genocide against the people of its Darfur region. On July 23, 2004, the U.S. Senate and House of Representatives unanimously adopted a joint resolution declaring the atrocities in Darfur to be genocide. On June 2, 2005, President Bush reiterated that the U.S. government believes genocide is taking place in Darfur. A January 2005 report by the United Nations recognized that elements of genocide are evident in the gross violations of human rights perpetrated by Sudanese government forces and the militias under their control.

The Committee, with the assistance of staff, has researched and reviewed the potential divestment of investments in multinational companies with direct business interests in Sudan that directly support the activities of the Sudanese government. In this situation, divestment is an appropriate response because a number of multinational companies, largely in the oil, energy and telecommunications industries, provide the government of Sudan with substantial financial resources and the infrastructure to continue the sponsorship of genocidal actions in Darfur.

The Board of Trustees of Amherst College voted to divest any and all direct investments held by the Trustees of Amherst College for the benefit of Amherst College and/or the Folger Shakespeare Memorial Library, in multinational companies identified as having direct business ties to the Sudanese government or companies whose business activities are in direct support of these companies and the activities of the government. Although the College does not currently have direct investments in such companies, the Board’s action will preclude future direct investment in these companies. The Board will also communicate its decision to its external investment managers in the hope that they will take into consideration our actions and the situation in the Sudan as these managers develop and implement their own investment strategies.

The following list of companies is currently banned for direct investment:

Bharat Electronics Limited
China GezHouba Group Company Limited
China National Petroleum Corporation
China North Industries Group Corporation
China Petrochemical Corporation (Sinopec Group)
Dongfeng Motor Group Co. Ltd (DFL)
GAZ PJSC
Jiangxi Hongdu Aviation Industry Co. Ltd.
KAMAZ OJSC
Oil India Limited
Oil & Natural Gas Corporation (ONGC)
Petroliam Nasional Berhad (Petronas)
Power Construction Corporation of China (PowerChina)

The specific criteria used to establish the above list of prohibited companies include: multinational companies that have direct business ties to the Sudanese government; or multinational companies whose business activities are in direct support of these companies and the activities of the government of the Sudan.

This above resolution and list of prohibited investments will be reviewed and periodically updated by the Investment Committee, as appropriate.  The summary of changes to the ristricted list is available below.

As part of its commitment to the Sudan divestment initiative, the College became a founding member of Conflict Risk Network (CRN), formed in June 2009 as a successor entity to the Sudan Divestment Taskforce.  CRN is a network of institutional investors, financial service providers and related stakeholders calling on corporations to fulfill their responsibility to respect human rights and to take steps that support peace and stability in areas affected by genocide and mass atrocities.  They operate on the premise that such behavior reduces risks faced by investors, corporations and civilians.

CRN spearheaded focused engagement efforts with a number of companies in light of South Sudan’s 2011 secession and the associated conflict risks.  The College has and will continue to actively participate in these engagement efforts as needed. 

Summary of changes to the restricted list since passage of the initial resolution in January 2006:
Additions:
Ranhill Bhd, Malaysia
Petronas, Malaysia
PECD Berhard, Malaysia
Muhibbah Petrochemical Engineering Sdn Bhd, Malaysia
Bharat Heavy Electricals Limited, India
Dong Feng Automotive Company Limited
Norinco
AREF Investment Group
AviChina Industry and Technology Company Ltd
Bauer Aktiengesellschaft
Indian Oil Corporation Ltd
Kencana Petroleum Berhad
Kejuruteraan Samudra Timur Berhad)
Scomi Group Berhad (Scomi Engineering Bhd)
Dongfeng Motor Group Co. Ltd (DFL)
China Gezhouba Group Company Limited
China Hydraulic and Hydroelectric Construction Group
Oil India Limited
Trafigura Beheer
Bharat Electronics Limited
GAZ Group
Jiangxi Hongdu Aviation Industry Co. Ltd.
KAMAZ OJSC
Deletions:
Royal Dutch Shell Plc
Telefonaktiebolaget LM Ericsson
ABB Ltd.
China National Offshore Oil Corp.
Siemens AG)
Alcatel – Lucent
Nam Fatt Co. Bhd
Tatneft
Videocon
Weir Group PLC
Bauer AG
Sumatec Resources
PECD Berhard
Dong Feng Automotive Company Limited
Kencana Petroleum Berhad
Kejuruteraan Samudra Timur Berhad
Muhibbah Engineering Berhard
Bharat Heavy Electricals Limited
Harbin Power Equipment Co. Ltd.
Lundin International SA
Schlumberger Ltd.
AviChina Industry & Technology Company Ltd.
Indian Oil Corporation Ltd.
Trafigura Beheer
Alstom
Ranhill Berhad
Scomi Group Berhad
Energy House Holding Company K.S.C.C.