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Trustee Resolution on Investments in Sudan

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, as of February 2015:

Alstom S.A.
Bharat Electronics Limited
China GezHouba Group Company Limited
China Hydraulic and Hydroelectric Construction Group (Sinohydro)
China National Petroleum Corp. (PetroChina and Kunlun Energy Co Ltd, formerly known as CNPC Hong Kong Ltd)
China Petroleum and Chemical Corp. (Kingdream PLC, Sinopec Finance, Sinopec Corp,  Sinopec Shanghai Petrochemical Company Ltd, Sinopec Kanton Holdings Ltd, Sinopec Yizheng Chemical Fibre Company Ltd and Odmurtneft BRD)
Dongfeng Motor Group Co. Ltd (DFL)
Energy House Holding Company
Gaz Group
Jiangxi Hongdu Aviation Industry Co. Ltd.
Norinco
Oil India Limited
Oil & Natural Gas Co. Ltd. (ONGC)
PETRONAS and subsidiaries: PETRONAS Dagangan BHD, PETRONAS Gas BHD and MISC Berhad
Ranhill Bhd
Scomi Group Berhad (Scomi Engineering Bhd)

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 (added May 2006)
Petronas, Malaysia (added July 2006)
PECD Berhard, Malaysia (added July 2006)
Muhibbah Petrochemical Engineering Sdn Bhd, Malaysia (added July 2006)
Bharat Heavy Electricals Limited, India (added July 2006)
Dong Feng Automotive Company Limited (added Feb 2007)
Norinco (added Feb 2007)
AREF Investment Group (added Jan 2008)
AviChina Industry and Technology Company Ltd (added Jan 2008)
Bauer Aktiengesellschaft (added Jan 2008)
Indian Oil Corporation Ltd (added Sept 2008)
Kencana Petroleum Berhad (added Sept 2008)
Kejuruteraan Samudra Timur Berhad (added Sept 2008)
Scomi Group Berhad (Scomi Engineering Bhd) (added Sept 2008)
Dongfeng Motor Group Co. Ltd (DFL) (added June 2010)
China Gezhouba Group Company Limited (added September 2012)
China Hydraulic and Hydroelectric Construction Group (added September 2012)
Oil India Limited (added September 2012)
Trafigura Beheer (added September 2012)
Bharat Electronics Limited (added February 2014)
GAZ Group (added February 2014)
Jiangxi Hongdu Aviation Industry Co. Ltd. (added February 2014)

Deletions:
Royal Dutch Shell Plc (removed July 2006)
Telefonaktiebolaget LM Ericsson (removed July 2006)
ABB Ltd. (removed Feb 2007)
China National Offshore Oil Corp. (removed Feb 2007)
Siemens AG (removed Feb 2007)
Alcatel – Lucent (removed Jan 2008)
Nam Fatt Co. Bhd (removed Jan 2008)
Tatneft (removed Jan 2008)
Videocon (removed Jan 2008)
Weir Group PLC (removed Jan 2008)
Bauer AG (removed Sept 2008)
Sumatec Resources (removed Sept 2008)
PECD Berhard (removed Sept 2009, stock was delisted on Sept. 9, 2009)
Dong Feng Automotive Company Limited (removed June 2010)
Kencana Petroleum Berhad (removed June 2010)
Kejuruteraan Samudra Timur Berhad (removed June 2010)
Muhibbah Engineering Berhard (removed June 2010)
Bharat Heavy Electricals Limited (removed September 2012)
Harbin Power Equipment Co. Ltd. (removed September 2012)
Lundin International SA (removed September 2012)
Schlumberger Ltd. (removed September 2012)
AviChina Industry & Technology Company Ltd. (removed February 2014)
Indian Oil Corporation Ltd. (removed February 2014)
Trafigura Beheer (remvoed February 2015)

 

Contact Us

investments@amherst.edu
Phone: (413) 542-5701
Fax: (413) 542-5695

STAFF DIRECTORY »

Send Mail To:
Office of Investments
Amherst College
P.O. Box 5000
Amherst, MA 01002-5000

Visit Us At:
79 South Pleasant Street, Suite 120
Amherst, MA 01002
Driving Directions