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:

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.

Additions to the restricted list since passage of the initial resolution in January 2006:

Ranhill Bhd, Malaysia (added as of May 2006)

Deletions to the restricted list since passage of the initial resolution in January 2006:

none

Current list of companies where direct investment is prohibited as a result of the Board of Trustees Sudan Divestment Resolution, as of May 1, 2006:

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.