US Philadelphia divests funds from Sudan
Sept 27, 2006 (PHILADELPHIA) — The City of Philadelphia passed a resolution today to divest pension funds in firms that have business in Sudan
The Philadelphia Pension Board passed Controller Alan Butkovitz’ resolution to divest pension funds in companies conducting business in Sudan.
Philadelphia resolution includes approximately 145 million dollars in divestment from companies doing business in Sudan.
“The resolution is in response to the genocide raging on in the Darfur region of Africa’s largest country, where an ongoing conflict between Darfur’s native black population and a government backed Arab militia has resulted in staggering amounts of violence, rape, displacement, and murder”. Said a press statement by Philadelphia city.
Controller Butkovitz stated “ This vote was a victory for those who believe in humanity and the value of human life. It was a course of action that we as Philadelphians, as Americans and as human beings needed to take.”
Gov. Arnold Schwarzenegger, accompanied by activist actors George Clooney and Don Cheadle, on Monday 25 September signed legislation to end investment in Sudan by California public employee pension funds and the state university system in an effort to pressure that nation to stop violence in the Darfur region.
Butkovitz added; “I want to thank the members of the Pension Board who joined with me today and took a stand against genocide and stood up for humanity and the protection of human life.
Controller Butkovitz also stated, “like we did with divestment in South Africa to end apartheid and the McBride principles to end discrimination against Catholics in the North of Ireland investing public retirement funds in businesses and financial institutions with clear ties to this repressive Sudanese regime is inconsistent with a prudent investment strategy.”
Since November 2004, black activists and religious groups are pressing public pension funds to divest a purported $91 billion in holdings of companies operating in oil-rich Sudan.
No American companies are involved in the drive because of U.S. government penalties against Sudan. The pension funds do invest in shares of foreign companies that are active in Sudan — 83 in total. Firms are tragetted by divestment campaign are the German equipment maker Siemens, the French oil giant Total, the Swiss-based engineering firm Asea Brown Boveri, Talisman Oil of Canada and PetroChina.
(ST)