Office of Media Relations
Brown Corporation Puts Six Companies Off-Limits for Investment
The Advisory and Executive Committee of the Brown Corporation has designated six companies for exclusion from University investment because of the support they provide for the repressive regime in Sudan. The A&E’s specific action today (March 17, 2006) follows the full Corporation’s decision last month to divest from companies that facilitate Sudanese oppression in Darfur.
PROVIDENCE, R.I. — At its March 17, 2006, meeting, the Advisory and Executive Committee of the Brown Corporation approved the recommendation of President Ruth J. Simmons that the University exclude from its direct investments the shares of the following six companies: ABB Ltd., Alcatel, PetroChina, Siemens, Sinopec, and Tatneft.
The Advisory and Executive Committee, a standing committee of the University’s governing body, is authorized to take action on behalf of the Brown Corporation between regularly scheduled meetings. The full Corporation has three regularly scheduled meetings during the year.
Research conducted by the administration, with assistance from the Advisory Committee on Corporate Responsibility in Investing (ACCRI) and a group of students from STAND (Students Taking Action Now: Darfur), showed that the business activities of these companies are supporting and facilitating the Sudanese government in its continuing sponsorship of genocidal actions and human rights violations in Darfur. At this point in time, Brown is not directly invested in any of these companies. The Investment Office will inform Brown’s investment managers of the University’s desire not to be invested in these companies.
This action follows the Corporation’s Feb. 25, 2006, decision to
divest from companies meeting the criteria for divestment described above. More
information regarding that decision can be found in the University's Feb. 25
news release, available on the Media Relations Web site at:
“We anticipate that as circumstances and events in Sudan unfold, the list of companies excluded from direct investment will need to be monitored and may be subject to change,” said Russell Carey, vice president and secretary of the University. “The administration, with input and advice from ACCRI, will monitor the situation and make recommendations as necessary to the Advisory and Executive Committee.”