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Announcements
 T. Rowe Price sheds PetroChina stock - 4/11/08
T. Rowe Price has sold 55 million shares of PetroChina and has adopted a policy for analyzing risks and engaging with companies with business ties to Sudan. In a statement to Bizjournals, T. Rowe Price chairman, Brian Rogers, stated: "We do believe there's some link between a company's performance as a corporate citizen and its performance over time."
In August 2007, the Genocide Intervention Network, Amnesty International USA Business & Human Rights, and Calvert assembled a coalition of investors to file shareholder resolutions at six financial institutions (Citibank, JP Morgan Chase, Merrill Lynch, Morgan Stanley, T. Rowe Price, and Wells Fargo) calling on the institutions to adopt policies and procedures for investments linked to countries where genocide or mass atrocities are occurring. The resolutions have been withdrawn at Merrill Lynch, T. Rowe Price and Morgan Stanley for complying with the coalition's requests.
Click here for more information on the Genocide Intervention Network’s shareholder resolution campaign and other campaigns for mutual funds shareholders.
European Union divests from PetroChina over Sudan - 3/17/08
The Members of the European Parliament’s (MEP) pension fund has divested from PetroChina, the listed arm of China National Petroleum Corporation, Sudan's largest oil partner. PetroChina was the only company on the Sudan Divestment Task Force's Highest Offenders list owned by the pension fund (click here for a full list of Highest Offenders). MEP Glenys Kinnock, stated, "The sale of the stockholdings in PetroChina sends a very clear signal that the European Parliament abhors that company's links with a regime which does little to end the violent conflict in Darfur."
The European Union’s move follows PGGM’s recent decision to divest from PetroChina. PGGM is one of the largest public pension funds in Europe. The fund made the decision to sell PetroChina after extensive efforts to engage the company over Sudan failed. According to published reports, the sale marks the first time a Dutch pension fund has decided to act against a Chinese oil operator.
While PetroChina is connected to Sudan through its parent company, PGGM notably stated that "ownership, governance and financial streams between CNPC and PetroChina overlap to such an extent that PGGM regards both organizations as a single entity."
Sudan shareholder resolution campaign takes off - 3/11/08
In August 2007, the Genocide Intervention Network, Amnesty International USA Business & Human Rights, and Calvert convened a workshop in New York City on the crisis in Sudan and the appropriate role of shareholder activism in addressing the conflict. Since that time, a coalition of investors has been assembled and shareholder resolutions have been at six financial institutions (Citibank, JP Morgan Chase, Merrill Lynch, Morgan Stanley, T. Rowe Price, and Wells Fargo) in which members of our investor coalitions held shares.
The resolutions call on the financial institutions to adopt “policies and procedures to apply when a company in which [the financial institution is] invested, or its subsidiaries or affiliates, is identified as contributing to human rights violations through their businesses or operations in a country with a clear pattern of mass atrocities or genocide.”
Click here for more information on the Genocide Intervention Network’s shareholder resolution campaign and other campaigns for mutual funds shareholders.
Arizona divests from Sudan! - 3/10/08
Arizona Governor Janet Napolitano has signed Sudan divestment legislation based on the Sudan Divestment Task Force's targeted model. The legislation also prohibits companies operating in Sudan's military, oil, mineral extraction and power sectors from receiving state contracts. House Bill 2705, sponsored by Rep. Kyrsten Sinema of Phoenix, is the first bill the governor has signed into law in the 2008 legislative session. Click here for a press release.
Arizona is the twenty-fourth state to adopt a divestment policy from Sudan and the first state in 2008. Sixteen of these states have passed the Sudan Divestment Task Force model of targeted Sudan divestment. Arizona is also the first state to pass a prohibition on contracts with companies operating in Sudan. Click here for more statistics on the Sudan divestment movement.
Updated Sudan Company Report released - 2/29/08
The Sudan Divestment Task Force has released its quarterly update of the Sudan Company Report, which tracks the operations of over 50 multinational companies whose business operations in Sudan warrant scrutiny by investors.
Click here to receive the Sudan Company Report.
Major Dutch pension fund PGGM sells PetroChina over Sudan - 1/18/08
PGGM, one of the largest public pension funds in Europe, has decided to divest holdings in PetroChina due to parent company China National Petroleum Corporation's connection to "human rights violations in Sudan." The fund, which manages approximately 88 billion euros in assets, made the decision to sell PetroChina after extensive efforts to engage the company over Sudan failed. According to published reports, the sale marks the first time a Dutch pension fund has decided to act against a Chinese oil operator.
While PetroChina is connected to Sudan through its parent company, PGGM notably stated that "ownership, governance and financial streams between CNPC and PetroChina overlap to such an extent that PGGM regards both organizations as a single entity."
Sudan Divestment Task Force announces Sudan-Free indices - 1/7/08
The Sudan Divestment Task Forces has chosen MSCI Barra (NYSE:MXB), a leading provider of investment decision support tools worldwide, including indices and risk and return portfolio analytics, to calculate a series of custom indices that exclude the Sudan Divestment Task Force's list of Highest Offenders in Sudan from several standard MSCI Indices. For more information on problematic companies operating in Sudan, click here.
The custom indices are based on the MSCI EAFE, MSCI Emerging Markets, and MSCI All Country World ex US Indices. Click here for a press release.
President Bush signs the Sudan Accountability and Divestment Act into law! - 12/31/07
U.S. President George W. Bush has signed the Sudan Accountability and Divestment Act into law. This robust new Darfur legislation, which passed both chambers of Congress unanimously, authorizes state and local governments to divest from companies that support the Khartoum government at the expense of marginalized populations in Sudan and prohibit federal contracts with those companies.
More companies take action! - 12/24/07
Weatherford International, a Houston-based oilfield services company, has announced that they will be ceasing all business activity in Sudan within twelve months. The company has been involved in Sudan through a foreign subsidiary, Weatherford Oil Tool Middle East.
Additionally, Weir Group, a Scottish engineering company, announced that they will cease all operations in Sudan by the end of the year. The company, which has been supplying equipment to Sudan for over 25 years, has supplied equipment for oil exploration, production and refining in the country.
For more information on problematic companies operating in Sudan, click here.
Sudan Accountability and Divestment Act passes Congress! - 12/18/07
The United States House of Representatives has unanimously passed the Sudan Accountability and Divestment Act which would authorize state and local governments to divest from companies that support the Khartoum government at the expense of marginalized populations in Sudan and prohibit federal contracts with those companies. The legislation, which unanimously passed the Senate last week, now heads to President Bush.
Click here for a press release.
Sudan Accountability and Divestment Act Passes Senate! - 12/12/07
The United States Senate has unanimously passed the Sudan Accountability and Divestment Act which would authorize state and local governments to divest from companies that support the Khartoum government at the expense of marginalized populations in Sudan and prohibit federal contracts with those companies. The House of Representatives approved companion legislation in July.
Click here for a press release.
Sinopec bids on Alaskan pipeline project - 12/3/07
The Genocide Intervention Network has called on the state of Alaska to immediately reject a bid from China Petrochemical Corporation (Sinopec) to construct the North Slope pipeline. Sinopec is the largest oil field services provider in Sudan. The letter comes in response to a recent announcement that Sinopec was one of six applicants to be considered for the natural gas pipeline contract - a package that includes $500 million in incentives and exclusive license.
Click here for a press release.
Japan to consider ban on Sudanese oil - 11/20/07
Two major Japanese electricity firms have cut oil imports from Sudan in response to the Darfur crisis and Japan's Trade Ministry will consider implementing a country wide ban according to reports from Bloomberg. Japan, the world's second largest oil importer and a top importer of Sudanese oil, is the first nation to publicly consider such action since conflict broke out in Darfur over four years ago.
Click here for a press release.
New Mexico divests from Sudan! - 11/2/07
New Mexico Governor Bill Richardson instructed the $16 billion state Permanent Fund to divest from Sudan. The fund will sell $45 million in seven offending companies in Sudan. Click here for a press release.
New Mexico is the twenty-second state to adopt a divestment policy from Sudan. Fifteen of these states have passed the Sudan Divestment Task Force model of targeted Sudan divestment. Click here for more statistics on the Sudan divestment movement.
Massachusetts divests from Sudan! - 11/2/07
Massachusetts Governor Deval Patrick has signed Sudan divestment legislation based on the Sudan Divestment Task Force's targeted model. The state's Pension Reserves Investment Management Board will sell $50 million in eight offending companies in Sudan. Click here for a story in the Boston Globe.
Massachusetts is the twenty-first state to adopt a divestment policy from Sudan. Fourteen of these states have passed the Sudan Divestment Task Force model of targeted Sudan divestment. Click here for more statistics on the Sudan divestment movement.
Groups launch major campaign to pressure UBS - 10/22/07
The Sudan Divestment Task Force, along with a number of international partners, including the Society for Threatened Peoples-Switzerland and The Aegis Trust, has launched a major campaign targeting UBS for their decision to underwrite an upcoming stock offering for PetroChina on the Shanghai Stock Exchange.
The campaign was launched with an open letter to UBS signed by a number of international human rights leaders, including Mia Farrow, Romeo Dalliare, and Nobel laureates Jody Williams, Betty Williams and Elie Wiesel. Click here for a copy of the open letter, published in the Times of London.
Click here to add your voice to those pressuring UBS.
US Senate Banking Committee passes Sudan Accountability and Divestment Act - 10/19/07
The US Senate Banking Committee unanimously passed the Sudan Accountability and Divestment Act. The bill will protect US states that divest, prohibit U.S. government contracts with offending companies in Sudan; and authorize states to prohibit contracts with offending companies. Companion legislation passed the House of Representatives in July; the Senate bill now heads to the Senate floor.
Click here for more information on how to support the Sudan Accountability and Divestment Act.
Berkshire Hathaway sells PetroChina! - 10/17/07
Berkshire Hathaway, the holding company for Warren Buffett, recently reported the complete sale of shares in PetroChina, the listed arm of China National Petroleum Corporation, Sudan's largest oil partner. Since July, Berkshire Hathaway has sold over two billion shares in PetroChina and was previously the largest US shareholder in the company.
Berkshire Hathaway Continue to Sell PetroChina - 10/12/07
Berkshire Hathaway, the holding company for Warren Buffett, recently reported the sale of additional shares in PetroChina, the listed arm of China National Petroleum Corporation, Sudan's largest oil partner. Since July, Berkshire Hathaway has sold over 1 billion shares in the company and has reduced its holdings in the company by over 50%. It has been speculated that Berkshire Hathaway may be completely shedding its ownership in the company.
The Sudan Divestment Task Force compliments Warren Buffet and Berkshire on the move and encourages the company to make a public announcement addressing concerns about PetroChina's connection to ongoing conflict in Sudan.
Largest foreign mining company in Sudan takes action - 10/4/07
La Mancha Resources, a Canadian mining company, and the primary foreign player in Sudan's mineral extraction industry, has committed to take "Substantial Action", as defined by the Sudan Divestment Task Force's targeted divestment legislation.
The company has publicly committed to refraining from new investment in the Sudan until a peacekeeping force consistent with United Nations Security Council Resolution 1769 has been deployed in Darfur with the full compliance and cooperation of the Sudanese government, and to increase its funding of humanitarian efforts in Sudan by contributing to projects in Darfur. This contribution comes in addition to the existing humanitarian efforts the company has been supporting for several years in the area of its operations. Additionally, the company's President recently met with Sudan's Minister of Energy & Mining, Dr. Awad Ahmed al Jaz, to discuss the situation in Darfur and to encourage the Government to fully comply with the implementation of UNSCR 1769.
Indian power firm drops Sudan - 9/6/07
ICSA India Limited, which develops, designs, and produces software and embedded systems used in the power sectors, publicly stated their decision to drop a proposed electrical project in Sudan because of the "undesirable policies of [the] Sudanese Government." The firm has also stated their intent to not pursue future projects in Sudan.
With Sudan's current electricity generating capacity and infrastructure, about 70% of the country's power is consumed in the Khartoum area, while only 30% of Sudan's population currently has access to electricity. Furthermore, there are serious concerns associated with many of Sudan's power projects, which often appear to provide minimal benefit to the country's marginalized populations while at the same time causing displacement and destruction of livelihood for those directly in the path of the construction.
Updated Sudan Company Report released - 8/31/07
The Sudan Divestment Task Force has released its quarterly update of the Sudan Company Report, which tracks the operations of over 50 multinational companies whose business operations in Sudan warrant scrutiny by investors. Roughly two dozen of the companies that warrant scrutiny for divestment are placed in a category of Highest Offenders.
Click here to receive the Sudan Company Report.
North Carolina adopts targeted Sudan divestment! - 8/30/07
North Carolina Governor Mike Easley has signed House Bill 291, the Sudan (Darfur) Divestment Act, based on the Sudan Divestment Task Force's targeted Sudan divestment model.
Twenty states have adopted divestment policies from Sudan. Thirteen of these states have passed the Sudan Divestment Task Force model of targeted Sudan divestment. Click here for more statistics on the Sudan divestment movement.
UN expert calls on power companies in Sudan to halt operations - 8/27/07
The UN Special Rapporteur on Adequate Housing, Miloon Kothari, has called on companies participating in the Merowe and Kajbar Dam projects, including Harbin Power Equipment, Laymeyer International and Alstom, to “halt their operations a full and impartial assessment of the impact on the human rights of the population is made.” Both dams have provoked considerable protest among local populations, who complain of forced displacement, destruction of livelihood, and unsatisfactory compensation. In recent months, this unrest has been put down by government-sponsored militia and several high profile arrests of community leaders.
US House of Representatives passes Darfur Accountability and Divestment Act - 7/31/07
The US House of Representatives overwhelmingly passed H.R. 180, the Darfur Accountability and Divestment Act. H.R. 180 would require the Secretary of the Treasury to establish a list of companies whose business activities in Sudan directly support the Sudanese Government. The measure also authorizes divestment by state and local governments and bans the federal government from contracting with companies on the Treasury list.
Click here for a press release.
Sudan Divestment Task Force releases new report - 7/26/07
The Sudan Divestment Task Force has released a new report, The Detrimental Presence of PetroChina/CNPC in Sudan. It is meant to directly address the arguments that Berkshire Hathaway put forth at its May 2007 annual meeting to justify the company's decision to take no further action regarding its substantial PetroChina holdings. It also illustrates that PetroChina's subsidiary form is illusory and would not hold in US jurisdictions, further showing that PetroChina/CNPC are in fact one corporation.
Click here to download the report.
The Sudan Divestment Task Force has also released an updated edition of the Efficacy of Targeted Divestment, available here.
European Parliament and US National Education Association endorses Sudan divestment! - 7/13/07
Earlier this month a resolution was approved by European Parliament regarding the deteriorating humanitarian crisis in Darfur. Noting that “power and wealth, now expanded thanks to oil revenues, is very much concentrated in the centre, to the disadvantage of those in the periphery” the resolution calls on “EU Member States to encourage divestment of European companies and funds from Sudan.” This resolution confirms the internationalization of the divestment movement and adds momentum to burgeoning divestment campaigns underway in over half a dozen European countries. Click here to see the full resolution.
Also this month at their annual national meeting, the National Education Association, the largest professional organization in the country representing over 3.2 million educators, voted to “utilize its influence to have retirement systems consider policies of targeted divestment from companies on the Sudan Divestment Task Force’s Highest Offenders list.” The NEA pledged to support legislative efforts on behalf of Sudan divestment in addition to divesting their own funds.
Rhode Island, Texas, Hawaii and New York Adopt Targeted Sudan Divestment! - 7/10/07
Earlier this month, Rhode Island Governor Donald Carcieri signed House Bill 5142 and Senate Bill 87. Both bills are the same and based off the Sudan Divestment Task Force model of targeted Sudan divestment.
Last month, Texas Governor Rick Perry held a public signing for Senate Bill 247, a targeted Sudan divestment bill based off the Sudan Divestment Task Force model. Governor Perry was joined by lawmakers, celebrities, and activists from across the state. Click here for a press release.
Hawaii Lieutenant Governor Duke Aiona signed House Bill 34, a targeted Sudan divestment bill also based of the Sudan Divestment Task Force model.
Also last month, New York State Comptroller Thomas P. DiNapoli announced that the New York State Common Retirement Fund, one of the largest pension funds in the country, will develop and implement a policy that follows the Sudan Divestment Task Force's targeted Sudan divestment model. Click here for a press release.
Nineteen states have adopted divestment policies from Sudan. Twelve of these states have passed the Sudan Divestment Task Force model of targeted Sudan divestment.
Updated Sudan Company Report Released, Companies Take Action - 6/1/07
The Sudan Divestment Task Force has released its quarterly update of the Sudan Company Report, which tracks the operations of over 50 multinational companies whose business operations in Sudan warrant scrutiny by investors. Roughly two dozen of the companies that warrant scrutiny for divestment are placed in a category of Highest Offenders. Click here to receive the Sudan Company Report.
Since the publication of the last Sudan Company Report in February 2007, the Canadian firm CHC Helicopter Corporation, the world's largest provider of helicopter services to the global offshore oil and gas industry and previously a Highest Offender, ceased all business operations in Sudan for the indefinite future after substantial levels of inquiry from a range of concerned investors. Another firm operating in Sudan and an S&P 500 company, Schlumberger, also moved off the Highest Offenderscategory. Schlumberger, which provides oil-field services to the major oil consortiums in Sudan, has committed to reinforcing its existing outreach programs by implementing substantial humanitarian programs to reach marginalized populations in the country.
Already this year, Rolls Royce PLC, which sells oil-engineering equipment, announced its decision to leave Sudan citing "increasing international humanitarian concerns about the situation in Darfur." Additionally, Swiss power giant ABB announced its decision to suspend all non-humanitarian operations in Sudan--a decision in which divestment played a partial role. Shortly thereafter, one of Germany's largest companies, Siemens, pledged to pull out of the country, also citing the pressure created by divestment as a factor.
MINNESOTA, KANSAS AND INDIANA DIVEST FROM SUDAN - 5/11/07
On May 23, 2007, Minnesota Governor Tim Pawlenty signed targeted Sudan divestment legislation into law. Governor Pawlenty stated, "Minnesotans can be proud that we are taking action to help cut off the flow of money to Sudan's military. We're doing our part to stop the crimes and inhumanities in Darfur."
To read the Sudan Divestment Task Force's press release, click here.
On May 11th, 2007, Kansas Governor Kathleen Sebelius signed targeted Sudan divestment legislation into law. Governor Sebelius stated: "The horrific genocide taking place in Sudan is well-documented, and we want to have nothing to do with companies that are doing business in that nation so long as its government does nothing to stop the killing."
To read the Sudan Divestment Task Force's press release, click here. To read a press release from the office of Governor Sebelius, click here.
On May 3, 2007, Indiana Governor Mitch Daniels signed targeted Sudan divestment legislation into law. "This expresses the moral sense of Hoosiers. Every human life everywhere is precious. We do what we can to affirm that value and resist inhumanity of the kind so tragically occurring in Darfur," said Governor Mitch Daniels, who is expected to have a ceremonial bill signing this month.
To read the Sudan Divestment Task Force press release, click here.
Indiana, Kansas, and Minnesota are the eleventh, twelfth and thirteenth states to divest from Sudan, respectively. Currently, an additional fifteen states are considering Sudan divestment legislation.
Presidential candidates divest from Sudan - 5/18/07
Democratic Presidential contenders Barack Obama (D-IL) and John Edwards (D-NC) have committed to divestment of their personal investment portfolios from Sudan. Republican contender Rudy Giuliani also pledged to take action. Obama, Edwards and Giuliani discovered that a portion of their investments were tied to certain worst offending companies in Sudan by using the Sudan Divestment Task Force's online screening tool. For an article on the divestment, click here, for a list of companies that warrant scrutiny, contact us.
Senators Obama and Edwards now join Republican Presidential contender Senator Sam Brownback (R-KS) and Senator Richard Durbin (D-IL) who divested their personal holdings last year. Click here to learn how to take action with your own investments.
Fidelity Investments Cuts Ties to PetroChina - 5/18/07
Fidelity Investments has reduced their US holdings of PetroChina by 91% and their total holdings in the company by 38%. PetroChina's parent company, China National Petroleum Corporation (CNPC), is one of the largest investors in Sudanese oil. Fidelity, who has been a major target of grassroots activists, still holds roughly half a billion dollars in shares of PetroChina through the Hong Kong Stock Exchange.
Click here for an article on Fidelity’s move.
New poll shows Americans overwhelmingly support Sudan divestment - 5/1/07
A recent poll, conducted by the Save Darfur Coalition and KRC Research, found that Americans overwhelmingly support targeted Sudan divestment. The polls key findings included that 71% of Americans agree that companies should take into account the most extreme cases of human rights abuses such as genocide when investing overseas rather than base their investment decisions on economic criteria only. Additionally, 84% say they will withdraw their investments from companies that do business with companies that directly or indirectly support genocide. Click here to review the complete poll results.
This overwhelming American support reflects further progress in the Sudan divestment campaign. Targeted Sudan divestment legislation recently passed the legislatures of Hawaii, Indiana and Kansas, and the State Senate of Florida. Click here for the Sudan Divestment Task Force's legislative model, and be sure to consult the Sudan Divestment Map for the status of campaigns at the international, state, city and university level.
Task Force releases new report: PetroChina, CNPC, Sudan: Perpetuating Genocide - 4/25/07
The Sudan Divestment Task Force, a project of the Genocide Intervention Network, has released PetroChina, CNPC, and Sudan: Perpetuating Genocide, an extensive report documenting the intimate, opaque, and symbiotic relationship between PetroChina, CNPC, and CNPC's extensive and problematic operations in Sudan.
The report also includes commentary regarding Berkshire Hathaway, the largest US investor in PetroChina. On May 5th, at the Berkshire Hathaway annual meeting in Omaha, the company's chairman, Warren Buffett, will discuss the PetroChina issue.
Click here to download a copy of the report.
Also, click here to read a Berkshire statement on PetroChina.
COLORADO DIVESTS FROM SUDAN - 4/19/07
Today, Colorado Governor Bill Ritter signed targeted Sudan divestment legislation into law. "Colorado has no business supporting companies that facilitate genocide," Governor Ritter said. HB 1184 was sponsored by Speaker of the House Andrew Romanoff and recieved the endorsement of the Colorado Public Employees' Retirement Association. Colorado is the tenth state to adopt a divestment policy since the movement began. Click here to read a press release.
Earlier this month, Iowa and Maryland both adopted bills restricting investments in Sudan. Over 15 additional states are considering targeted Sudan divestment legislation this year. Click here for the Sudan Divestment Task Force's legislative model, and be sure to consult the Sudan Divestment Map for the status of campaigns at the international, state, city and university level.
Rolls Royce pulls out of Sudan - 4/19/07
Yesterday, the British firm Rolls Royce PLC, a top target of the Sudan Divestment Task Force, announced its decision to leave Sudan citing "increasing international humanitarian concerns about the situation in Darfur." Rolls Royce will begin withdrawing from current contracts in Sudan and cease pursuing news ones. Rolls Royce has a history of selling oil-engineering equipment to the genocidal Government of Sudan. Click here for an article about Rolls Royce's decision.
In January of this year, Swiss power giant ABB announced its decision to suspend all non-humanitarian operations in the country--a decision in which divestment played a partial role. Shortly thereafter, one of Germany's largest companies, Siemens, pledged to pull out of Sudan, also citing the pressure created by divestment as a factor. Click here for more information on ABB, and here for more information on Siemens.
Iowa Divests from Sudan, Maryland Restricts Future Investments - 4/16/07
Earlier this month, Iowa Governor Chet Culver signed Senate File 361; Iowa's targeted Sudan divestment legislation. Iowa is the first state to pass Sudan divestment legislation in 2007, and the eighth state to adopt a divestment policy since the movement began. Click here for a press release.
Last week, Maryland Governor Martin O'Malley signed Senate Bill 543 authorizing the state's pension board to divest and restricting future investments in Sudan. Click here for the full text of the bill.
Also this month, the Colorado Senate approved House Bill 1184 and the Rhode Island House of Representatives approved H 5142; each state's targeted Sudan divestment legislation. Last month, the Colorado legislation was approved by the Colorado House of Representatives and the Rhode Island legislation was approved by the Rhode Island Senate. Both bills now head to governor's office.
Over 15 additional states are considering targeted Sudan divestment legislation this year. Click here for the Sudan Divestment Task Force's legislative model, and be sure to consult the Sudan Divestment Map for the status of campaigns at the international, state, city and university level.
United States Senators and Congressmen support targeted divestment in Massachusetts - 3/28/07
Tomorrow, the Massachusetts legislature will hear Senate Bill 1474; the state?s targeted divestment legislation. Actress Mia Farrow, Sudan researcher Eric Reeves, and many community and religious leaders will testify in the proceedings. Today, US Senators Ted Kennedy and John Kerry and all ten Massachusetts Congressmen sent a letter in support of Senate Bill 1474 to the Joint Committee on Public Service, the committee considering the bill, and State Senate and House leadership.
The Congressional delegation?s letter is available at www.sudandivestment.org/letter.pdf
For an Op/Ed by Mia Farrow in the Boston Globe in support of S. 1474, go to www.sudandivestment.org/farrow.html
The Boston Foundation pursues new avenue of divestment - 3/14/07
The Boston Foundation, one of the oldest and largest community foundations in the nation with assets of over $830 million, has devised a new strategy for targeted divestment of indirect holdings from Sudan. The strategy, called "short-selling," achieves divestment without disrupting the investment program of the Foundation.
"The strategy devised by the Boston Foundation is a true 'silver bullet,'"
said Eric Reeves, professor at Smith College and noted expert on Sudan.
"This removes the last impediment for large-scale investors because it makes it possible to offset pooled investments in Sudanese oil development and the companies doing business in this and other commercial sectors that support a genocidal regime."
For more information on the Boston Foundation's strategy of short-selling, please click here.
Divestment authorization bill introduced in US Senate - 3/8/07
Earlier this month, United States Senators Dick Durbin (D-IL) and John Cornyn (R-TX) introduced federal legislation expressing the sense of Congress that states and other entities should be allowed to divest their assets of holdings in certain companies operating in Sudan. The legislation provides support for various states and institutions considering targeted divestment legislation as an expression of their opposition to the genocide and policies of the Khartoum government. The authorization, much like the targeted Sudan divestment model, would sunset in the event that the Government of Sudan alters its behavior and federal sanctions are lifted.
Seven states have already adopted divestment policies and nineteen others are currently considering targeted divestment legislation.
Sudan Divestment Task Force Responds to the Northern Illinois District Court's Decision Striking Down Illinois' Blanket Divestment Law As Unconstitutional - 3/1/07
In late February, U.S. District Judge Matthew F. Kennelly ruled Illinois' blanket Sudan divestment statute to be unconstitutional. However, instead of striking down divestment per se as unconstitutional, Judge Kennelly defined certain limits to Sudan divestment statutes and ruled that Illinois had crossed those certain limits. In response, Illinois has stated in a press release that they intend to amend the law to bring it in line with constitutional requirements outlined by Judge Kennelly.
The Sudan Divestment Task Force's targeted divestment model, currently being implemented or considered by over 20 states and dozens of non-state entities, was developed with pro bono legal counsel from Cooley Godward Kronish LLP to pre-emptively address each of Judge Kennelly's concerns. As such, the Task Force is confident that the model falls well within the constitutional limits outlined by Judge Kennelly for Sudan divestment statutes.
Click here for the court's decision and here for a Washington Times story on the decision.
Vermont fund completes targeted divestment from Sudan - 2/27/07
Vermont has become the seventh state to divest from Sudan and the second to adopt the Sudan Divestment Task Force's model for targeted divestment. State Treasurer Jeb Spaulding, who oversees the $3 billion state pension fund, stated Vermont has "now completely divested from those companies that have been identified by the Sudan Divestment Task Force as engaging in activities that substantially support the Sudanese government's genocidal activities."
Targeted Sudan divestment picks up steam! - 2/26/07
Today, the Indiana House or Representatives unanimously passed House Bill 1484 which is based on the Sudan Divestment Task Force model of targeted divestment. This follows last month's news that Texas Governor Rick Perry endorses Senate Bill 247 and House Bill 667. The Texas legislation is also based on the Task Force model of targeted divestment. The Indiana legislation now heads to the Senate, and the Texas legislation will soon be considered by the Texas Senate and House of Representatives. Click here for more information on the Indiana campaign and here for the Texas campaign.
Last week, Colorado's targeted divestment legislation, House Bill 1184, unanimously passed the House with every state representative joining as a co-sponsor. The bill will now move to the Senate. The Colorado Public Employees' Retirement Association (PERA) has endorsed HB 1184, a first in divestment legislation. Click here for more information on the Colorado campaign and here for an article from the Denver Post.
Sixteen additional states will consider targeted Sudan divestment legislation this year. Click here for the Sudan Divestment Task Force's legislative model, and be sure to consult the Sudan Divestment Map for the status of campaigns at the international, state, city and university level.
Additionally, American Jewish World Service has become the first national Jewish organization to promote targeted divestment. AJWS will help individuals screen their investments using the Task Force's screening tool and encourage activists to support targeted divestment legislation in their states. The Jewish Council for Public Affairs has also voted to support a targeted divestment initiative. Click here for more information on AJWS's targeted divestment campaign.
Sudan Divestment Task Force responds to Berkshire Hathaway commentary on the company's holdings in PetroChina, the Chinese oil subsidiary whose parent company operates in Sudan - 2/25/07
Berkshire Hathaway, a holding company controlled by Warren Buffett, recently released a statement on its website regarding its over $3 billion in PetroChina holdings. PetroChina's parent company, China National Petroleum Corporation (CNPC), is one of the largest investors in Sudanese oil. The Sudan Divestment Task Force seeks to clarify several issues detailed in the Berkshire statement, including the relationship between PetroChina and CNPC, the likely outcome if shareholder pressure on PetroChina/CNPC were ratched up, and the specific request the Task Force is making of all major shareholders of PetroChina. Click here to read the Berkshire statement and here to read the Sudan Divestment Task Force's response.
Call your state governor today: 1-800-GENOCIDE - 2/12/07
The Genocide Intervention Network, the parent organization for the Sudan Divestment Task Force, has launched an exciting new advocacy tool, 1-800-GENOCIDE. Call today to be connected to your governor and ask them to support targeted divestment legislation in your state. Check the Sudan Divestment Map for the status of campaigns in your state.
Sudan Divestment Task Force partners with Calvert and Save Darfur Coalition - 2/6/07
Calvert, one of the largest families of socially responsible mutual funds in the United States, will be providing analytical support for the Sudan Divestment Task Force. Calvert will also be joining with the Genocide Intervention Network, the parent organization of the Sudan Divestment Task Force, and the Save Darfur Coalition on various advocacy campaigns in support of targeted Sudan divestment.
Click here for more information on Calvert's targeted Sudan divestment efforts.
Groups launch Sudan Divestment UK - 2/1/07
A major European campaign, Sudan Divestment UK, has been launched with support from the Sudan Divestment Task Force, Aegis Trust, and Waging Peace. Click here to visit the Sudan Divestment UK website. Click here for an article on the campaign in the Observer, and here for an interview on BBC Radio.
Sudan divestment targets mutual funds - 1/27/07
The Sudan divestment movement has spread to the asset management community, as recently profiled in the Wall Street Journal, Bloomberg News and Fortune Magazine. Click here to watch a news report from Fox News in Boston.
Click here for a Sudan Divestment Task Force report on links between PetroChina, Sudan and major US asset managers. Additionally, a grassroots campaign of investors and activists are calling on Fidelity Investments to divest its PetroChina and Sinopec holdings. Click here to visit the Fidelity Out of Sudan website. And click here to screen your own mutual funds.
ABB and Siemens Respond to Crisis in Darfur - 1/20/07
Swiss power giant ABB recently announced its decision to suspend all non-humanitarian operations in the country--a decision in which divestment played a partial role. Shortly thereafter, one of Germany's largest companies, Siemens, pledged to pull out of Sudan, also citing the pressure created by divestment as a factor.
Click here for more information on ABB, and here for more information on Siemens.
Harvard Relaunches Divestment Campaign - 1/12/07
A Harvard Crimson article revealed that Harvard University continues to invest in PetroChina and Sinopec, despite previous decisions to divest. In response, the Harvard Darfur Action Group has decided to relaunch a Sudan divestment campaign, urging the University to adopt the Task Force's comprehensive targeted divestment model.
Tomorrow, Actress Mia Farrow to call for divestment on the NBC Today Show - 1/11/07
Tomorrow on the NBC Today Show, actress and UNICEF Goodwill Ambassador, Mia Farrow, will advocate for targeted divestment in Sudan.
Sudan divestment takes off in 2007! - 12/31/06
Over the next two months, over 20 states will be introducing targeted Sudan divestment legislation. Click here for the Sudan Divestment Task Force's legislative model, and be sure to consult the Sudan Divestment Map for the status of campaigns at the international, state, city and university level.
Also in December, the Board of Trustees of the Kentucky State Teacher's Retirement unanimously voted to adopt a targeted Sudan divestment policy and the Sudan Divestment Task Force's website, SudanDivestment.org, was selected website of the month by the Center for Policy Alternatives.
Sudan divestment heats up at university level - 12/4/06
The University of Colorado has adopted a targeted Sudan divestment policy. Click here for an article from the Denver Post, here for a Daily Camera editorial, and here to find our more about the policy.
Students at the University of Chicago have received major endorsements in their campaign to convince the university to adopt a targeted Sudan divestment policy. Click here for an article from the Chicago Sun-Times.
U.S. Senator Sam Brownback leads growing individual investor movement to divest from Sudan - 11/29/06
Kansas Senator Sam Brownback and his family plan to withdraw hundreds of thousands of dollars from investments in companies that do business with Sudan. Click here to read an article on Senator Brownback's divestment, and here to learn about other individuals that have taken action. Check out the Sudan Divestment Task Force's Sudan Screening Tool, and take action today!
Congressional and Senatorial champions urge state governors to implement Sudan divestment - 11/21/06
U.S. Senators Sam Brownback (R-KS) and Richard Durbin (D-IL) and Representatives Frank Wolf (R-VA), Donald Payne (D-NJ), Thomas Tancredo (R-CO), Barbara Lee (D-CA), Michael Capuano (D-MA), and James Moran (D-VA) recently joined forces to write letters to the governors of the 44 state that have yet to adopt Sudan divestment policies.
Click here for a press release, here to read the Senatorial letter, and here to read the Congressional letter.
Targeted Sudan divestment launches in Ireland - 11/17/06
RTE News Morning Ireland, Ireland's largest radio show, reports on the burgeoning targeted divestment campaign in Ireland with Ireland's Sudan Divestment Task Force campaign manager.
Click here to download the radio interview (requires RealPlayer).
City and County of San Francisco adopts targeted Sudan divestment policy - 11/14/06
The San Francisco Employee Retirement System (roughly $15 billion in assets) adopted a Sudan divestment policy similar to the model advocated by Sudan Divestment Task Force. While the adopted policy will apply to actively-managed, separate account holdings, the Retirement System has delayed a final decision about how to deal with offending companies held in index funds until January's Board meeting.
Click here for details on the retirement system's policy.
International Crisis Group calls for targeted Sudan divestment - 10/12/06
In its latest policy briefing on Sudan, Getting the UN into Darfur, the International Crisis Group (ICG), calls for targeted Sudan divestment as a necessary measure for achieving long-term peace and security in Darfur.
Click here to read the ICG's arguments for targeted Sudan divestment.
Click here to read the full report.
University of Maryland divests from Sudan exposed fund - 10/12/06
The University of Maryland Foundation (USMF) recently voted to sell its $16.2 million interest in a commingled fund that was found to have exposure to offending companies in Sudan.
Congressman Frank Wolf calls for Virginia divestment - 10/12/06
Congressman Frank Wolf (R-VA 10th) called for the Commonwealth of Virginia to adopt a targeted Sudan divestment policy. Congressman Wolf also called on VA Governor Kaine to direct the state to take action and the General Assembly leadership to take up the effort. The Sudan Divestment Task Force is currently working with state legislators to develop Virginia specific legislation.
Click here for a copy of the press release.
SDTF releases an updated version of its list of companies that warrant scrutiny - 10/9/06
To receive the SDTF's List of Companies that Warrant Scrutiny, please contact info@sudandivesment.org. In addition to providing our list of companies that warrant scrutiny, we are also able to recommend which companies are best suited for divestment and/or continued shareholder engagement.
City of Philadelphia adopts targeted Sudan divestment - 9/27/06
The Philadelphia city pension board voted to adopt and implement the Task Force model of targeted divestment. The city will remove separately managed (direct) holdings in two offending companies, Petronas and Schulmburger, and will bar future direct investments in 23 additional offending companies. Furthermore, the city will require its commingled fund managers to create sub-funds for the city that are devoid of the targeted offending companies.
For a press release of the decision, click here.
California divests from Sudan...Governor Schwarzenegger holds public signing - 9/25/06
Governor Arnold Schwarzenegger was joined by actors George Clooney and Don Cheadle, former Secretary of State George Shultz, executive members of the Sudan Divestment Task Force and other community leaders at a public signing for AB 2941, adopting a targeted divestment from Sudan for California's public pension funds. The Governor also signed AB 2179, which completes the University of California's targeted divestment from Sudan.
For a press release click here; for video of the signing, click here; for pictures, click here, here, here and here.
For a press release from Gov. Schwarzenegger urging President Bush to sign the Darfur Peace and Accountability Act and support additional legislation that would protect divestiture from Sudan, click here.
SDTF Launches Sudan Mutual Fund Screening Tool - 9/25/06
The Sudan Divestment Task Force and Invested Interests have created the first online tool allowing individuals to screen their mutual funds for investments in companies supporting the Sudanese government. The Sudan Screening Tool provides visitors with a report detailing the names, dollar value and percent of total assets invested in offending companies. Sudan divestment data has previously been available only to large institutions. The Sudan Screening Tool allows for any mutual fund investor, approximately 57 million U.S. households, to actively participate in Sudan divestment.
CALIFORNIA TO DIVEST FROM SUDAN...Governor Schwarzenegger to hold public signing - 9/24/06
For the last three weeks, activists from across the state have sent thousands of postcards and e-mails to Governor Schwarzenegger urging him to sign AB 2941 and adopt a targeted divestment from Sudan for California's public pension funds.
Governor Schwarzenegger has now indicated he will sign AB 2941 as well as AB 2179, which completes the University of California's targeted divestment from Sudan. The signing will occur on Monday, September 25, in Burbank. The Governor will be joined by actors Don Cheadle and George Clooney, former Secretary of State George Shultz, executive members of the Sudan Divestment Task Force, members of the California State Assembly, community leaders, and students from across the state. For details on the event, click here.
Actor Don Cheadle leads coaltion urging CA Governor to sign targeted divestment bill - 9/14/06
Academy Award nominated actor Don Cheadle joined a coalition of students, politicians, and community leaders at Los Angeles City Hall to deliver a message to Governor Schwarzenegger, urging him to sign California's targeted Sudan divestment bill (AB 2941). The bill has already passed the state legislature on an overwhelming and bi-partisan vote. Click here and here for pictures of the press conference. Click here to read a Los Angeles Times editorial, and here for a San Jose Mercury News editorial, both in support of AB 2941.
Governor Schwarzenegger has until September 30th to sign or veto AB 2941, click here for information on how to send the Governor a message in support of AB 2941.
California divestment bill passes State Senate - 9/7/06
On Monday, August 28th, AB 2941, California's targeted Sudan divestment bill, passed the State Senate on a bipartisan vote of 29-7. The bill is now in the hands of Governor Arnold Schwarzenegger. AB 2941 passed the State Assembly, 72-4, in May. To read a recent San Jose Mercury News Editorial in support of AB 2941, click here.
Please contact us at info@sudandivestment.org if you are a California resident and want to express your support for the bill to Governor Schwarzenegger.
Web Conference for Investors and Financial Professionals on September 27, 2006 - 9/7/06
The Sudan Divestment Task Force will be presenting a live, online discussion on the various screening tools, offending company information, and investment opportunities available vis-?-vis Sudan-related investments. Speakers include Colin Thomas-Jensen of the International Crisis Group, Rick Hausman of Clean Yield Group, and the executive team of the Sudan Divestment Task Force. The discussion will be geared to investors and financial professionals, but anyone with an interest in the Sudan divestment movement is welcome to attend. For more information click here.
University of Wisconsin and Cornell University announce restrictions on Sudan investments - 8/25/06
University of Wisconsin System passes resolution encouraging investment managers to divest from targeted companies. Cornell bars direct investments in oil companies operating in Sudan. To date, over twenty schools and universities across the country have enacted restrictions on Sudan investments. Details of each decision can be read in the Task Force's State of Sudan Divestment Report.
California divestment bill passes Senate Appropriations Committee - 8/17/06
On Thursday, August 17th, AB 2941, California's targeted Sudan divestment bill, passed the Senate Appropriation Committee on a bipartisan vote of 10-3. The bill now moves to the Senate floor for a vote on the 28th of August. The bill passed the State Assembly, 72-4, in May. Please contact us at info@sudandivestment.org if you are a California resident and want to express your support for the bill to your Senator and Governor Schwarzenegger.
California divestment bill passes Senate Judiciary Committee - 8/08/06
On Tuesday, August 8th, AB 2941, California's targeted Sudan divestment bill, passed the Senate Judiciary Committee. The bill now moves to the Senate Appropriations Committee. A rally of legislators, activists and community leaders preceded the successful Judicary Committee vote. The bill passed the State Assembly, 72-4, in May.
Rally for California divestment bill; participants wanted - 7/27/06
On Tuesday, August 8th, the CA Senate Judiciary Committee will vote on AB 2941, California's targeted Sudan divestment bill. A rally in support of that bill, hosted by the Sacramento Committee on Conscience, will be held at noon on the south steps of the State Capitol building. For more details, contact Ian Lobel at im_lobel@yahoo.com r visit rallyfordarfur.org. The bill passed the State Assembly, 72-4, in May.
Rally for Massachusetts brings momentum and key endorsements - 7/26/06
Massachusetts targeted Sudan divestment legislation, Senate Bill 2166, now renumbered as Senate Bill 2659, has been referred to the Senate Ways and Means committee. The bill has received endorsements from former Gov. Michael Dukakis, Congressman Michael Capuano (D-8) and Congressman James McGovern (D-3). In addition, both Senator Edward Kennedy and Senator John Kerry issued statements at a Task Force rally at the State House on July 25th. Speakers at the rally included state legislators and religious leaders.
Rally for Massachusetts divestment bill; participants wanted - 7/17/06
The Massachusetts legislature will be considering adoption of a bill based on the Task Force's targeted divestment model in the next two weeks. A rally in support of the bill, S2166, will be held in Boston at the capitol building on July 25th at 10:30 am. For more details, contact Maggie Tiernan at (516) 527-4096 or at mtiernan@wellesley.edu.
Several more colleges and universities announce Sudan investment strategies - 6/28/06
University of Washington has approved targeted divestment and now begins the process of finalizing which companies are "offending." Williams College approved divestment from 26 companies. University of Pennsylvania approved divestment from 7 companies. University of Maryland approved divestment from 4 companies. Princeton University plans to engage several potentially offending companies before deciding whether to blacklist those companies. Oberlin College passes resolution encouraging investment managers to divest from targeted companies. Details of each decision can be read in the Task Force's State of Sudan Divestment Report.
Missouri invests in "terror-free" fund - 6/21/06
In June 2006, the Missouri Investment Trust (MIT) selected State Street Global Advisors to handle a "terror-free" $5 million international fund. The new fund will screen out companies with ties to terror-states, including Sudan. Read a press release from Missouri State Treasurer Sarah Steelman here.
Massachusetts Joint Committee on Public Service approves Targeted Divestment Bill - 6/8/06
The Massachusetts Joint Committee on Public Service voted to recommend the state divestment bill, Senate Bill 2166, favorably. S2166 has been amended to incorporate targeted divestment language. The bill will now move to the Senate Ways & Means Committee.
New Jersey completes implementation of Sudan divestment - 6/01/06
According to a press release from NJ Assemblyman William Payne, the state of New Jersey has divested $2.16 billion from 17 companies identified has having an equity tie to the government of Sudan. The divestment's completion comes two years before the statute's mandatory deadline. Payne is the author of the NJ divestment act.
California Assembly passes Targeted Divestment Bill - 5/31/06
The California State Assembly voted 72-4 in favor of AB 2941, which would mandate a targeted divestment policy for state's two pension systems. The bill received overwhelming bi-partisan support, and now moves to the State Senate. The full text of the bill can be read here.
University of Vermont to adopt Targeted Divestment Policy - 5/20/06
The Board of Trustees at the University of Vermont voted this past Saturday (May 20) to approve the recommendation from their Investment Committee and Committee on Socially Responsible Investing to divest from several companies whose business activities provide the Sudanese government with revenue to carry out genocide in Darfur, Sudan. The University of Vermont has now become the second public university to divest from Sudan, following the University of California and several private schools such as Harvard, Yale, Stanford, Amherst, Brown and many others. The University of Vermont will base their divestment policy on the Sudan Divestment Task Force Model.
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