Council Speaks Good Words for Gulf Oil Corporation
Diocesan Press Service. September 27, 1972 [72136]
GREENWICH, Conn. (DPS) -- Reporting to the Executive Council of the Episcopal Church, Dr. Paul M. Neuhauser, chairman of its Committee on Social Responsibility in Investments, commended the Gulf Oil Corporation for its disclosure of detailed information on its business practices in Cabinda, South Africa.
Although approximately 98 percent of Gulf shares voted in 1971 and 1972 were against additional disclosure on the subject, Dr. Neuhauser reported, Gulf has answered all mail on the subject, distributed detailed papers, and published an updated and expanded report in its house organ, The Orange Disc. Council members received copies of the magazine with the article, "On Doing Business in Cabinda."
The article also spelled out the following Gulf policy: "Gulf does not invest as an employer in any country where laws prohibit the equal opportunity hiring and promotion policy and practices of the Corporation. "
Council passed a resolution commending and applauding Gulf for its disclosure and its enunciation of policy. It strongly recommended and urged the management of all corporate enterprises in the U.S. to follow the same lead. Council also urged Gulf and other corporations to examine the total effect of their operations in colonial Africa on the lives of the people there.
With very little debate and a few negative votes, the Council passed several resolutions concerning stockholder resolutions. Council also adopted the Committee's 11 proposed program recommendations for 1972-73.