Program Recommendations for 1972-1973
Diocesan Press Service. August 7, 1972 [72137]
DATE: August 7, 1972
FROM: Committee on Social Responsibility in Investments
SUBJECT: Program Recommendations for 1972-1973
I. Continued participation in the InterFaith Committee on Social Responsibility in Investments.
II. Support for research on social responsibility of corporations.
III. Sponsor educational programs within the Church on social responsibility in investments, and on specific issue areas. Join with others in general educational programs aimed at institutional investors.
IV. Continued development of Guidelines for Developing Social Criteria for Areas of Special Concern.
V. Support for development of new models for investment.
VI. Develop avenues for disseminating public interest proxy information.
VII. Support for efforts to broaden the disclosure and reform the proxy requirements of the Securities and Exchange Commission.
VIII. Continue activities related to ecological concerns.
IX. Support the Diocese of Puerto Rico regarding pro- posed copper mining in Puerto Rico.
X. Continue activities related to Southern Africa including withdrawal, disclosure, and positive employment practices.
XI. Continue to explore, examine and assist, and/or co- operate with others, especially local groups, in examining the record of corporate practices as they affect minority group persons, military contracting, consumer protection, and ecology.
DATE: September 25, 1972
FROM: Committee on Social Responsibility in Investments
SUBJECT: Commendation of Gulf Oil Corporation (SR #1)
WHEREAS, approximately 98% of the shares voted in 1971 and 1972, at shareholder meetings of GULF OIL CORPORATION, were cast against disclosure resolutions regarding the Corporation's investment in Cabinda; and
WHEREAS, nevertheless the Management of GULF OIL CORPORATION has published detailed information of the type sought in "The Orange Disc"t and
WHEREAS, in an updated statement entitled "On Doing Business in Cabinda," recently published by the Management thereof, GULF OIL CORPORATION has clearly spelled out the following policy in these words:
"Gulf does not invest as an employer in any country where laws prohibit the equal opportunity hiring and promotion policy and practice of the Corporation."
therefore, be it
RESOLVED, by the Executive Council of the Episcopal Church and the Board of Directors of The Domestic and Foreign Missionary Society of the Protestant Episcopal Church in the United States of America, as follows:
(1) We highly commend and applaud Gulf Oil Corporation and the Management thereof (a) for disclosing detailed information and answering all questions regarding its investment and employment practices in Cabinda, and (b) for enunciating a policy of refraining from investing, as an employer, in any country where laws prohibit equal opportunity hiring and promotion policies for all employees, regardless of sex, race, creed, color or origin;
(2) We strongly recommend and urge the Management of all corporate enterprises in the United States, as employers, to follow the same enlightened leadership of Gulf Oil Corporation by full, non-competitive disclosures regarding their investments and employment practices in other countries throughout God's World, and by refraining from investing in or disinvesting from any country where the laws deny equal opportunity employment and promotion unto every man and woman, regardless of race, creed, color or origin; and
(3) We are concerned with the impact of the investment by Gulf Oil Corporation on the rights and dignity of the people of Cabinda and we urge Gulf Oil Corporation and other corporations to examine the total effect of their operations in Colonial Africa on the lives of the people there.
SUBJECT: South Africa: Disclosure (SR #2)
RESOLVED, that the Executive Council authorize the Committee on Social Responsibility in Investments
(a) to initiate, file and pursue disclosure resolutions of a type similar to that filed with GM last year with one or more of the following companies (or with any other company in which the Society owns stock which is operating in South Africa):
(1) GE
(2) IBM
(3) Standard Oil of New Jersey
(4) Caterpillar
(5) MMM
(6) Kodak
(7) Gillette
(b) to join with others in soliciting support for such resolutions filed with these or other companies.
SUBJECT: South Africa: Namibia (SR #3)
RESOLVED, that the Executive Council authorize the Committee on Social Responsibility in Investments
(a) to initiate, file and pursue with Phillips Petroleum Company shareholder resolutions similar to that annexed hereto as Exhibit A , and
(b) to join with others in soliciting support for resolutions concerning Namibia filed with other companies.
EXHIBIT A
RESOLVED, that the Charter of the Corporation shall be amended to provide as follows:
"Notwithstanding the foregoing, The Corporation shall not, directly or indirectly via wholly or partially owned subsidiaries, conduct exploration, mining or oil drilling activities in Namibia (Southwest Africa) and shall wind up its present operations there as expeditiously as possible."
SUBJECT: South Africa: GM (SR #4)
RESOLVED, that the Executive Council authorize the Committee on Social Responsibility in Investments:
(a) to initiate, file and pursue with General Motors Corporation a shareholder resolution or resolutions similar to those annexed hereto as Exhibits A and B, and
(b) to join with others in soliciting support for similar resolutions filed with other companies doing business in southern Africa.
EXHIBIT A
RESOLVED, that the Board of Directors establish a Committee, to be called the South African Review Committee, to have the following structure, function and duties:
(1) The Committee shall consist of no less than five nor more than fifteen persons all of whom are to be appointed by the Board of Directors. The members of the Committee shall include representatives of the Corporation, of small shareholders of the Corporation, of its African, Asian, and Colored employees in South Africa, of its minority group employees in the United States.
(2) The Committee shall evaluate the Corporation's performance in South Africa and, where appropriate, make recommendations for change in company policy or practices in the following areas: (a) The Corporation's employment practices, with special reference to its employment of Africans, Coloreds and Asians; and (b) The extent to which the Corporation's activities in South Africa have contributed to the strengthening or weakening of the system of Apartheid and to the overall advancement of the black majority population of South Africa.
(3) The Committee shall submit its report to the Board and also to the shareholders at the 1974 annual meeting of stockholders.
(4) Funds to be expended by the Committee shall be limited to reasonable amounts as determined by the Board.
EXHIBIT B
RESOLVED, that the Certificate of Incorporation (or the By-Laws) be amended by providing a new provision as follows:
In its operations throughout the world the Corporation shall not exploit labor by taking advantage of any nation's racial laws, policies or practices which tend toward or permit the exploitation of labor, and in such nations shall take effective steps to recognize the right of all employees to organize and bargain collectively. In each and every country in which the Corporation operates (directly or through affiliates) fair employment practices shall be followed, including equal pay for comparable work, equal fringe benefits, equal hiring and training opportunities and equal opportunity for advancement to supervisory and higher positions, all without regard to race, or color. In each and every country in which the Corporation operates (directly or through affiliates) it shall conform its employment. practices to the standards enunciated in Title VII of the Civil Rights Act of 1964 as if that Act were fully applicable in that country.
SUBJECT: American Metal Climax: Ecology (SR #5)
RESOLVED, that the Executive Council authorize the Committee on Social Responsibility in Investments
(a) to initiate, file and pursue with American Metal Climax, Inc. shareholder resolutions similar to those submitted to that corporation last year, and
(b) to join with others in soliciting support for similar resolutions filed with other companies.
SUBJECT: Securities and Exchange Commission Rulings (SR #6)
RESOLVED, that the Committee on Social Responsibility in Investments is authorized, in the event that the Securities and Exchange Commission does not require any company to whom one of the foregoing resolutions has been submitted by the Committee to include such resolutions on its Proxy Statement, to appeal or otherwise litigate such Commission decisions within the financial limits of the Committee's Budget and other financial resources available to it.
SUBJECT: Committee's 1972-73 Program Recommendations (SR #7)
RESOLVED, that the Committee on Social Responsibility in Investments Program Recommendations for 1972-73 be, and they hereby are, approved.
SUBJECT: Committee's Report and Financial Report (SR #8)
RESOLVED, that the Report and the Financial Report, each dated August 7, 1972, of the Committee on Social Responsibility in Investments be accepted and placed on file.