I. Preface

This committee was formed in September 1999 and given the charge set out above. We met a number of times to discuss the issues raised by the charge. In addition, we reviewed a wide variety of written materials, including but not limited to the following:

  arrow bullet the 1978 "Report and Recommendations of the Senate Assembly Advisory Committee on Financial Affairs on Investment and Social Responsibility" (urging divestment of stock in companies doing business in South Africa);
  arrow bullet the minutes of the March 1978 meeting of the Regents at which the procedural framework for dealing with moral or ethical issues related to the endowment was adopted and at which the South Africa issue was first addressed;
  arrow bullet the minutes of the April 1983 meeting at which the Regents adopted its South Africa divestment policy;
  arrow bullet the written policies of several other universities for dealing with issues of socially responsible investing;
  arrow bullet articles discussing the financial implications of socially responsible investing in general and of tobacco-free investing in particular;
  arrow bullet materials from the Investor Responsibility Research Center;
  arrow bullet data from the Centers for Disease Control and Prevention and other sources regarding the mortality and morbidity effects of tobacco use;
  arrow bullet summaries of internal tobacco-industry documents;

In addition to our private meetings, the committee held one public meeting and invited members of the University community to come and express their views on the question posed in the charge. The committee also received approximately 200 email messages from members of the University community expressing views on the University's tobacco investments. The overwhelming majority of the responses, those received both at the public forum and via email, concluded that ownership of tobacco securities is antithetical to the core missions of the University and that divestment was appropriate.


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