AR2 In Support of the Targeted Divestment of The University of
    Texas Investment Management Company’s (UTIMCO)
    Fund...
Whereas, a proportion of UTIMCO’s investments in Sudan-related companies is in
Chinese oil companies which are at the top ...
Be It Further Resolved that a copy of this Resolution will be provided to at least the
Board of Regents of The University ...
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  1. 1. AR2 In Support of the Targeted Divestment of The University of Texas Investment Management Company’s (UTIMCO) Funds from Companies Operating in Sudan Author: The White Rose Society Sponsors: Scott Gloyna, Avni Mody, Danielle Reyna, Frances Shwarts, Dan Villarreal, Veronica Villarreal Whereas, since 2003, Janjaweed militias, sponsored by the Government of Sudan, have led an ethnic cleansing campaign against civilians in the country’s Darfur region;i Whereas, on July 23, 2004, the United States Congress declared the conflict in Darfur a “genocide” and has since passed numerous resolutions condemning the Government of Sudan’s role in the genocide;ii Whereas, up to 400,000 innocent civilians have been killed, and 2.5 million civilians have been displaced from their homes as a result of the Darfur genocide;iii Whereas, in December 2004, the United States Congress stated that crimes occurring under the genocidal campaign in Darfur include the “systematic rape of thousands of women and girls, the abduction of women and children, and the destruction of hundreds of ethnically African villages, including the poisoning of their wells and the plunder of their crops and cattle upon which the people of such villages sustain themselves;”iv Whereas, the Government of Sudan is dependent on foreign companies, mainly within the oil and energy sector, that operate in the country to arm and financially back the Janjaweed militias;1 Whereas, “targeted divestment” has been implemented by institutions and states in response to the conflict in Darfur and focuses on divesting funds from (“worst offending”) companies operating in Sudan that provide little or no benefit to innocent civilians in the region and companies that either have a business relationship with the Government of Sudan or are affiliated with a government-created project in Sudan;v Whereas, the 2007-2008 UT Student Government Assembly passed AR 24 calling on UTIMCO to adopt a plan of targeted divestment towards Sudan;vi Whereas, the Chief Executive Officer of The University of Texas Investment Management Company (UTIMCO), Mr. Bruce Zimmerman, stated that UTIMCO continues to invest $12.5 million in Sudan-related companies through commingled and index funds after dropping its direct investments in those companies;vii 1
  2. 2. Whereas, a proportion of UTIMCO’s investments in Sudan-related companies is in Chinese oil companies which are at the top of the list of worst offending companies in Sudan;8 Whereas, the aforementioned companies account for the People’s Republic of China’s (PRC) economic influence in Sudan, its diplomatic protection of the Government of Sudan, its participation in an arms trade with Khartoum, and its protection of the regime from economic pressure and human rights accountability;viii Whereas, the Government of Sudan has been historically responsive to economic pressure, and the current Sudan divestment campaign has already provoked responses by Khartoum and been effective in influencing companies operating in the country to leave the region or change their policies towards the government;ix Whereas, 24 states, including Texas, 59 universities, 17 cities, and the United States Federal Government have adopted divestment policies towards Sudan;x Whereas, according to President Powers: “The University of Texas at Austin is dedicated to improving the quality of life for the people of Texas, the nation and the world;”xi Whereas, the University demonstrated that it finds divestment necessary under certain circumstances when it divested from South Africa during apartheid;xii Whereas, more than 1,000 students and faculty members have shown that they are concerned bout the situation in Darfur and support divestment by signing The White Rose Society’s petition advocating for the University to divest from Sudan;xiii Whereas, UTIMCO manages the largest public endowment fund in the United States, and thus, The University of Texas has the ability to contribute to the escalating economic pressure on the government of Sudan;xiv Therefore Be It Resolved that the Student Government of The University of Texas calls on UTIMCO to enact a policy prohibiting future investment in worst offending companies6 in Sudan until the United States government has declared that the Darfur genocide has ended and to divest from commingled funds and index funds that contain these same companies; Be It Futher Resolved that if UTIMCO fails to take this action voluntarily, the Student Government of The University of Texas calls on the UT System Board of Regents to pass a resolution that prohibits UTIMCO from investing in worst offending companies6 in Sudan; Be It Further Resolved that the Student Government of The University of Texas supports the targeted divestment model created by The Sudan Divestment Task Force and adopted by the State of Texas; 6 6
  3. 3. Be It Further Resolved that a copy of this Resolution will be provided to at least the Board of Regents of The University of Texas System, the Chief Executive Officer and Board of Directors of The University of Texas Investment Management Company, the Office of the Chancellor of The University of Texas System, and the Office of the President of The University of Texas at Austin. Footnotes (1) House Concurrent Resolution 403 http://thomas.loc.gov/cgi-bin/query/D?c108:2:./temp/~c1081leCpI:: (2) House Concurrent Resolution 467 and Senate Concurrent Resolution 133 http://thomas.loc.gov/cgi-bin/query/D?c108:2:./temp/~c108tgROJE:: http://thomas.loc.gov/cgi-bin/query/D?c108:2:./temp/~c108t3LY0m:: (3) House Resolution 573 http://thomas.loc.gov/cgi-bin/query/D?c110:2:./temp/~c110ovIBMg:: (4) House Concurrent Resolution 403 and Senate Concurrent Resolution 99 http://thomas.loc.gov/cgi-bin/query/D?c108:2:./temp/~c1081leCpI:: http://thomas.loc.gov/ cgi-bin/query/D?c108:1:./temp/~c1084UuO59:: (5) http://www.sudandivestment.org/docs/effectiveness_of_divestment.pdf (6) http://www.sudandivestment.org/docs/task_force_targeted_divestment_model.pdf (7) AR 24: In Support of the Targeted Divestment of The University of Texas Investment Management Company’s (UTIMCO) Funds from Companies Operating in Sudan (8) http://www.statesman.com/blogs/content/shared-gen/blogs/austin/finance/index.html (9)http://www.dreamfordarfur.org/index.php? option=com_content&task=blogcategory&id=14&Itemid=38 (10)http://www.sudandivestment.org/docs/effectiveness_of_divestment.pdf (11) http://www.sudandivestment.org/statistics.asp (12) http://www.utexas.edu/opa/pubs/facts/index.php (13) Minutes of UT System Board of Regents Meeting - June 8, 1989 http://www.utsystem.edu/borminutes/1970-1999/6-89meeting841.pdf (14) http://www.gopetition.com/online/11680.html (15) http://www.utimco.org/scripts/internet/index.asp
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