Pitt Decides to Divest Holdings in South Africa
PITTSBURGH (AP) _ The University of Pittsburgh decided Wednesday to completely divest its holdings in South Africa to protest that country’s unwillingness to modify its policy of racial separation.
The action is ″consistent with the university’s long-standing support for the anti-apartheid Sullivan Principles, the utility of which has been closely linked to Rev. (Leon) Sullivan’s support,″ said board of trustees Chairman John Marous.
Marous noted that Sullivan, a Philadelphia clergyman whose rules of behavior for American corporations in South Africa have been widely observed, recently called on companies to withdraw from South Africa.
The trustees’ executive committee, acting for the full board, voted 16-0 to direct the university to divest completely of its stockholdings in American companies that by have not ″effectively commenced″ withdrawal from South Africa by March 31, 1988.
The companies’ divestment must be completed by Dec. 31, 1988, the committee said.
Of Pitt’s $260 million portfolio, only about $4.5 million will be affected, school officials said. The school had planned to sell $9.5 million by January under a stricter policy it adopted in October 1986.