UpDate - Vol. 11, No. 3, Page 2
September 19, 1991
Senate votes 'no' on divestment

     At its first meeting of the 1991-92 academic year, the
University Faculty Senate voted against divestment of
University-held stocks and bonds in corporations that do business
in South Africa.
     The 27-18 vote followed a discussion of the costs of
divestment to the University and the symbolic value of the  vote.
There were five abstentions.
     Wunyabari Maloba, assistant professor of history and a member
of the ad hoc committee on divestment, said the committee reviewed
its report this fall and reiterated its position "that as long as
universal franchise is absent, it is premature to say that
significant and irreversible political change has occurred in South
Africa."
     After a motion by Sen. Farley Grubb to table the report
failed, the senate discussed the value of a divestment decision.
Maintaining that the action urged by the report would "not affect
business or apartheid," Grubb said that the sale of
University-owned stocks and bonds would cost the University money
and only stockbrokers would benefit. Ludwig Mosberg of the ad hoc
committee indicated that the costs would be 2 to 3 cents per share,
and total costs to the institution would probably be $15-20,000.
     Mosberg said the University has an obligation and a right to
take a symbolic stand on issue such as divestment, indicating that
divestment is important as "part of the worldwide sanction
movement" against apartheid.
     After asserting that economic sanctions are set by
governments, Sen. Gordon Bonner said that, by passing such a
symbolic measure, "We would be shooting ourselves in the foot."
     In other action, the senate voted to delay a report on the use
of outside legal advisers in hearings before the Committee on
Faculty Welfare and Privileges. This delay also allows for a
complete review of committee procedures by the senate's Committee
on Committees and Nominations. In July, the welfare and privileges
committee refused to hold further hearings without a review, Senate
President Robert J. Taggart said, because individuals involved in
cases "didn't show up for hearings."
     Senators elected David W. Smith chairperson of the Committee
on Committees and Nominations and made slight wording changes in
the Faculty Handbook.
     Sen. Edward Schweitzer introduced a motion to inform all
parents that not every live-in social organization has a resident
adviser.
                                        - Cornelia Weil