Yesterday Bok released the statement explaining hat the Corporation would not sell its Gulf stock and would abstain from voting on a proxy resolution requiring Gulf to issue a report disclosing its operations in Angola.
the Corporation presented three major reasons for its refusal to divest. They were:
* Harvard's divestiture would not cause Gulf to withdraw form Angola.
* Gulf' withdrawal from Angola, should it occur would not "serve the cause of Angolan independence."
* Harvard, by selling its Gulf stock, would lose its power "to influence Gulf's policies in a constructive manner."
'Repressive and Inhumane'
The Corporation stated that, as a general principle, it is not "morally wrong" to invest in comapnies which deal with government engaging in "repressive and in humane" actions.
Harvard will ask Gulf to set forth its plans for further improving its employment, training, and overall management policies. The University will also send a representative to Angola to study Gulf's performance.
Early this morning, from Massachusetts Hall, PALC and Afro declared Harvard's position "morally bankrupt."