Penn prohibits investing money in Sudan

Penn joined the growing list of universities last month that have taken a stand against genocide in Sudan.

The University Board of Trustees officially adopted a new investment policy on June 16 that prohibits investment with companies that deal with the Sudanese government.

The move comes in response to internal pressure from the Undergraduate Assembly, the University Council and student group Students Taking Action Now: Darfur, all of whom called on the University to disclose whether or not it invested in Sudan-related corporations and to divest if necessary.

Penn does not currently have money invested in any of the seven companies identified by Penn officials as having connections to the Sudan.

Those companies are Bentini, Higleig, Hi-Tech Petroleum, Nam Fatt, Oil & Natural Gas Corporation, PetroChina and Sinopec.

"The Trustees chose to prohibit future investment in ... the seven companies because they concluded that substantial social harm was occurring," said Penn's Executive Vice President Craig Carnaroli. "The genocide in Darfur is well documented by several external independent bodies."

Carnaroli worked with the Undergraduate Assembly as well as STAND to make the divestment policy an administrative possibility.

University President Amy Gutmann said that divestment is an extreme measure that should only be used under the most serious circumstances.

"In this case, the genocide occurring in the Darfur region with the support of the Sudanese government respresents a moral evil that we cannot ignore," Gutmann said. "We recognize that there is a broad concensus within the University community that this is the right approach to take."

UA Chairman and College senior Brett Thalmann said a report from the University's Social Responsibility and Advisory Committee called on Penn to divest and put the wheels in motion.

Thalmann said the issue was important enough for the UA to tackle because it matters to many people in the Penn community.

"The tragedy that is going on right now in Darfur is of concern to a lot of students and as an institution of higher learning we felt that Penn should take a position on what is going on there," Thalmann said. "It's the University taking a proactive step to address what is important to so many students."

Initially, Thalmann said, the goal was to get Penn to disclose whether or not it had money invested in Sudan-related corporations. Penn does not normally disclose where it chooses to invest.

The fact that Penn does not have any money in any of the seven companies led to the creation of the new University investment rule.

"Now there is an actual policy that says we aren't going to invest which I think sends a signal to other universities," Thalmann said.

Anna Mayergoyz, Engineering senior and founding member of STAND, said that the actions of Penn to divest were slower than at some other schools but welcomed the new policy nonetheless.

Mayergoyz said. "We don't want any of our money or the money of anyone who goes to Penn to be linked to the genocide in Sudan."

Please note All comments are eligible for publication in The Daily Pennsylvanian.