Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, June 21, 1990 TAG: 9006210227
SECTION: VIRGINIA PAGE: B-2 EDITION: METRO
SOURCE: By Associated Press
DATELINE: NORFOLK LENGTH: Medium
"This action is intended to be a good-faith effort in compliance with the governor's directive," said Richard F. Berry III, the board's rector. The board said the divestment would be completed within three months.
ODU became the fourth state university to follow Gov. L. Douglas Wilder's order last month to state agencies and institutions to sell South African-linked holdings to protest that country's racial segregation.
The Virginia Military Institute Board of Visitors voted to sell about $9 million in investments and the University of Virginia board agreed to sell $14.7 in holdings.
The College of William and Mary has taken administrative steps to sell about $1.5 million in stocks when it is advantageous to the school's portfolio.
The state employee pension fund holds the largest amount of stock in companies with ties to South Africa. Its value has been estimated at $400 million to $800 million.
The ODU board's finance and audit committee voted unanimously to recommend that the school sell its $269,000 in South African-linked holdings.
"The university is very much interested in being responsive to the governor's executive order. . . and at the same time maintaining the board's fiduciary responsibility with regard to the endowment," E. Wayne Higgins, the school's vice president for administrative services, said after the June 6 committee vote.
The holdings represent nearly 4 percent of ODU's $6.6 million in investments, Higgins said. He said the university would get rid of holdings in companies with direct ties to South Africa, such as inventories, operations or employees in the country.
He said the holdings involve seven or eight stocks and four or five corporate bonds.
by CNB