Shareholding committee plans for divestment

At its first meeting of the semester Monday, the Oberlin Committee on Shareholding Responsibility discussed an issue members had decided at the end of last semester was important: divestment from College-owned tobacco stocks.

Committee members had agreed at their last meeting of 1997 to study the possibility of drafting a resolution suggesting the College sell all the stock it owns in tobacco-manufacturing companies. This was suggested by several Committee members in reaction to offensive policies adopted by tobacco companies, such as marketing directly to children.

At Monday's meeting, the Committee drafted and approved the wording of that resolution.

"The resolution suggests the College divest from any company that has 25 percent or more of its holdings in tobacco or tobacco-related products, or that is primarily associated with tobacco or tobacco products but doesn't quite meet that threshold," senior Matt Borus, a member of the Committee, said.

Borus went before the Student Senate on Feb. 8 to request senators' support in holding a Spring symposium on College investment policy, specifically regarding the tobacco industry.

Senators were reluctant to back the Committee until they knew more about the issue. In the end they voted to support the idea of a general symposium on College investment practices, not specific to any one issue.

"We also decided at the meeting that the symposium, if it happens at all won't happen until the Fall. There isn't enough time between now and April, when we originally wanted to hold it, to plan it effectively," Borus said.

He added that the symposium would deal primarily with general issues of shareholding policy, reflecting the feelings of the student senators, but would also bring up questions of tobacco holdings.

Junior Kim DeFeo, another of the student Committee members, hopes the symposium will happen early next Fall. "I'm hoping by next semester, with a forum and time to generate student support, we'll be able to pass this resolution."

"I hope this will get the administration to listen to the issues that so much of the campus is concerned about," Borus said.

"Tobacco is an industry that's been socially irresponsible and I think the College and Committee and the Board of Trustees should look seriously at this issue," President of the College Nancy Dye said. "I've always thought investment is different than taking foundation money; investment is a more substantive matter for the College to look at and I'm certainly open to looking into it."