UC Regents Vote 16-10 for Case-by-Case Divestment

The University of California regents voted today to adopt a plan offered by school President David Gardner to consider divestment of South African-related stock on a case-by-case basis.

The Gardner plan, approved by a vote of 16-10 after lengthy debate, was an alternative to a resolution for complete divestment offered by Assembly Speaker Willie Brown, which was defeated 14-9.

For months, student and faculty demonstrations on nine campuses, particularly Berkeley and Santa Cruz, have demanded complete divestiture. More than 5,000 arrests were made.

Brown’s proposal would have had the university divest itself of stock in all 33 companies in its portfolio that do business in South Africa. However, his proposal was conditioned upon the obtaining of an advisory court opinion that the divestment would be legal.

Gardner’s proposal will set up a committee to advise the regents on what securities, if any, should be sold as a way of applying pressure against the South African policy of apartheid.

Under the Gardner plan, a university committee will study companies involved to see how much progress they are making under the so-called Sullivan principles calling on firms in South Africa to work to improve the condition of blacks. New investments would not be made in firms not making progress.

About 100 demonstrators protested apartheid outside the regents’ first session Thursday, but the group soon dwindled to 40.