Word: petrochina
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...aspect of UBS’s operations that might escape mention at the recruitment session: The bank plays an important role in underwriting the supporters of Sudan’s genocidal government.The Swiss-based bank is arranging a massive stock offering that could raise more than $8.9 billion for PetroChina, the publicly-listed arm of the China National Petroleum Corp. UBS and PetroChina/CNPC hope that the stock offering will be the largest in Chinese securities-exchange history. Earnings from the stock offering will fund new PetroChina/CNPC projects across the world. And one of the company’s chief growth...
...April 2005, the Harvard Corporation, the University’s senior governing body, instructed Harvard’s endowment managers not to invest directly in PetroChina. Harvard’s move kick-started a nationwide divestment campaign: Since then, 20 U.S. states and more than 50 universities have followed Harvard’s lead and cut their direct ties to PetroChina. Harvard’s move sent a clear message to PetroChina: If you keep on supporting the genocidal regime in Sudan, you will face serious financial repercussions, and your access to worldwide capital markets will be limited...
Harvard is right to use the divestment tool cautiously. Because its divestment decisions are carefully considered, Harvard wields a profound influence over other institutional investors. The University’s divestment from PetroChina in 2005 sent ripples through the world of institutional investment; since then, 20 state pension funds and more than 50 university endowments have followed Harvard’s lead...
...toll has not yet reached Darfur’s horrific heights. Still, Harvard should take little solace in the fact that the Burmese government has killed thousands (as opposed to hundreds of thousands) of its own people. The same “pattern of circumstances” characterizing the PetroChina-Sudan relationship is also present in the Chevron-Burma tie. Just as PetroChina’s parent company was a major player in the Sudanese oil industry, so too is Chevron a leader in the Burmese natural gas sector. Just as oil revenue props up the Sudanese regime...
...Harvard does not use the power of its purse to alter Chevron’s behavior, it will bear some of the blame for the horrors that are unfolding daily in Burma. On the other hand, if Harvard again catalyzes a divestment movement (as it did with its PetroChina decision in 2005), it will demonstrate that its commitment to human rights extends far beyond the classroom. President Faust says she is “think[ing] of all different kinds of opportunities for teaching and learning in human rights.” Hopefully she and the other Harvard Corporation members...