The Board of Visitors plans to announce today a decision to place on its October agenda a Student Council resolution regarding the divestment of University assets in Burma. Council is expected to voice continued support for divestment from stocks in Unocal, an oil company with ties to Burma, a small country in Southeast Asia.
The Board invited Council President Abby Fifer and one other student of her choice to make a public presentation to the Board on Council's position regarding Unocal investments, Board Secretary Alexander G. Gilliam Jr. said. Fifer is scheduled to make her presentation Oct. 19 at noon.
"The Board knows how important Student Council is," University Rector John P. Ackerly III said. Council "has done a lot of good things in recent years."
Fifer said she feels very encouraged by the Board's decision.
"After reviewing all of the information that Student Council has collected on the issue, it should be very hard for the University to continue funding the Burmese military regime," she said.
She plans to have fourth-year College student Andrew Price, president of the University's division of the Free Burma Coalition, accompany her to the Oct. 19 meeting.
On Sept. 18, Council passed a resolution reaffirming support for the divestment of University stocks in Unocal.
Since then, Fifer has met with Alice Handy, president of the University's Investment Management Company, to discuss how the University handles investments. Fifer said that Handy was able to answer many of the questions that Fifer believed were left unresolved after the Board met to discuss the Burma issue last June.
"Miss Handy really, really wants students to feel like their money is being handled wisely and ethically," Fifer said. She described this sentiment as belonging to Leonard W. Sandridge, University vice president and chief operating officer as well.
Last March, Council passed a resolution calling on the University to divest its funds with ties to the Burma military regime but could not get the resolution placed on the agenda of the Board's April meeting.
"We didn't realize it was important to discuss it in open session," Ackerly said. Instead, the Board discussed the issue in a closed session in March, he said.
Price said he feels optimistic about the Board's ultimate decision "because I know everyone at the University believes in ethics." Now, "it's a simple question of how we apply ethics in our own business practices."
Yesterday, Price sent out a petition signed by six of the eight Nobel Laureates who attended the University's 1998 Nobel Peace Conference to several high-ranking University administrators. In the petition, the Laureates voice their support of Council's resolution and urge the University to divest.
The Dalai Lama, Betty Williams, Oscar Arias Sanchez, Rigoberta Menchu Tum, Jose Ramos-Horta and Jody Williams are the Laureates who signed.
Price, along with others at the Free Burma Coalition in Washington, secured the support of the Nobel Laureates through contacts who know them personally. These contacts, all of whom have opted not to disclose their names, passed on recommendations to the Laureates encouraging them to sign the letter that is now circulating among selected University officials.
University President John T. Casteen III, Ackerly, Gilliam, Board member Gordon F. Rainey Jr. and Handy all received copies of this petition.
Price said he wanted to make sure members of the Board were aware of the petition prior to making a final decision about placing Burma on the October agenda. Hard copies of this open letter to the University will go out today to Casteen, Handy and all members of the Board, he added.
Ackerly expects Board members to receive final versions of the October agenda by the end of the week.
Among the other issues on the October agenda are the 2002-2004 state budget requests for submission to the Virginia legislature, discussions of student financial aid, and a report from the Buildings and Grounds Committee on renovations to Arts and Sciences classrooms in various buildings.
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