HomeMy WebLinkAboutMINUTES - 10301984 - 1.47 /j
TO: BOARD OF <�UPERVISORS
FROM: Supervisor Tom Torlakson Contra
Costa
DATE: October 23, 1984 County
SUBJECT: COUNTY RETIREMENT FUND TIED TO
APARTHEID SOUTH AFRICA
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
BACKGROUND: I would like to share with the Board the attached news article
regarding Contra Costa County's retirement plan and financial ties to apartheid
South Africa.
RECOMMENDED ACTION: Refer to the County Administrator and the Retirement
Board to investigate this matter and re-examine our investment portfolio. for a report
to the Board.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE - OTHER
SIGNATURE(S)
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
UNANIMOUS (ABSENT ��� ) I HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN..
CC: County Administrator ATTESTED 3 0w7"
Retirer.?ent Phil Batchelor, Clerk of the Board of
Supervisors and County Administrator D
ZOd6e� 0 0 010'7
M382/7-83 BY -, DEPUTY
'alit`1,d 1, JM1' ♦Cl�,t - Y ,4, ,ij pay y! '. , raj, I
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v Id" •IO7i�'" . S4 11. `r, M �. v.' 4r''lka^r, 1etn,,,._ .+..)far""Pf'I
oil,
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Mf tw"0 >w •w tir ♦�Y > t'�^ 'I♦ yr r a t n..f:
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WWII¢tea 4r , rpt a« . it X t, ,P 3• 7 b gra
i.115 'ofstockworth�n 1 Inst'Ivesuch b
�By$fan Gy'q x1 <„L
Si �WnYK t r”` Iciiis�rY+i� k" ih't'1+1iSYiv'N, ?+•.a"''a'ti;
It' c�k. fit? :Qurcboard'had;no�►deaathSaFomparugs�vertrade,.�;:
County.'s retirement.pian,tas;,welerl iwith tradeq'with SoutJnAfrica;$t+said,,Chu.9 Barron,
f has}. Wp? es 4wi l}4�branches mf"east courity,l 4 assrstantexetirment ad�rtt trator,',0 they�oounty'sr
aFe�kiia it - Ll 'ti aparLheid�South'[Afncai"rale-pension':fund'�,'Q_ ratl;!t vers mg s ve'us<a�
cpynt4+yt+glhece'blacks . Mulred,to'canyr�dentf �gpod'.reEurn:�',b f :i I' t.�t + s "yw y ,_ �r
ff cyatkotl cards to?ortlet tdlwalyt'the streets at tught� `yki County,Supervisor;Tom!?Tor1akspn Who said;he!
r wQFlrinswtute clominated�cg4nparues a �'�3�`,t 7' was surprised,4i�learn of.the'.count 's trty rlyen ent b r
G1't(yquntyy off�clals said tkRey, '�wese�Punawarej:that'h, mSouth'Africa,•promised'act�on *fro „,` Ci ufi °xr'
ntta Cpsta!held" y, tments in`companies tied tov ',, , t•I wwl-ah 'our,=retfrement`board Investigate,,,
ep lutc�tx►i{�praty.�run`coun4ry:fi1�u �erlord;�itldt ' EUW' atte]Vp d=r,po�ssltA ee e o r&ulvest,v,a
Cate the retu @ttien> plait'�'rt one'[nrwhlch•Pitsburgn poo "' , , � ,
cltystIployees`ar�yi�gt 7144y��� � jW
� ��p 91eke
y1< , r' Vis" i+r"14 �3J^'!� "r7rf r a• a: c �3''�tr ` pT ": ' r� r' s3,a n s ,,. .:r?c1 �' aa�""�Y`IJi•
nom page q, '"`';iY a. Ohio;all"'of;Wtucb"t�Iafntalrt of ontol- 0fthetotallands
;Fr ►t fr.
Q '•a r,! t
+1+� 'f cerin South Africa: �',N,01, r r,�` y t�
y # Bank of`ASnerica"is'also one of
, <. Despite . count s claimzofa '�rwThe bi est'number,of''shares k
Nry Ignoran e, east'county black3 ♦ ,r the 125 U.S,banks thathas out 1;
pleaders reacted�an rll `,when ;21-,000, is'held ui'International standln ;'SouthrAtric 3loans to-_
g y � r 1; '�k v g
they,learnedo Ibf Contrd1COsa+si Pu4iiss^,'Machines, a companyt,ptalftw morethanf.�:885billionsiW .
�i that despite,, Gadeto both the South Afncan'�
ties,;and":those of Union rbide I , �P U,Slrestrictions on '_
Iand`BankYof Amer cap they tecWIradexwithtSouth?,A ae
r M1government and private borltow
apartheid.'country ;,r;i.�ca.:j�isold+millions�of"dollars t err sir,':,+` ��� t+r; re•+�y'` '°/
µx °.''.Thos is°terrkble ,f"Aon!
�'orth�of computer^equipment Ho�ever, When'E�leen,Betan
W;,good' aboutihearingFabout'the y;,tt�oughitsEuropeansubsidanesl; court, opera tionmanagerat An-
t.` t' county',s'-fpenslom,fund,4Union+ to-,South'Afnea's4govenunent t` .tioch's Bank of America office at1
�Carbide;?o6Bankof-,America.,do k., W h�I$M's�shares'rcurrently � X2519 Somersville Road;•was ques--y
X14 ing twsiness;with'SoutkoAfnca,`"`"" 'o?orth",'$lZ`.apiece,4the count 's +S,tinned F.riday.?aboutkher, 6ompa. .
xsaid M►c ael''rHarrison;owner'of r` uivestment'0m'thatx eopmpany�is'w+ ny's involvemenC'in that Country,
.r�4° 'Securit 4Check,Cashin �SeMceI . + ♦� i ov,4i A ' rr:'.''s r�';ishe'ie used•to, nunent 'and In-
�/ worth;2 625
Y' s,,g,cn, : �li,a. J ♦ a •
Mon Railroad'Avenue :.; ,vyr� Fr ° t+Ttie;�remainder;,of';the county s t stead%referred%California°Delta
u••I'mgoing to;close myraccount� �South�African-tainted:Invest Newspaperst to ,hericorpprate
A+�=wlth''the'°&1of'Altommorrow"I1 -mentsand;theu;wortiareCocar�!,.spokesman,-Ray'`Toman; who
."iqultjCrQ*er-Bank'seventiyearsk ;.Cola, 13,400,shares'worth,�works ui the, coiporation's:'San'y
a '•,�,'.ago whdh'- discovered they�had $864,300;'..Time'Inc ,al0,000.wolthK..-FranCLsco headquarters'vr "�s=v
' {'tbetsame racist policy," Ham '' 92,500•`Pfizer,Inc 6,300.stuires " For several years B of A has"
:xar�sonsald is 1rs�c r I:worth$236,; 50,>,andrStandardlOil f. .-pursued a'policy"of'restraint in
;sus 'The County1should`.turn U'u- R:`of Ohio,h6,Q14,sh r�eswworth r°.malungloanstothepublirsector
+ppoolicies around and look closer to,. �0• K r 3 % '�h ' "� '?W;,."of'South oAfnca, ,Toman-said,
*
home ?monies, `Barron noted that tthe�county'i reading a prepared,statement.`-Te".
,1 ?said Reverend•Curtis'Brewer of;',•:llquidated •several thousand;;, , ,Aifew, loans to,govenunent�
Pittsburo"'.Mount Zion'Mission ;',shares`.With other, companies W,r corporations:have been made un-�
iia= ?with Of inSouth Africa in the !"dere i hl restrictivet''condi�.
I,ti�Ba on Thursday ;xlt, y r . k�,g Y r
r r�' Hank_.Iane;head of the'pEastA'e P�three�Years The list,includ < +'tions, Toman''said,%ut refusedl
r
r ACountpp,DemocratncyClub.said i+ed-tCOtet'piU rl ,.TractorlEaxon: +to:outtineIwhattt4ose`' cave;
ts'•;tThisisan.outrage w ts' ; 'r; `',',j and AmeKicanw$roadcasting conditions;' ,ere:' rx �1Mr %"''
i=•w•'�ounty'penstoners°better re- yComP Y�M ��`a' r. '=`441;&i k' , 'Tloman!, refused to disclose<
s,...
eaatrtine'their'own'consciences�t ' erBerron;representatives+ the;`dollarjamounVoVthe�out,i
a �{ ion'hoW'theyYwant`'.theutpension "z of 'Union=Carbide`andFBanit of
�Eunds invested '.'-he said"r�x' 'i;1 America said they were unaware, InsteadTr`msistedihis`c fompany
"ti s;d~'Congressman',George�Miller,:�;•of,..their.?comparues3;involiiement an..was'`engaged'.in��al.so•called"
tjie ,Democrat who''represents,;*Aft' uth'Africal4r}"M ,a?�i"k,'=> r K phasing out"period a r
' 'east county also'took'a?firm Pittsburg;syUnionp.Ca bide ?'Yet,'he.",could not;cleariy-say;'if
stand`againsttinyestmer!ts"in r i 7spokesman,`?'Jack 4Vaughn,.said `that¢'phasing out, period inciud
fiF uth Africa"s 4r�r he�had'b'no`Idea''ehis company' �;ed refusing'loans„t9,Sputh Atn;
♦s +a�ilw county tnow'has�a special s�,Oad offices in Soutti'Afnca xk�rvti j ,, �dividuals"ori 'd�lW+;t
w�obligatlotly'to;;disiivest`'in,South+' °'But Arlo South yan,economist,ia*AM4,Me o pse 'apartheid'+.It►s'>a,9
” a�Africa- the most-racisticountr has'spor�sored'thelSanFFan,�MW system that'presents'v xing'and;'
theworld;4Millersatd,'t �^t'a=t}'T�;cisco?uutiative'r`IProQc>sit}oq:J1,,�Mcomplex`problems'withetlWUnit-
r� "I'hop with°B hop D Smond: whicheallsfocdiveeGtureoPthatz?Rd•Sta�tes But?we believgthat;in
tu?'.winnjng•the`:,Nobel5PeaCe a�city?sYpension fund from'?South conttnued,'com erci l7.ties ,to,
;1?rize'this yeek,,that'the♦.County! ca.'supPhed documents'.stat � South�Africa,lwillllpllay-avrole
�• OWdtake.the'oppporturuty;todis- ;�g`�(vUnio;Carbide has;at,,,,5,creating±harmony. .,Withi''sogia1,
`F;invest their'lioldinga,itt`South°Af Rte least°'two So uthWricanplants+-�� ,values°with ythe'.'Democratic�na:ti
:cies,"Miller•'=said;°adding "A, on :u►Meyerton an&anothe;;one�i tion;=dman concluded t ?of'^
a_ 4kumber-TOV1cities havg,secured,{x�?Jo�attnesburgithat'`en loys a . #.�UnionTPrbideSs�Ysughn said;
'better investr aentrforFtt�ett;dot 'r," of,'2;465+Workers and;an°in w that AheVittsburg&plantlonly,,�
' ]ars,;wl4houV:investing rin.this 'estment'of$54'4'million there,`;,:r ,hmanufaftures"atm hfH6 gas=h
.countryr•that'makes`,1954rSel4tta,'f e4added'itpat�the;United' ",-es+that areshipped! over:500
.8nd`Montgo ry Took' gs.ut' StatesUnvestsfmore;than.i.=146„s4,aCCounta'ir'NoithernCalifornia,•
r niP� n�-«, ', ';1; ?� �;w, �• billion•,In`bank'1 'or,commer ,r@,rangi "from Nandenburg yAir r
n br'. lauC "';,"Force
Rg .
trThe?,county°owns 'shareafi Ctalu!Yestmentrtnthatrcounty ;Base!tn airfield, area:;
" "IBM, Pfizer.{Inc ,Time 1Inc W ret' �ckt'Afrirans.'rs7296'rof? hosptteis,QiLrefWer�g�v a hi
' -Cola�and,Standard 11 0E total
popuia w:amcrowd tee t v "�,� t,art ,•rkwy��;
VhaF' 5>`" S:r`br k' wtiA^a.,,� ISr 4}''>a1.,i:{8�- 4t^'t jam) 4;,i;rt 1 r: n <�^ .�•'—•Mtdyt'
tit-VxrYle#M, 'e':. dt koF :,^7{
'41
"♦`Y.?. t "4 .�i , d tIxth J'Ry... ti!. I JSa ,a Y 73}T�M.v"J a r.M 1
wi r2w,p�y ..•d. ;y,!"♦' ��"•r�A9 t �Y•�1t1 y Y r{YJ' t�'
♦ 'k ty t s , t* p n,w'✓r'v—S0. ,, t n.J.rtxy,t Y^r tt„�. a 3t 4 .1 tCr, ar 1 ^t•r� •r',
'✓i } .i�,`'rrLir'X\w 1 y. `ti} x t „T i .hQ :4 ' vl . 'y,YN(T> LY,�. N(i �
333333'" rJk;}iYt�,Y'3.tJ},i, ' Ir(JtrC y;t $�.*` '�;,(ril, Yj , .1�.� a8 11a 4 st'y{t �yrp,
pt R t('irk t � r ,, 1 ♦ , x , a n F.@ 1 .�yf�T.ra 1 ,y liN' 1 Sri{ �h'i" bi '4. 9F'-k7.ffk^,, T 1 f, y
'N(.Y+ 7 ,a! I'1•' a •w 'F';j, {(Lt vM1 p,�' +,r 'r ,�f.'t�gt�.t.Yt,♦.r [l �p r,rfrj , , �c� n �$ ✓h,t .{ S� tii
.+�NdM��,yh};.x'y.,k.trJ�::.'•v1 y, r v' � 1 'I'�4.,J}• 1 ��KY,e ,I�.'di. 1`'Mi1.�G'r+,w� r1�iY!>•r"( 5r , S�-v. , 11,rH rWf�i'��`S'�•1.h,��y' �y l* :,
0001-08
'•i ..` t !w r3'k:. . `�s�iNi.E�..'. F !X..i:ia �^ri 54 i :"a �:1, ,.. .._
• �! n w F'�#Js, +.r �br ,r.' 'xv g � ,lr tf ti'GtiY'%'�/
•�fr'`t#S �'K•".',7r'*"'f, '.4�K v1Vts�i ' '♦ n•Yt CI r
However, anotherli%Union`!Car- were•kilted, asSS;the primar�C ez�-
a bide spokesman,:Ed Van Denam le„of'••state�repression$'r 'c::,
-Ale0ex la,Ined in a tele hone., Aparthel&,',Oa'jDutch�ter
m?
:intervie from,theWcompanyrss;, aging separateness,E >s j
pDanhur. Connecticut office; "tledby thepersisteaE myytths
thatIthe lampany'�has aFtotai• that theSDutch`.settled the laratl
workforce.ofsonlyi1�;85Qand'thatu �pefore'Africans, accot+atng$to d
those" Pn, to in, recentChi.
cae6-. sed� ubktca�.,
*SouthzAfricata'ria �i r � ?' on” x f�r, ' ^ p
X;`= ded that;38.percent af= • 'The•arttcie explakned that-,'
Walorkers;are in ma stager W I'thmughlbe'centuriesar s�lry positions.., �"��, ``tertian'af"sttppQSQdiyc!tsClentlhc! t:
'j 4 e<mu>stchrome'and•vanadi- pabiicatlons:confirming ttt ' urn
uln thatWused primarily``as'steel�herent%inferiority xof Wricans,•'.'„
>�'lailoys''ln�South'AtJRca •We also }and the tiiewiogical;use of thejbtb•,
{fproduce'graphite' le�c� odes ;�flicat.curse of Ham,`you. er,son'
An Den4mdles�id ,,f "P',W �''f, sof Noah,were used tc>jusiif�+;Af�
a;•*,"We've!bee:'`there�iWeet� veyavtude i9.
MosC6Courictivities'are'mtTrthaU`S' ,
Imetal. ?
oriented;".'Van Denanxllesaidt. . baiilcs give''tacit"aceeptt�anrice` to:y
ti^lie'said Union rbideGwas one ithis discriminatory country'r y
a §,%WoThere�a re-more".than 16080''
of;the 12�priginak compames that:�
in!1977;`signedi'the? 1'SulUvan ',camparues the major U.S.
ex
PrinFi lg o �F'ajjr Employ,,,,Jv�ges, so�•t ere;aresample si
tment:k' � "?` i �rl },zernatives�for•^prafrtablets�
;The«Sullivans Principles* a#;investments, fisaid, Washington;.
corporate code%that,«encourages";4,DC ,.ity',councilman;at•large.i
�desegcegation in the,workplace� John Ray,in a recent telegram!!i
�a'*,We'�spnaenV mzllion4deseggre-T'support of San Francisco's divesT }
gating lutirhVrootns docker tore uuttaG kb t ,�a
ooms; IFO
as 4wellfias'prpviding `, � r
« � r Wtth�`that in,muid;- halter-,�
training.".educajion and'}} using .r
"T trioti a dtstrialcouncil+to U$
opportunities tolhe blacks,work ." T,
ing of°Uni 'Caibide? Van Den Rep, l2on t�etlums satd,i It:.i
amble ! " �rr� � Aappr° nate tlu t' Car�tra,
fit ha ' .,. Costa.County ook at Its portfolio
}Sus a nattonal study cogicludedr:Tttere's no point on 4a g`an
�ihatkSeven:years aftenthe PrulCie, f$partheid,TM' '2�t + f ts, n} ,.
pkes?wg4set}forth; bl ks;�o.� �Alterman added, ;7he'Con
loureds,,t mulattos)rand j Asians; gressional t8lack`Caucus"pas!
$Smostly� �L nz ns) are still,'. tlan,ss1ha �mv r
. � t'' estrriegts 1n South'
estnincyted to pritrna Y rn�►ual Atrnca`"aml.batmful�``,.es t
peri.
j ., ut.light o<�Tutu s statemenv�onA
t And,'according,t a'19 1"survey ursda condemning these"u!s',
"ofd participatingt U S «corpora rents` , .
ttans,!onlyithree'percent�'of+their,, +, ? �� a «$ +• : qtr;,
South:Afttcati,non-?whiteemploy.!! �'Over�28icities;and:five,state5. .
eesr wireOln':managerial�posi-�thave;^prohibited i`pensLon�'fundsAOL
}tions a'AnOinnl975,Xthelsurvey*kfrom.being`invested in$oath
says,mare t1=63 per�ent of thee��rica,"'said Steve Murphy;aide toW
FS;tstack popuLatton w,as under the U.S:;Rep William Grays D Penn
poverty line,'and ftl a average ?syvania), the'author afea°recenO
ga betweent-black and=white'*Eapor '" Ampadments'hill,that
p,,
worketsshad,actually lricre aced U S inv aestmenis in Southfurthe.�#
between.i974;and 18g778g '41} ,., , AM
Researchaisa�showed thati•�•�.<Murphy.,said the bill wes kiUedn
1 whue"U.S ulvestmentsain'South'";last':week in a Senate Conunittee,`,�
Wrica�'gcton K bu011wauld, beF reintroduced`bY,i)
`The'repart used'thetSoweto vats , Rep GraYjn tbe,99th4ongress,1
( . ..
oG1982,where,av, rJ q 00;blacks next year t wy
k'�� }{ a���� �t '.,��IY• '1� Rw-�u} t I x� isrvlt�A� j t r t � lj" t st ....y
1tt,�,ka-'t�' T d. t L�'•vPk 3 }hit 4 vY. Mf i Y kin s�{,a f Ja1M i r•?b° v� C. ��
.
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' � �fi 3�M�;Y3°��i•�A�'t7Ha��t i1 OW
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.. ..♦11`}i i�ps 4.. .i':1 tgafy�,,,;:: :.t� C. ,..., ,„.'.v+ .«.. .,r. ' ' ,��� ..'t'',