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University [University of Virginia] sells stock in Unocal company

Author: Deirdre Erin Murphy, Cavalier Daily [University of Virginia], Published on: 18 October 2001

The nine-month student campaign for divestment from Unocal, a stock previously held by the University, is over. The University's investment manager, Richard Mayo, sold Unocal stock last week…Mayo told The Daily Progress Tuesday that he was influenced by the student campaigns and controversy on Grounds. "You've got to respect what your client's pressures are," Mayo said. "If I have something just as good [as Unocal] that I could own, why leave [the issue] out there festering."…"We plan to use the case of Unocal in Burma as a case study to further the dialogue we've been having about a standard of ethical investments," Fifer [Student Council President Abby Fifer] said. The Free Burma Coalition will continue pressing for a creation of a committee on ethical business practices, a code of conduct for outside money managers and "ways to harness stockholder resolutions," Freedman-Schnapp [Free Burma Coalition Campaign Manager Michael Freedman-Schnapp] said.

Read the full post here

Related companies: Unocal (part of Chevron)