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Ms. Mary Reiner, a former researcher in South Africa, reported on <br /> conditions in South Africa and favored total divestment. <br /> <br /> Mr. David Toscano commended Council for facing a tough and complex <br /> issue and supported total divestiture, adding that the financial risk <br /> would be r~latively minor, with the impact being~ great. <br /> <br /> Mr. George Tidings and Ms. Cynthia Hargadon of Loomis, Sayles and <br /> <br /> Co,., in Washkngton, D. C., an investment firm using a South African free <br /> portfolio, stated that divestment coul'd occur without financial loss. <br /> <br /> Mr. Albert B. Reynolds of 1502 Holly Road, representing the Interracial <br /> Action Group, read a statement comm~nding Council for consider the i'ssue <br /> and supporting Sullivan principle divestment. <br /> <br /> Mr. Herb Stolen read a statement £rom the Fifeville Neighborhood <br /> Association, supporting total divestment. <br /> <br /> Mr. Preston Gentry, President of the Charlottesville Professional <br /> Firefighters Association, stated that while the association did' not <br /> support South African. policies, 'they were concerned about the possible <br /> loss of retirement benefits. <br /> <br /> Mr. Buck responded that. the retirement plan is a defined benefits <br /> <br /> plan and that if investments, decreased, the City ~ould be required to <br /> contribute additional funds. <br /> <br /> Rev. Alvin ~dwards, r~presenting the Southern Christian Leadership <br /> Conference, opposed the investment of any funds in South Africa. <br /> <br /> Mr. Charles Barbour stated that he ~as happy Council.was addressing <br /> the issue and felt it would set an exampl~ for other cities to fight <br /> discrimination. <br /> <br /> Ms. Melis~a Bartick spoke in support of total divestment. <br /> <br /> Mr. Dave Rogers encouraged total.divestment as a 'statement to other <br /> cities as well as our own community. <br /> <br /> As there were no further speakers the publ'ic hearing was closed. <br /> <br /> Mr. Robert Sheets, Director Of Finance, stated that it was the opinion <br />of investment counsel that a quality portfolio could'be maintained u~ing <br />the Sullivan pr.inciple criteria. <br /> <br /> Mr. Buck stated that a new investment counsel ~ould probably need <br /> <br />to be employed shoUld the City decide on total divestment. <br /> <br /> Dr. Hall questioned wh~the~ the Sullivan principles were doing what <br />they were set out to accomplish and favored total divestment. <br /> <br /> Mr. Buck stated that he did. not support total divestment because it <br /> <br />was punat.ive and could create such bad conditions as to cause a revolution. <br />Mr. Buck added that the '.Sullivan 'principles could provide the opportunity <br />for peaceful change. <br /> <br /> Dr. Gunter stated that~she felt a moderate step should be taken at <br /> <br />this point, ~ith a rev. ie~ cocurring after one year.:to see if further <br /> <br />steps should be taken. <br /> <br /> Mr. Barnes stated that he felt using t~e Sullivan principles was <br /> <br />an appropriate step-which ~ould he hot~ meaningful and financially prudent. <br /> <br /> Dr.. Hall stated that he would not compromise hUman rights and would <br /> <br />not support the Sullivan principles. <br /> <br /> Mr. BUck stated that he disagreed that the Sullivan principles were <br /> <br />a compromise. <br /> <br />4:4 9 <br /> <br /> <br />