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U • RESOLUTION TO ADOPT A POLICY REGARDING INVESTMENT IN ENTITIES OPERATING IN THE REPUBLIC OF SOUTH AFRICA WHEREAS, the City of Charlottesville has a fiduciary respons- ibility to maximize the productive use of assets entrusted to its care and to manage those funds wisely and prudently; and WHEREAS, the City recognizes its obligation to be aware of the social and political implications of its investments, and subsequently to act responsibly in making financial decisions; and WHEREAS, the government of South Africa has instituted and maintains a policy of Apartheid, which determines citizens' rights according to race, and which causes the institutional subjugation of over 70 percent of the people of South Africa simply because they are non-white; and WHEREAS, the City of Charlottesville's Retirement Plan Commission should not support or appear to support the policy of Apartheid by investing or maintaining investments in companies doing • business in South Africa which are not committed to policies of fair employment and equality of opportunity for all races; now, therefore, BE IT RESOLVED by the Council of the City of Charlottesville, Virginia: 1. The City of Charlottesville, through its Retirement Plan Commission, shall not make or retain investments in stocks, securities, or other obligations of companies doing business in the Republic of South Africa which do not adopt the Sullivan Principles and receive a rating in the top two categories. 2. Companies, subsidiaries, and affiliates doing business in South Africa shall be identified by the most recent reports of the International Organization for the Equality of Opportunity Principles. Sullivan Signatory ratings shall be determined by reference to the most recent Annual Report on the Signatory Companies to the Sullivan Principles. •