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r <br />• 3. Within sixty (60) days of the adoption of this resolution, <br />each Signatory company with a rating of IIIA or IIIB, in which the <br />City Retirement Fund is invested (if any), shall be notified by <br />the Retirement Commission's investment counselors under the dir- <br />ection of the Retirement Commission, that its securities will no <br />longer be held by the Retirement Fund if it does not advance to <br />Category I or II by the time of the next Sullivan report. <br />4. The Retirement Commission's investment counselors, in <br />order to attain flexibility in implementing this resolution and <br />to minimize the possibility of financial loss, shall have up to <br />twelve (12) months after identifying a prohibited firm in which <br />to sell holdings in that firm. <br />5. Companies in Category V, New Signatories, shall not be <br />considered prohibited until they have reported to Arthur D. Little <br />and have been rated. The above criteria will then be used for the <br />divestment decision. <br />6. Companies in Category VI, Signatories Which Did Not <br />Report, shall be notified that they have twelve (12) months in <br />which to have themselves rated or they will be divested. <br />• 7. Any firm which does business in South Africa, but is not <br />a Sullivon Signatory, will be divested. The Retirement Commission's <br />investment counselors shall notify any such firm of the City's intent, <br />and shall have twelve (12) months in which to sell its security. <br />8. Future purchases of securities of companies doing business <br />in South Africa, if any, will be restricted to those firms that <br />are rated in Categories I, II or V. A master list of acceptable <br />and unacceptable firms will be compiled by the City's Retirement <br />Commission upon receipt of each Annual Report on Signatory Companies <br />to the Sullivan Principles. This list will guide investment <br />decisions. <br />BE IT FURTHER RESOLVED that this policy shall be reviewed <br />by Council in one year to determine whether its continuation is <br />advisable and if so, whether any modification is advisable. <br />Approved'by Council <br />December 3, 1984 <br />•Eyerk ot Council <br />D''1 "(o -57 <br />