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11 <br />RESOLUTION <br />TO ADOPT A POLICY REGARDING DIVESTMENT <br />OF CITY RETIREMENT FUND <br />IN ENTITIES OPERATING IN THE REPUBLIC OF SOUTH AFRICA. <br />WHEREAS, the City of Charlottesville has a fiduciary <br />responsibility to maximize the productive use of assets entrusted <br />to its care and to manage those funds wisely and prudently; and <br />WHEREAS, the City recognizes its obligation to be aware of the <br />social and political implications of its investments, and <br />subsequently to act responsibly in making financial decisions; and <br />WHEREAS, the government of South Africa has instituted and <br />maintains a policy of Apartheid, which determines citizens' rights <br />according to race, and which causes the institutional subjugation <br />of over 70 percent of the people of South Africa simply because <br />they are non-white; and <br />WHEREAS, City Council adopted a policy of partial divestment <br />on December 3, 1984 by limiting investment of the City Retirement <br />• Fund to those companies doing business in South Africa which have <br />adopted the Sullivan Principles; and <br />WHEREAS, the City of Charlottesville's Retirement Plan <br />Commission should not support or appear to support the policy of <br />Apartheid by investing or maintaining investments in companies <br />doing business in South Africa; now, therefore, <br />BE IT RESOLVED by the Council of the City of Charlottesville, <br />Virginia that: <br />1. The City of Charlottesville, through its Retirement Plan <br />Commission, shall create a "South Africa free portfolio", meaning <br />that the Commission shall not make or retain investments in stocks, <br />securities, or other obligations of companies doing business in the <br />Republic of South Africa. <br />2. Companies, subsidiaries, and affiliates doing business in <br />South Africa shall be identified by the most recent reports of the <br />Investor Responsibility Research Center, Inc., U. S. and Canadian <br />Business in South Africa. <br />3. The Retirement Plan Commission shall advise their <br />investment advisory firm to create a South Africa free portfolio <br />as soon as practicable, and in no event, later than one year from <br />the date of this resolution. <br />• Approved by Council <br />November 7, 1988erc of Council <br />