Get E-Mail Updates

God's Politics Blog

TIAA-Cref Divests from Sudan Oil Interests

by Melanie Weldon-Soiset 01-08-2010 | 4:00pm
Print
8 Comments | Login or Register to post comments

While the situation in Sudan remains dire (and could worsen as the country faces volatile elections this spring), Christians can celebrate a recent story of hope: the first major U.S. mutual fund holder has divested holdings in companies who buy oil from the genocidal regime in Khartoum. TIAA-Cref has sold all of its shares in four major companies whose oil purchases help to pay for the violent atrocities that still rage in Sudan: China's PetroChina, CNPC Hong Kong, Sinopec, and India's Oil and Natural Gas Corporation. As CEO Roger Ferguson explains in TIAA-Cref's press release, "our decision to sell shares in these companies culminated a three-year effort to encourage them to end their ties to Sudan or attempt to end suffering there." Although TIAA-Cref only held a small percentage of these four companies' shares, their boldness sets an example for other U.S. mutual fund giants to emulate.

Related Reading

Take Action on This Issue

Tell the Senate: Don't Cut International Aid

Please join us in telling the Senate: Protect foreign aid programs that help the poor and the needy. 

Not only can people of faith celebrate when businesses like TIAA-Cref make decisions of good conscience, but we can also urge other companies to do the same. As Jesus taught us, "where your treasure is, there your heart will be also" (Matthew 6:21). Are our assets helping to fund genocide? Whether our assets are bountiful or bare, we can still raise our voices to tell other investment firms to divest holdings that support bloodshed in Sudan. Visit Investors Against Genocide to learn more.

portrait-melanie-weldon-soisetMelanie Weldon-Soiset is a Policy and Organizing Associate at Sojourners and a third year Master of Divinity student at Wesley Theological Seminary.

8 Comments | Login or Register to post comments
Sojourners relies on the support of readers like you to sustain our message and ministry.

Related Stories

Resources

Like what you're reading? Get Sojourners E-Mail updates!

by: Naomi 'Reynolds' Brodock

01-11-2010 @ 5:18pm

So, TN how can a company achieve results? According the press release, this was not done suddenly, but after offering five oil companies the opportunity to review and change their policies regarding purchasing Sudanese oil. Since those companies have made it clear that they don't want to work the standards set by TIAA-CREF, I fail to see how they were able to enact any moral suasion.

Maybe I am naive, but in this age of information, I don't think it can be that difficult to track where the money is going. Those that don't want to know can certainly claim ignorance. But if the companies really wanted to know, it certainly shouldn't be impossible.

And in answer to who gets helped? Any less funding means less guns to oppress the people in Southern Sudan. Wars take money, a LOT of money. The violence of Sudan could never have gone on so long without the funding of the West

by: TN_Horseman

01-09-2010 @ 12:59am

So TIAA-CREF dumped their stock. Who gets helped? Who gets hurt. First TIAA-CREF no longer has any voice in the oil purchases of the companies, gone is any moral suasion. The individuals who have invested with TIAA-CREF stand to lose, as oil prices go up so will oil company profits. Sudan will still sell its oil regardless of the geo political situation as oil is a commodity that only takes a bill of sale to become untraceable. Nice publicity, no teeth. Tuck tail and run while looking like a hero to those who worship symbols, not results.

by: TN_Horseman

01-09-2010 @ 12:59am

So TIAA-CREF dumped their stock. Who gets helped? Who gets hurt. First TIAA-CREF no longer has any voice in the oil purchases of the companies, gone is any moral suasion. The individuals who have invested with TIAA-CREF stand to lose, as oil prices go up so will oil company profits. Sudan will still sell its oil regardless of the geo political situation as oil is a commodity that only takes a bill of sale to become untraceable. Nice publicity, no teeth. Tuck tail and run while looking like a hero to those who worship symbols, not results.

by: Naomi 'Reynolds' Brodock

01-11-2010 @ 5:18pm

So, TN how can a company achieve results? According the press release, this was not done suddenly, but after offering five oil companies the opportunity to review and change their policies regarding purchasing Sudanese oil. Since those companies have made it clear that they don't want to work the standards set by TIAA-CREF, I fail to see how they were able to enact any moral suasion.

Maybe I am naive, but in this age of information, I don't think it can be that difficult to track where the money is going. Those that don't want to know can certainly claim ignorance. But if the companies really wanted to know, it certainly shouldn't be impossible.

And in answer to who gets helped? Any less funding means less guns to oppress the people in Southern Sudan. Wars take money, a LOT of money. The violence of Sudan could never have gone on so long without the funding of the West

by: Ngchen

01-11-2010 @ 1:24am

While it's true that oil is a commodity that typically goes to the highest bidder, the example set by TIAA-CREF can cause others to also refuse to do business with the Khartoum regime. Yes, one company won't have much impact at all; multiply by a bunch of others, and the effects start to kick in (as with a boycotted business).

by: Naomi 'Reynolds' Brodock

01-11-2010 @ 3:18pm

So, TN how can a company achieve results? According the press release, this was not done suddenly, but after offering five oil companies the opportunity to review and change their policies regarding purchasing Sudanese oil. Since those companies have made it clear that they don't want to work the standards set by TIAA-CREF, I fail to see how they were able to enact any moral suasion.

Maybe I am naive, but in this age of information, I don't think it can be that difficult to track where the money is going. Those that don't want to know can certainly claim ignorance. But if the companies really wanted to know, it certainly shouldn't be impossible.

And in answer to who gets helped? Any less funding means less guns to oppress the people in Southern Sudan. Wars take money, a LOT of money. The violence of Sudan could never have gone on so long without the funding of the West

by: Ngchen

01-11-2010 @ 1:24am

While it's true that oil is a commodity that typically goes to the highest bidder, the example set by TIAA-CREF can cause others to also refuse to do business with the Khartoum regime. Yes, one company won't have much impact at all; multiply by a bunch of others, and the effects start to kick in (as with a boycotted business).

by: Naomi 'Reynolds' Brodock

01-11-2010 @ 3:18pm

So, TN how can a company achieve results? According the press release, this was not done suddenly, but after offering five oil companies the opportunity to review and change their policies regarding purchasing Sudanese oil. Since those companies have made it clear that they don't want to work the standards set by TIAA-CREF, I fail to see how they were able to enact any moral suasion.

Maybe I am naive, but in this age of information, I don't think it can be that difficult to track where the money is going. Those that don't want to know can certainly claim ignorance. But if the companies really wanted to know, it certainly shouldn't be impossible.

And in answer to who gets helped? Any less funding means less guns to oppress the people in Southern Sudan. Wars take money, a LOT of money. The violence of Sudan could never have gone on so long without the funding of the West

Comments sorted by highest rated. After voting you must refresh your page to see the sort order change.

by: Ngchen

01-11-2010 @ 1:24am

While it's true that oil is a commodity that typically goes to the highest bidder, the example set by TIAA-CREF can cause others to also refuse to do business with the Khartoum regime. Yes, one company won't have much impact at all; multiply by a bunch of others, and the effects start to kick in (as with a boycotted business).

by: Naomi 'Reynolds' Brodock

01-11-2010 @ 3:18pm

So, TN how can a company achieve results? According the press release, this was not done suddenly, but after offering five oil companies the opportunity to review and change their policies regarding purchasing Sudanese oil. Since those companies have made it clear that they don't want to work the standards set by TIAA-CREF, I fail to see how they were able to enact any moral suasion.

Maybe I am naive, but in this age of information, I don't think it can be that difficult to track where the money is going. Those that don't want to know can certainly claim ignorance. But if the companies really wanted to know, it certainly shouldn't be impossible.

And in answer to who gets helped? Any less funding means less guns to oppress the people in Southern Sudan. Wars take money, a LOT of money. The violence of Sudan could never have gone on so long without the funding of the West

by: Naomi 'Reynolds' Brodock

01-11-2010 @ 5:18pm

So, TN how can a company achieve results? According the press release, this was not done suddenly, but after offering five oil companies the opportunity to review and change their policies regarding purchasing Sudanese oil. Since those companies have made it clear that they don't want to work the standards set by TIAA-CREF, I fail to see how they were able to enact any moral suasion.

Maybe I am naive, but in this age of information, I don't think it can be that difficult to track where the money is going. Those that don't want to know can certainly claim ignorance. But if the companies really wanted to know, it certainly shouldn't be impossible.

And in answer to who gets helped? Any less funding means less guns to oppress the people in Southern Sudan. Wars take money, a LOT of money. The violence of Sudan could never have gone on so long without the funding of the West

by: TN_Horseman

01-09-2010 @ 12:59am

So TIAA-CREF dumped their stock. Who gets helped? Who gets hurt. First TIAA-CREF no longer has any voice in the oil purchases of the companies, gone is any moral suasion. The individuals who have invested with TIAA-CREF stand to lose, as oil prices go up so will oil company profits. Sudan will still sell its oil regardless of the geo political situation as oil is a commodity that only takes a bill of sale to become untraceable. Nice publicity, no teeth. Tuck tail and run while looking like a hero to those who worship symbols, not results.

by: TN_Horseman

01-09-2010 @ 12:59am

So TIAA-CREF dumped their stock. Who gets helped? Who gets hurt. First TIAA-CREF no longer has any voice in the oil purchases of the companies, gone is any moral suasion. The individuals who have invested with TIAA-CREF stand to lose, as oil prices go up so will oil company profits. Sudan will still sell its oil regardless of the geo political situation as oil is a commodity that only takes a bill of sale to become untraceable. Nice publicity, no teeth. Tuck tail and run while looking like a hero to those who worship symbols, not results.

by: Ngchen

01-11-2010 @ 1:24am

While it's true that oil is a commodity that typically goes to the highest bidder, the example set by TIAA-CREF can cause others to also refuse to do business with the Khartoum regime. Yes, one company won't have much impact at all; multiply by a bunch of others, and the effects start to kick in (as with a boycotted business).

by: Naomi 'Reynolds' Brodock

01-11-2010 @ 3:18pm

So, TN how can a company achieve results? According the press release, this was not done suddenly, but after offering five oil companies the opportunity to review and change their policies regarding purchasing Sudanese oil. Since those companies have made it clear that they don't want to work the standards set by TIAA-CREF, I fail to see how they were able to enact any moral suasion.

Maybe I am naive, but in this age of information, I don't think it can be that difficult to track where the money is going. Those that don't want to know can certainly claim ignorance. But if the companies really wanted to know, it certainly shouldn't be impossible.

And in answer to who gets helped? Any less funding means less guns to oppress the people in Southern Sudan. Wars take money, a LOT of money. The violence of Sudan could never have gone on so long without the funding of the West

by: Naomi 'Reynolds' Brodock

01-11-2010 @ 5:18pm

So, TN how can a company achieve results? According the press release, this was not done suddenly, but after offering five oil companies the opportunity to review and change their policies regarding purchasing Sudanese oil. Since those companies have made it clear that they don't want to work the standards set by TIAA-CREF, I fail to see how they were able to enact any moral suasion.

Maybe I am naive, but in this age of information, I don't think it can be that difficult to track where the money is going. Those that don't want to know can certainly claim ignorance. But if the companies really wanted to know, it certainly shouldn't be impossible.

And in answer to who gets helped? Any less funding means less guns to oppress the people in Southern Sudan. Wars take money, a LOT of money. The violence of Sudan could never have gone on so long without the funding of the West