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Disinvestment or divestment from South Africa was first advocated in the s, in protest against South Africa's system of apartheidbut was not implemented on a significant scale until the mids. The disinvestment campaign, after being realised in federal legislation enacted in by the United States, is credited by some [2] as pressuring the South African Government to embark on negotiations ultimately leading to the dismantling of the apartheid system.
In Novemberthe United Nations General Assembly passed Resolutiona non-binding resolution establishing the United Nations Special Committee against Apartheid and called for imposing dissertation on pension crisis in uk and other sanctions on South Africa.
All Western nations were unhappy with the call for sanctions and as a result boycotted the committee. Following this passage of this resolution the UK-based Anti-Apartheid Movement spearheaded the arrangements for an international conference on sanctions to be held in London in April According to Lisson, "The aim of the Conference was to work out the practicability of economic sanctions and their implications on the economies of South Africa, the UK, the US and the Protectorates, dissertation on pension crisis in uk.
Knowing that the strongest opposition to the application of sanctions came from the West and within the West, Britainthe Committee made every effort to attract dissertation on pension crisis in uk wide and varied a number of speakers and participants as possible so that the Conference findings would be regarded as objective.
The conference was named the International Conference for Economic Sanctions Against South Africa. This conference, Lisson writes, dissertation on pension crisis in uk. established the necessity, the legality and the practicability of internationally organised sanctions against South Africa, whose policies were seen to have become a direct threat to peace and security in Africa and the world. Its findings also pointed out that in order to be effective, a programme of sanctions would need the active participation of Britain and the US, dissertation on pension crisis in uk, who were also the main obstacle to the implementation of such a policy.
The conference was not successful in persuading Britain to take up economic sanctions against South Africa though. Rather, the British government "remained firm in its view that the imposition of sanctions would be unconstitutional 'because we do not accept that this situation in South Africa constitutes a threat to international peace and security and we do not in any case believe that sanctions would have the effect of persuading the South African Government to change its policies'".
The AAM tried to make sanctions an election issue in the General Election in Britain, dissertation on pension crisis in uk. Candidates were asked to state their position on economic sanctions and other punitive measures against the South African government.
Most candidates who responded answered in the affirmative. After the Labour Party sweep to power though, commitment to the anti-apartheid cause dissipated. In short order, Labour Party leader Harold Wilson told the press that his Labour Party was "not in favour of trade sanctions partly because, even if fully effective, they would harm the people we are most concerned about — the Africans and those white South Africans who are having to maintain some standard of decency there".
At the UN, Britain consistently refused to accept that the situation in South Africa fell under Chapter VII of the [United Nations] Charter. Instead, in collaboration with the US, it worked for a carefully worded appeal on the Rivonia and other political trials to try to appease Afro-Asian countries and public opinion at home and abroad; by early the issue of sanctions had lost momentum.
According to Lisson, Britain's rejection was premised on its economic interests in South Africa, which would be put at risk if any type of meaningful economic sanctions were put in place. Inthe voluntary UN arms embargo became mandatory with the passing of United Nations Security Council Resolution An oil embargo was introduced on 20 November when the United Nations General Assembly adopted a voluntary international oil embargo. Knight [5] writes that anti-apartheid movement in the U.
found that Washington was unwilling to get involved in economically isolating Dissertation on pension crisis in uk Africa. The movement responded by organized lobbying of individual businesses and institutional investors to end their involvement with or investments in the apartheid state as a matter of corporate social responsibility.
This campaign was coordinated by several faith-based institutional investors eventually leading to the creation of the Interfaith Center on Corporate Responsibility. An array of celebrities, including singer Paul Simonalso participated. The key instrument of this campaign was the so-called Sullivan Principlesauthored by and named after the Rev. Leon Sullivan. Leon Sullivan was an African-American preacher in Philadelphia who, inwas also a board member of the corporate giant General Motors.
At that time, General Motors was the largest employer of Blacks in South Africa. The principles required that the corporation ensure that all employees are treated equally and in an integrated environment, both in and outside the workplace, and regardless of race, as a condition of doing business.
These principles directly conflicted with the mandated racial discrimination and segregation policies of apartheid-era South Africa, thus making it impossible for businesses adopting the Sullivan Principles to continue doing business there. While the anti-Apartheid movement lobbied individual businesses to adopt and comply with the Sullivan Principles, the movement opened an additional front with the institutional investors.
Besides advocating that institutional investors withdraw any direct investments in South African-based companies, anti-Apartheid activists also lobbied for the divestment from all U.
The institutional investors such as public pension funds were the most susceptible to these types of lobbying efforts. Public companies with South Africa interests were thus confronted on two levels: First, shareholder resolutions were submitted by concerned stockholders who, admitted, posed more of a threat to the often-cherished corporate reputations than to dissertation on pension crisis in uk stock price.
Second, the companies were presented with the significant financial threat whereby one or more of their major institutional investors decides to withdraw their investments.
The disinvestment campaign in the United States, dissertation on pension crisis in uk, which had been in existence for quite some years, gained critical mass following the Black political resistance to the South African constitution which included a "complex set of segregated parliaments". Richard Knight writes:. In a total rejection of apartheid, black South Africans mobilized to make the townships ungovernable, black local officials resigned in droves, and the government declared a State of Emergency in and used thousands of troops to quell "unrest", dissertation on pension crisis in uk.
Television audiences throughout the world were to watch almost nightly reports of massive resistance to apartheid, dissertation on pension crisis in uk, the growth of a democratic movement, and the savage police and military response.
The result of the widely televised South African response was "a dramatic expansion of international actions to isolate apartheid, actions that combined with the internal situation to force dramatic changes in South Africa's international economic relations". Students organised a demand that their colleges and universities divestmeaning that the universities were to cease investing in companies that traded or had operations in South Africa. At many universities, many students and faculty protested in order to force action on the issue.
The first organised Anti-Apartheid Organization on University Campuses in the United States was CUAA founded at the University of California Berkeley by Ramon Sevilla. Sevilla was a principal organiser that had support from Nelson Mandela, with whom Sevilla was in communication while Mandela was imprisoned on Robben Island as well as with The African National Congress the ANC for committing acts of public violence against apartheid.
Some of the most effective actions in support of the divestment of University investments in U. companies doing business in South Africa took place between the years of —, as Sevilla travelled throughout the American Continent and Europe gathering support for the overthrow of the South African Apartheid Government, which also led to his arrest at U. Berkeley on several occasions in the successful effort to force the University of California to divest all of their investments in companies doing business in South Africa, which also became the driving force for divestment worldwide in all companies doing business in the country of Apartheid South Africa.
For example, dissertation on pension crisis in uk, in April61 students were arrested after building a shantytown in front of the chancellor's office at UC Berkeley. As a result of these organised "divestment campaigns", the boards of trustees of several prominent universities voted to divest completely from South Africa and companies with major South African interests.
The first of these was Hampshire College in These initial successes set a pattern which was later repeated and many more campuses across the country. Activism surged in on the wave of public interest created by the wide television coverage of the then recent resistance efforts of the black South Africans.
Overall, according to Knight's analysis, [5] the numbers year over year for educational institutions fully or partially divesting from South Africa were:. The anti-Apartheid disinvestment campaign on campuses began on the West coast and Midwest in at Michigan State University and Stanford University.
Following the Michigan State University divestiture ininthe State of Michigan Legislature and Governor voted for divestiture by all of the more than 30 State of Michigan colleges and universities, an action later struck down as unconstitutional by the Michigan Court of Appeals in response to a suit against the Act by the University of Michigan.
The initial Columbia divestment, focused largely on bonds and financial institutions directly involved with the South African regime. Trustee meetings were picketed and interrupted by demonstrations culminating in May in the takeover of the Graduate School of Business. Smith Collegein Northampton, Massachusetts, which is connected to Hampshire College in Amherst, dissertation on pension crisis in uk, Mass. In the spring semester of students at Smith College protested the board of trustees' decision not to fully divest [19] the college's endowment from companies in South Africa.
Student protests included a sit-in in College Hall, the main administrative office which included nearly students sleeping in overnight on 24 February The next day students staged a full blockade of the building, not allowing any staff into the building and anticipating arrest, though the president of the college at the time, Mary Maples Dunn, refused to have dissertation on pension crisis in uk students arrested.
A comprehensive list of the demands they made throughout the demonstration was published on 28 February[20] at am. The "Women at College Hall" agreed to end the blockade if The Board of Trustees agreed to "issue a statement of intent to deliberate again, with a quorum, the issue of divestment" before Spring Break, and that the Investor Responsibility Committee would meet with representatives from the South African Task Force, the Ethical Investment Committee, and students from the Divestment Committee to look at "a restructuring of the investment policy".
Students also demanded that the Board of Trustees "recognize the need for more dialogue with the Smith College community" and that they act on this with more meetings and transparency. In relation to the action, students demanded that a required teach-in be conducted to educate dissertation on pension crisis in uk college and the Board of Trustees on divestment, South African apartheid, and the College Hall Occupation, in addition, a booklet would be compiled by the demonstrators that would be distributed to the college to educate dissertation on pension crisis in uk community on the movement.
They also demanded that the president grant amnesty to anyone who directly or indirectly participated in the occupation. On 1 Marchthe protest ended when negotiations with administrators led to an agreement that the trustees would re-evaluate their decision, a mandatory teach-in would be held, and amnesty would be granted to anyone involved in the demonstration.
Harvard University only undertook a partial "divestment" from South Africa and only after significant resistance. Throughout the s, Harvard professors for dissertation on pension crisis in uk most part avoided involvement with South Africa in protest of apartheid, and then president Derek C.
Bok was a vocal supporter of work by the U. to prompt reform in South Africa. But the University was slow to pull its own investments out of companies doing business in South Africa, insisting that through its proxy votes, it could more effectively fight apartheid than by purging stocks from its portfolio.
But after a decade of protests, Harvard did adopt a policy of selective divestment, and by the end of the s was almost completely out of South Africa. At the UC Berkeley campus, student organizations focused on a campaign of civil disobedience, dissertation on pension crisis in uk, with 38 students arrested in[23] a semester-long sit-in protest with arrests indissertation on pension crisis in uk a shantytown dissertation on pension crisis in uk 1—4 April that resulted in a violent confrontation between protesters and police and arrests.
The University of Californiain contrast to the limited action undertaken by Harvard, authorized in the withdrawal of three billion dollars worth of investments from the apartheid state. Nelson Mandela stated his belief that the University of California's massive divestment was particularly significant in abolishing white-minority rule in South Africa.
In addition to campuses, anti-apartheid activists found concerned and sympathetic legislators in cities and states. Several states and localities did pass legislation ordering the sale of such securities, notably the City and County of San Franciscowhich passed legislation on 5 June not to invest "in corporations and banks doing business in or with South Africa". These local governments also exerted pressure via enacting selective purchasing policies, "whereby cities give preference in bidding on contracts for goods and services to those companies who do not do business in South Africa".
Nebraska was the first US state to divest from South Africa. The divestment was initiated by Ernie Chambersthe only Black member of the Nebraska legislature. He introduced a nonbinding resolution calling for state pension funds that had been invested directly or indirectly in South Africa to be invested elsewhere. According to Knight, dissertation on pension crisis in uk, the beginning of divestment in Nebraska caused little immediate change in business practices; David Packard of Hewlett Packard stated "I'd rather lose business in Nebraska than with South Africa.
Nebraska passed stronger legislation inmandating divestment of all funds from companies doing business in South Africa. This began when the Senate and House of Representatives presented Ronald Reagan with the Comprehensive Anti-Apartheid Act of which had been introduced by Congressman Ronald Dellums, supported by the members of the Congressional Black Caucus in the House, and piloted through the House by Congressman Howard Wolpe, chairman of the House Africa Subcommittee.
Ronald Reagan responded by using his veto, but surprisingly and, in testament to the strength of the anti-Apartheid movement, the Republican controlled Senate overrode his veto.
Knight gives this description dissertation on pension crisis in uk act:. The Act banned new U. investment in South Africa, sales to the police and military, and new bank loans, except for the purpose of trade. Specific measures against trade included the prohibition of the import of agricultural goods, textiles, shellfish, steel, iron, uranium and the products of state-owned corporations. The results of the act were mixed in economic terms according to Knight: [5] Between andU. Between andU.
Knight attributes some of the increase in imports in to lax enforcement of the Act citing a study by the General Accounting Office. Knight writes that a "major weakness of the Act is that it does little to prohibit exports to South Africa, even in such areas as computers and other capital goods". A second federal measure introduced by Representative Charles Rangel in as an amendment to the Budget Reconciliation Act halted the ability of U.
UK Retirees At Risk Of Running Pension Pots Dry
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Sep 15, · The ATC's mission is to further Bentley’s leadership in and strategic focus on the integration of business and technology. We enrich scholarly initiatives and student learning by empowering faculty with state-of-the-art academic, information, and communication resources • Led research projects to launch PR campaigns about the career attitudes of 14 to year-olds in the UK, and ethics of professionals across the UK and Ireland. The campaigns achieved regional print and radio coverage to over station including Sky News Radio. • Presents tailored webinars to support markets on working with the media The first type of tax and income for the government is Value-added tax(VAT).VAT is a tax on goods and services collected in stages by enterprises but which is ultimately charged in full to the final purchaser. VAT is usually charged at 14% on consumers final goods and is included in the price you pay for most items such as food items, petrol,etc. the second type of tax collected by the
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