The Cornell University endowment, Ithaca, N.Y., is divesting itself of $11 million in direct investments in oil companies that operate in Sudan or have ties to the Sudanese government, said Simeon Moss, spokesman. He declined to identify which stock is being sold. Cornell President David Skorton recommended the move after reviewing a report by the university's investment office citing studies and other analysis that showed how "revenues generated by the Sudanese oil sector are instrumental in financing genocide" in the country's Darfur region, according to a news release.
Investment staff will also talk to the endowment's commingled fund managers about strategies for eliminating "future association or indirect exposure" to oil companies, according to the release. Mr. Moss declined to identify the managers.
The endowment had $3.9 billion as of June 30, 2005, the most recent figure available, Mr. Moss said.