Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : TLM.TSE Talisman Energy -- Ignore unavailable to you. Want to Upgrade?

To: Andrew who wrote (905)	5/30/2000 10:43:00 AM
From: Tomas	Read Replies (1) \| Respond to of 1713

Yes, hypocrites they are! Teachers tell board to ditch Talisman. Federation's leaders vote to divest stake The Globe & Mail, Tuesday May 30 STEVEN CHASE, Alberta Bureau Calgary -- The leadership of Ontario's 144,000 teachers has voted to lobby their powerful retirement fund to divest its $191.5-million stake in Talisman Energy Inc. because of the Calgary oil company's controversial Sudan operations. "For us, we need to make sure we are no longer a part of this," said Barbara Sargent, president of the Ontario Teachers Federation (OTF), whose members' retirement funds are managed by the Ontario Teachers Pension Plan Board. Talisman has been criticized by human rights groups since it first took a 25-per-cent stake in a lucrative Sudanese oil venture in 1998 alongside the Sudanese government and the state oil companies of China and Malaysia. Critics say oil money from the venture is prolonging a bloody civil war between the Islamist government in Khartoum and Christian and other minority groups in the south of the country. In February, a Canadian government probe also concluded that oil revenue from the venture is helping fuel the war. Ms. Sargent said the pro-divestment decision was taken in a vote of OTF executives last week after it concluded Calgary-based Talisman wasn't doing enough to ameliorate conditions in civil-war-torn Sudan. "We didn't feel there was enough being done and they were actually putting enough effort into it," she said of Talisman. The OTF executive has sent a copy of its pro-divestment motion to the four directors it appoints to the nine-member pension plan board, asking them to begin divesting Talisman shares. However, neither these directors, nor the other four appointed by the Ontario provincial government, are bound to act on the orders of the OTF. But Ms. Sargent said there's been a lot of pressure on the board in the past couple of years when it comes to "ethical investment issues," and she believes they are "getting the message." "One would hope they have heard the message and they are going to do what their clients . . . feel is necessary," she said. If successful, such a divestment would be a public relations setback for Talisman. Board officials said Teachers holds about 3.8 million shares, worth about $191.5-million at yesterday's closing market prices. That's approximately 2.7 per cent of Talisman's stock and market value. Pension Plan Board spokeswoman Lee Fullerton said she is "a little surprised" the OTF is pushing for divestment given that Talisman has adopted a code of ethics for businesses operating abroad and is moving to set up independent monitoring of its compliance with this code. Ms. Fullerton said the board has "never divested . . . for social or political reasons," adding that it's not certain the board even has the authority to do this. She said the OTF request is the first one of its kind the board has received, adding that she expects the request will be raised at the next board meeting in June. Talisman spokeswoman Jackie Sheppard said most shareholders are pleased with the company -- whose shares have gained 44 per cent in the past two months. "It's unfortunate [Ms. Sargent] would reach her conclusion. However, I think our share price has had a very nice rebound here and we see a lot of market support behind us at this point." Talisman closed at $50.40 yesterday on the Toronto Stock Exchange, down $1 from the previous close. The stock is still far ahead of a low of $35 it hit March 24. Ms. Sargent said the OTF executive realizes it could take some time for the board to dispose of its shares, but she thinks it's important to start the ball rolling now. But Ms. Sheppard said Talisman has adopted an international code of business ethics for operating abroad "in a very comprehensive way that is going to be setting new heights for companies."