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[[image - sketch of Smithsonian Institution buildings, captioned: SMITHSONIAN INSTITUTION Washington, D.C. 20560 U.S.A.]]

October 25, 1985

[[stamped]] COPY [[/stamped]]

Ms. Anci Koppel
5411 Ravenna Avenue, Northeast
Seattle, Washington 98105

Dear Ms. Koppel:

We regret your decision not to accept our invitation to join the Smithsonian Associate Program.

The Smithsonian values the opinions of its public and is grateful that you have taken the time to write on the very troubling issue of investments in companies with interests in south Africa. Please know that the Smithsonian's Regents as individuals share your abhorrence of the entire apartheid system.

On June 17, 1985, the Executive Committee of the Board of Regents instructed the Smithsonian's investment managers to dispose of the Institution's direct holdings in U.S. corporations which had not signed the Sullivan Principles. That disposition has been completed. At the same time, the Executive Committee directed the managers to make new investments only in those corporations that were subscribers to the Sullivan Principles or had no business interests in South Africa.

At their meeting on September 16, 1985, the full Board of Regents reaffirmed the actions of the Executive Committee. Mindful both of their fiduciary obligations and of the Institution's position in American society, the Regents are carefully monitoring events in South Africa and developments in U.S. policy with respect to that nation. If further action is deemed advisable and useful, the Regents will not hesitate to take action.

Your views will indeed be brought to the attention of the Regents. It is our hope that in the near future we will once again be able to count you among those in the Smithsonian family. Thank you again for writing.

Sincerely,
^[[ [[signature]] Ann R Leven [[/signature]] ]]
Ann R. Leven
Treasurer