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-ii- [[underlined]] Report of the Executive Committee [[/underlined]] The Executive Committee of the Board of Regents met on April 14 to review the proposed agenda for the May 11 meeting of the Board. Taking note of Mr. Mineta's April 3, 1987, letter to Mr. Humelsine proposing consideration of the divestment of the Smithsonian's remaining investments in companies doing business in South Africa, the Committee called for a complete analysis of the changes in the Institution's investment portfolio since June 1985, when action was taken to sell all holdings in such companies which were not signatory to the Sullivan Principles, and January 1986, when subsequent action was taken to sell other institutional holdings which could not be traced. It was pointed out that, while the Institution's investments in businesses operating in South Africa in accordance with the Sullivan Principles had decreased slightly as a percentage of the Smithsonian's total portfolio (from 16% to 15%), the number of these holdings had fluctuated both upward and downward especially upon changing investment managers. Mr. Adams and Miss Leven reported that Reverend Sullivan had recently cautioned against divestment of stock in the most responsible corporations for the time being, adding that he was contemplating calling upon the Federal government to take formal action should the political and social conditions in South Africa fail to improve. Mindful of the likelihood of new developments in this area in the foreseeable future, the Executive Committee took no action to recommend a departure from the Regents' present position on the matter. It was anticipated that a full discussion of the issues, including Reverend Sullivan's most recent views, would take place at the May 11 meeting of the Board. In his Secretary's Report Mr. Adams spoke about a variety of matters which he said he would raise in detail at the May 11 meeting of the Board. He also described recent activities with respect to the repatriation of a number of the Smithsonian's American Indian sacred objects and skeletal remains, related legislative activities, and the future of the Heye Foundation's Museum of the American Indian. Distributing copies of a letter from Senator Inouye, Mr. Adams remarked at the potential benefit to the nation and its native Americans should the Smithsonian succeed in establishing that Museum on the Mall in Washington. While the Secretary pointed out that there are many matters to be resolved, he thought there would be an enormous reservoir of enthusiasm for the idea among those directly involved and citizens all across America. The Executive Committee warmly endorsed the Secretary's sensitive approach to date and urged that a full report, including a proposed motion expressing the Regents' encouragement for further explorations, to be included in the agenda for the Board's consideration at the May 11 meeting. [[underlined]] Report of the Audit and Review Committee [[/underlined]] Discussing the report summarized below, the Regents expressed their disappointment at the apparent lack of progress in increasing the representation of minorities and women in the professional ranks. While it was recognized that well-intentioned and thorough searches have failed in the past to locate minorities qualified for certain positions (particularly in the sciences), it was suggested that the Smithsonian should increase its efforts to build pools of excellent minority scholars by means of more aggressive pre- and post-doctoral fellowship programs. The Secretary acknowledged the need for this and added that he is exploring the
error transcribing from the 9th line of the original. Should read, "international" not "institutional"
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