San Antonio statement opposes PCUSA’s divestment resolution
The Layman Online, December 13, 2004
Some Presbyterians in San Antonio have written a rebuttal to the 2004 General Assembly’s resolution that calls for divestment of denominational funds in corporations doing business with Israel.
Several sessions across the nation are considering action similar to the San Antonio statement and some have already approved resolutions for submission to the 2006 General Assembly. And last week, the New York-based Presbyterians Concerned for Jewish and Christian Relations (PCJCR) called on the denomination’s General Assembly Council to impose a moratorium on shareholder actions and other steps related to divestment until the PCUSA’s General Assembly convenes again in 2006.
“While affirming the use of divestment as a social justice strategy in some situations, we believe that the General Assembly’s action broke with the PCUSA’s even-handed approach toward the situation in the Mideast,” the PCJCR statement said. “We believe it is wrong to single out Israel as the object of a ‘divestment’ policy …”
The San Antonio statement opposing the General Assembly’s action was drafted by University Presbyterian Church in San Antonio after discussions involving Presbyterians and Jewish leaders.
“By singling out companies doing business in Israel and making no reference to the terrorism directed from Palestinian territory against Israelis, the resolution appears to depart from the Presbyterian Church (USA)’s long-standing policy of even-handedly supporting both parties as they struggle toward peace amidst threat, fear and retaliation,” the statement says. “We cannot support a resolution that appears to focus blame on Israel alone. We strongly urge that this imbalance be addressed before the next General Assembly proceeds further with any divestment action.”
Copies of the statement have been sent to ministers in the Presbytery of Mission with requests that local sessions consider joining the statement.
The 216th General Assembly voted 431-62 to have the denomination’s Mission Responsibility Through Investment Committee (MRTI) “initiate a process of phased selective divestment in multinational corporations operating in Israel, in accordance to General Assembly policy on social investing, and to make appropriate recommendations to the General Assembly Council for action.”
Despite a backlash from Jewish, Christian and secular groups, MRTI has begun that process and says it will develop a list of target corporations in 2005.
One of the companies that is expected to be on the list is Caterpillar, which sells earthmoving equipment to Israel for use in constructing the wall that separates Palestinian and Israel areas. Israel’s government says the wall has reduced the number of suicide bombers who have killed hundreds of Israeli civilians by detonating their explosives in gathering errors.
The value of Caterpillar stock has risen dramatically since the General Assembly resolution, from $77.98 to $91.62 per share at the opening of the New York Stock Exchange today. The Presbyterian Foundation and Presbyterian Board of Pensions own 37,100 shares of Caterpillar stock, valued today at $3.4 million – more than $500,000 higher than the value when the General Assembly approved the divestment resolution.
The 30 signers of the San Antonio statement included four ministers – including the Rev. Louis Zbinden, retired pastor of First Presbyterian Church.