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Gulf Oil Disclosure Proposal Jumps Over First SEC Hurdle

By Arthur H. Lubow

The Securities and Exchange Commission (SEC) late Thursday approved a proxy resolution that could require the Gulf Oil Company to mail each shareholder a report on Gulf's operations in Angola.

Gulf Oil is appealing the decision, maintaining that the proposal duplicates two proxy statements which were defeated resoundingly at last year's annual meeting.

SEC regulations release management from the obligation to print a shareholder's proposal on the proxy statement if an equivalent resolution received under 3 per cent of the vote at an annual meeting within the last three years.

None of the four proposals forwarded last year by the Gulf Angola project received 3 per cent of the vote.

William Cox. national press coordinator for Gulf, said yesterday that two of last year's four proposals--one demanding the creation of a committee to study Gulf's involvement in Portuguese Africa, and one requiring an end to Gulf's operations in colonial regions--essentially duplicated this year's resolution.

That resolution, sponsored by the Council for Christian Social Action of the United Church of Christ, would require Gulf to issue within four months after the April 27 annual meeting a shareholders' report describing the company's operations in Angola.

The report would be sent to each of about 250,000 shareholders. It would include:

* explanations of all contractual agreements between Gulf and the Portuguese government:

* a listing of all payments made by Gulf to the Portuguese government since 1954:

* a listing and explanation of all charitable grants made by Gulf to the Portuguese government since 1954:

* a breakdown of wages, benefits and promotional opportunities of black and white workers employed by Gulf or by contractors working for Gulf in Angola.

The SEC must decide on Gulf's appeal by March 6. Timothy Smith, assistant to the Church Council for African Affairs, said yesterday that his group is working on minor details with the SEC and he expects that the statement will be approved.

As of June 30, Harvard owned 683,778 Gulf Oil shares valued at $453,534

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