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SUN COMPANY BECOMES FIRST FORTUNE 500 FIRM TO ENDORSE CERES PRINCIPLES FOR ENVIRONMENTAL PROTECTION

 NEW YORK, Feb. 10 /PRNewswire/ -- Today, the SUN COMPANY became the first Fortune 500 firm to endorse the CERES Principles, a corporate code of conduct on the environment.
 "SUN's endorsement demonstrates its leadership and vision in this critical area of corporate social responsibility," said Joan Bavaria, co-chair of the Coalition for Economically Responsible Economies (CERES), a national coalition of environmentalists and social investors. Bavaria is president of the Franklin Research & Development Corporation, a Boston-based social investment advisory firm.
 "The long and productive discussions between the SUN COMPANY and CERES have resulted in a mutual accord on health, environmental and safety principles," said Robert H. Campbell, chairman, president and CEO of the Philadelphia-based SUN COMPANY, INC.
 "I applaud the spirit of cooperation and common sense displayed by both teams in achieving this positive agreement," he added. "What we have here is an example of diverse organizations working together with the recognition that economic growth and environmental protection must be partners."
 The 10 CERES Principles are: protecting the biosphere; sustainable use of natural resources; reduction and disposal of wastes; energy conservation; risk reduction; safe products and services; environmental restoration; informing the public; management commitment and audits and reports.
 New York City's Finance Commissioner Carol O'Cleireacain, the only member of both the CERES and New York City Employees Retirement System (NYCERS) boards, said, "This agreement shows that the new cooperation between shareholders and corporations extends to the social realm as well as to corporate governance issues."
 "Enlightened companies, working with reasonable shareholders, can devise solutions to complex issues," said O'Cleireacain.
 "New York City's pensions funds believe that responsible environmental stewardship is good for business," said New York City Comptroller Elizabeth Holtzman, a member of the CERES coalition. She added, "SUN COMPANY's decision to endorse CERES Principles signals a new partnership between shareholders and corporate America in which a healthy economy and a healthy environment sustain each other."
 Holtzman is the investment adviser to New York City's $47 billion dollar pension funds "The city will continue to take that message to other corporations in which its pension funds are invested," Holtzman said.
 "SUN has taken a brave step forward to demonstrate leadership in public accountability for environmental protection," said Rev. J. Andy Smith, III, director of social and ethical responsibility in investments, National Ministries, American Baptist Churches, USA, and chair of the Interfaith Center on Corporate Responsibility (ICCR). Smith was a key member of the negotiations which led to SUN COMPANY's endorsement.
 California State Controller Gray Davis added, "Hopefully SUN's endorsement will be the watershed event that convinces other large companies to step forward and be counted."
 Alan Gussow, member of the board of Friends of the Earth, also welcomed the SUN COMPANY's endorsement.
 First put forward in September, 1989 as the Valdez Principles, the CERES Principles already have dozens of signatories, including such companies as Aveda, Ben & Jerry's, Tom's of Maine and Working Assets. Inspired by the Sullivan Principles on South Africa, the CERES Principles for environmental protection were designed to encourage voluntary corporate commitment to progress.
 Representatives of the SUN COMPANY will join over 50 CERES signatories at a gathering in Minneapolis on Earth Day, April 22, 1993. Key members of the Clinton Administration will be invited to attend. Vice President Al Gore addressed last year's CERES annual signatory conference in May of 1992.
 -0- 2/10/93
 /NOTE TO EDITOR: To arrange to interview the parties to this historic accord, and for more about the CERES Principles call contact listed below./
 /CONTACT: Rochelle Lefkowitz of Pro-Media, 212-245-0510, for CERES/


CO: Sun Company; Coalition for Economically Responsible Economies ST: Pennsylvania, New York IN: OIL SU:

SM-LD -- NY003 -- 5048 02/10/93 10:00 EST
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Date:Feb 10, 1993
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