Oral History Interview with Stephen E. Van Nostrand, April 20, 1987 Page: 48
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48
in which our records were stored. I took box numbers one
through five, and I set them uip in my office. I read every
single file going back to those days. Now I don't retain a
lot of knowledge, but I know what you're talking about. I
don't retain a lot of accurate knowledge, but I do know
that our objective on the part of the New York policymakers
was 51 percent--most definitely. We worked long and hard
to try to convince not our associates, who were willing to
grant that, but the Japanese government and people like
the Foreign Exchange Control Board and...I forget what
the agency was that was in charge of foreign companies, but
they were most insistent that we be a minority partner. I
think, after a long, hard effort, we finally compromised in
that the equity would fall half-and-half in partnerships.
But we would have always a balanced board, and we would have
by-laws and articles of association that would clearly
define where we went in the case of dispute, legally speaking.
And we would always consider that, even though Caltex
would permit the chief executive officer to be from the
Japanese side--the Nippon and Koa side--they would not have
the authority to overrule, as in most similar arrangements.
So what we really did was to retain not the control that 51
percent would have granted us or would have implied, but we
at least maintained a balance that made sure that, even
though we were on their turf, our rights and our opinions and
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Marcello, Ronald E. & Van Nostrand, Stephen E. Oral History Interview with Stephen E. Van Nostrand, April 20, 1987, book, April 20, 1987; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metadc306889/m1/50/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Oral History Program.