Leaning heavily on previously published data gathered by the Investor Responsibility Research Center, this is a forthright brief against the Sullivan Principles-the fair employment practices code subscribed to by a large number of U.S. corporate employers in South Africa-on two main grounds. The first is that the current level of compliance by code signatories has had at best a meager impact on their black workers; the second, that even a much more vigorous implementation of the code would not affect the bases of apartheid.