By using this correlation criterion, the Fund provides exposure to pure-play oil companies with significant oil reserves that are not as involved in other industries such as natural gas or downstream operations.

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Mr Howard wants exam boards to stop using "criterion referencing", introduced by his party in the 1980s, which allows more than a set percentage of candidates to achieve the top grade.

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The question for the Regents was how to accomplish their social objectives without using race as a criterion.

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"Whether the inappropriate criterion was shorthand for all potential political cases or not, developing and using criteria that focuses on organization names and policy positions instead of the activities permitted under the Treasury regulations does not promote public confidence that tax-exempt laws are being adhered to impartially, " the report said.

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