Word: acsr
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Dates: during 1970-1979
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President Bok has appointed Detlev F. Vagts, professor of Law, chairman of the Advisory Committee on Shareholder Responsibility (ACSR...
Julie Fouquet '80, chairman of the Undergraduate Committee on Harvard Shareholder Responsibility (UCHSR), said yesterday, however, that UCHSR will probably not appoint an undergraduate to the ACSR unless the committee and President Bok accept three reforms--democratic elections of all its members, the representation of workers on the committee and the opening of the committee's meetings to the Harvard community. The committee and President Bok rejected the reforms last spring...
According to Cabot, however, moral and social questions do filter into the profit-oriented minds of the Harvard Management Company through its ties with the Corporation and the ACSR. Harvard Management is aware, Cabot says, that when corporations face social problems they very often will face related financial problems...
Between the ACSR's case-by-case approach and the Corporation's inertia, Harvard's recent investment record has been confusing at best. Although the Corporation espouses a policy of owning voting stock in companies to insure that it can influence corporate practices through shareholder resolutions, it retains $40 million worth of non-voting notes in General Motors Assistance Corporation (GMAC). Lawrence F. Stevens '65, the ACSR secretary, says the investment "may be worth an ACSR review" in the future. However, Hugh Calkins '45, chairman of the Corporation Committee on Harvard Shareholder Responsibility, does not see a conflict between...
...other words, in Cabot's view, when a company, or the Harvard Management Company for that matter, is oblivious to potentially explosive social or moral issues, it will run into financial difficulties. The Management Company, therefore, keeps tabs on the activities of the ACSR to foresee any social and financial problems that may confront an investment...