Word: acsr
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Dates: during 1970-1979
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...Harvard Corporation's decision to retain its security holdings in Manufacturers Hanover Trust Co., considerably weakens the already tenuous policy it has adopted toward investments in companies operating in and lending to South Africa. It also demonstrates the difficulties inherent in implementing the ACSR recommendations set forth as guidelines in the Corporation report of April...
Lawrence F. Stevens '65, administrative assistant in the office of the general counsel and secretary of the ACSR, said this week, "The issue of Manufacturers Hanover is one which is underreviewed." Stevens, it seems, was referring to the inevitable contradictions that will arise between the intent and practical implementation of the Corporation's policy...
...previous years, shareholder resolutions asking other companies that market infant formulas in the Third World to curtail their sales in those areas have come before the University's Advisory Committee on Shareholder Responsibility (ACSR...
...report, the ACSR did little more than present the alternatives the Corporation may choose to adopt in dealing with portfolio companies operating in South Africa. It made recommendations that fall far short of any reasonable, justifiable stand against companies supporting apartheid, focussing on the support U.S. firms give the apartheid system through the labor practices they employ in South Africa. While racist labor policies certainly constitute a significant aspect of American corporate complicity in apartheid, they divert attention from the larger issues of U.S. corporate involvement...
Instead of committing itself to any set of criteria for gauging the support Harvard's portfolio companies give the apartheid, the ACSR report only suggested that such criteria be established in the future, and that the right of companies to stay in South Africa be judged against such guidelines on an individual basis. This crucial evaluation is therefore to be carried out by non-existent staff with non-existent resources employing non-existent criteria. The report amounted to little more than an abdication of responsibility by the ACSR, freeing the Corporation to adopt any course of action it desired...