Word: acsr
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Dates: during 1970-1979
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Most people--including Stanley Surrey, Smith Professor of Law and first chairman of the University's Advisory Committee on Shareholder Responsibility (ACSR)--agree that the Mass Hall takeover hastened the move by President Bok to set up the ACSR. Since 1973, the advisory committee, composed of equal numbers of students, faculty and alumni, has counselled the Corporation on socially responsible Harvard shareholding, coming up with recommendations on how Harvard should vote on each shareholder-sponsored resolution it receives as stockholders in hundreds of companies...
Although the University ordinarily agrees with ACSR stands on resolutions, it remains unclear whether the Harvard Corporation will actually cast the anti-management votes when it sends its telegrams to Gulf's and Manufacturers Hanover's shareholders meetings this week...
...ACSR had never previously supported a resolution seeking to curtail the Arab boycott. Last year, the committee reasoned that the federal government must take the lead role in curtailing the boycott...
...ACSR's support of the resolution represents the first time ever the committee has opposed the management of Gulf Oil, a corporation that has long occupied a large (currently about 1 per cent of Harvard's liquid assets) and comfortable niche in the Harvard portfolio...
...ACSR members said this week their vote reflected their general disappointment with Gulf Oil, which--while under federal investigation in 1974--made public details of its 15-year history of illegal payoffs overseas totalling nearly $20 million...