Word: acsr
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Dates: during 1970-1979
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...ADVISORY Committee on Shareholder Responsibility took the right stand last week on Arkansas Power and Light's emission control plans for its proposed White Bluff plant. The ACSR correctly pointed out that AP&L's policy of simply staying within the relatively lax legal limits on sulfur dioxide emissions "expresses too limited a view of appropriate corporate responsibility concerning environmental protection." And in a footnote to its report on the plant, the ACSR also came out strongly in favor of the installation of special "scrubbers" on the plant's smokestacks in order to cut down on the sulfur dioxide emissions...
Officials of the Arkansas Community Organization for Reform Now, the group that asked Harvard six months ago to help fight the plant, were understandably happy with the ACSR statement; they had, after all, gotten the ACSR to recommend for the first time intervention by Harvard on a shareholder issue that did not involve a proxy resolution. However, the ACSR recommendations may be too little, too late to have any real effect...
This year the wheels seem to be better oiled, and both the advisory and Corporation committees have been moving at a much faster clip than they did last year; the ACSR has voted on 34 resolutions in four meetings, and the Corporation subcommittee voted on the first 26 of those this week...
...difference between the ACSR and the Corporation subcommittee is that the subcommittee is more conservative. It usually goes along with the ACSR's recommendations, but when it doesn't, it usually opposes resolutions the ACSR has asked it to support...
This week the subcommittee opposed a solid two-thirds of the resolutions it considered, going along with the ACSR's recommendations on 16 resolutions while taking different stances...