Word: acsr
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Dates: during 1980-1989
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...largest sale resulting from the University's three-year-old policy against leaving its money in banks lending directly to the apartheid government of South Africa, the transaction did not become public until mid-February, prompting criticism of the Corporation's secrecy from the Advisory Committee on Shareholder Responsibility (ACSR) and other University affiliates...
...Advisory Committee on Shareholder Responsibility (ACSR) recommended these proposals unanimously, except in the case of the Mobil resolution on Chile--where a plurality voted for and only one member voted against the proposals...
...they did not find fault with the company's actual policy. But IBM's board of directors did officially oppose the resolution, and they allow sales to several agencies that cannot be defined as either humanitarian or medically justifiable. Thus, the Corporation managed to pay lip service to the ACSR's approval of the measure while giving IBM's management a resounding pat on the back...
...Mobil, Corporation members claim that, although they agree in principle with the ACSR's recommendation in favor of the resolution to stop the company's sales to the South African military and police, it is too far-reaching and its wording did not effectively carry out its professed intent. Even if the Corporation, as it has said it will, sends a disapproving letter to management explaining its vote, the abstention at Mobil officially registers Harvard as having no opinion regarding the practice of a company that publicly justifies its continued bulk, long-term contracts with the South African military...
...hide behind a smokescreen of excuses, citing items of grammar or careless wording that supposedly render resolutions infeasible or impracticable. The Corporation purports to consider individual stockholder issues seriously, sticking to its policy of considering each one on an ad hoc basis. Since 1972, when it created the ACSR, the Corporation has delegated to that committee the gathering of facts and the interpreting of community opinion on various stockholder issues. But how can the ACSR's faculty, student and alumni members be expected to continue their time-consuming work diligently if the Corporation persists in ignoring their recommendations...