Word: acsr
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Dates: during 1980-1989
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...ADVISORY Committee on Shareholder Responsibility (ACSR), established in 1972 as an advisory body to Harvard's seven-man governing Corporation, essentially helps to divert the ever-present and ever-increasing criticism of the Corporation's investment policy. It was not formed, as is believed, to represent the concerns of the Harvard community. That fact became painfully obvious at the end of last week, when the ACSR abandoned any pretense of democratic practice...
...committee is simply an extension of the Corporation, whose investment policy the ACSR has never substantially changed. Any progressive ideas - notably the divestment of deposits in banks loaning to the South African government and "intensive dialogue," designed to improve the human rights record of South Africa-related companies--come primarily as result of community activism...
...effect, the group has simply contributed to the implementation of the Corporation's predetermined investment policy, and advised it on relatively useless proxy votes. Last year, however, the group took a bold, independent step. In a 35-page, thoroughly researched report, the ACSR recommended that the Corporation completely divest, and received a flat rejection. It also recommended that Harvard impose a time limit for conducting dialogue, within which it would require companies to improve their South African operations. Harvard said no again...
...Harvard's investments to the Office of the Governing Boards because we feel that it could play an instrumental role in ending Harvard's financial enrichment from a system that implicates all of us in terror murder and savagely. The Governing Boards can make the difference by following the ACSR's recommendation to divest, and we urge...
...ACSR hearings on the issue, hundreds of students packed the hall to denounce the Corporation's proposal. The ACSR voted it down again, and the Corporation finally gave up their attempt to gut the bank loan policy...