Word: acsr
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Dates: during 1980-1989
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With the rise in the 1970s of shareholder resolutions as a way to try to influence corporate policy, the ACSR spent its early years giving advice on how Harvard should cast its proxy votes...
...members of the ACSR had little difficulty agreeing what to advise the Harvard Corporation on most of the resolutions we examined. Twenty-five of the proxy recommendations we made went to the Corporation without a single dissenting vote. Of the remaining proxy votes we took, the number of dissenting opinions was small, usually less than three...
...Corporation had no objection to casting its shareholder ballots in the same way as the ACSR had advised for 12 of the 41 resolutions we considered Last year, the ACSR changed the Corporation's preconceived view on a proxy issue only once. This occurred when we persuaded the Corporation to extend criteria it had adopted for voting on resolutions dealing with nuclear weapons-production in order to embrace resolutions addressing more general military contracts under the same criteria...
...reason the ACSR was able to come to a unanimous or near unanimous position on the vast majority of the proxies it reviewed was that the resolutions usually presented us with a ridiculously easy choice to make. The Corporation only differed with the ACSR in matters where a real choice was to be made...
...four cases where the Corporation and the ACSR were at odds over a proxy vote last year, the ACSR wanted to hold the company in question to more rigorous ethical standards and greater public scrutiny than the Harvard Corporation was willing to go along with Whenever a tough issue arose and Corporation members disagreed with the ACSR's interpretation of a resolution, they disregarded out carefully considered recommendation and voted as they liked...