Word: acsr
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Dates: during 1990-1999
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Harvard's 1972 solution to the need for ethical stances on investment questions was to create a system of two committees on shareholder responsibility. The Advisory Committee on Shareholder Responsibility (ACSR), made up of faculty, students and alums, researches cases and then reports to the Corporation Committee on Shareholder Responsibility (CCSR...
...ACSR and CCSR devote their time almost exclusively to proxy decisions, questions on which all of a firm's shareholders may vote. They are usually raised by outside interest groups that own shares, such as human rights or environmentalist activist organizations...
...same year, a proxy asking that Raytheon make no new contracts with the South African government or state-controlled governments was favored by the ACSR but rejected by the Corporation's committee...
...nobody put forward a proxy about Nike, Harvard will not take a stand, at least within the normal operation of these committees," says Joseph L. Badaracco, chair of the ACSR and Shad professor of business ethics at Harvard Business School...
Money is good. Money can ensure the University's security in a financially unpromising future. But the Wall Street types who play with Harvard's money need to be watched. The Advisory Committee on Shareholder Responsibility (ACSR) knows very little about Harvard's investment practices...