Word: acsr
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...Calkins' words had a greater symbolic importance, confirming once again just how low a priority the South Africa issue is for the Corporation. It was, for one thing, an unabashed slap at the ACSR, which has been struggling recently to erase its image of powerlessness. ACSR members wondered: just how important can our advice be, if the Corporation won't make the cursory effort to screen companies out of its portfolio that fail to meet the minimum standards of behaviour in South Africa? But even more distressing was the way Calkins, in commenting to the ACSR made clear just...
...grip on the country than to contribute to the welfare of its Black workers. Last year the Corporation tried to water down its policy even more by ending its automatic ban on investing in banks that make loans to the South African government. Only student protest and a unanimous ACSR recommendation opposing the change forced it to back down from abridging the one concession it gave to activists...
Finally the Corporation has for a year effectively ignored the ACSR's recommendation to divest from the Carnation company which for three years running has failed to meet the basic requirements of the Sullivan Principles a set of fair labor and equal opportunity guidelines for U.S. firms in South Africa. The Sullivan guidelines are far from perfect, they have been widely attacked as a figleaf to cover up the sins of corporate involvement in the country. But they are the closest thing there is to reasonable standards of behavior for U.S. firms, and Carnation has not shown the least indication...
UNDERSTANDING the Corporation's intransigence on following through meaningfully on its 1978 policy helps to explain the recent break to the left of the heretofore acquiescent ACSR. For most of its 10 year history the ACSR has deliberated how to tell the Corporation to vote on specific shareholder resolutions, which come to Harvard in the number of 30 to 50 a year. But in the last year or so, the ACSR has begun to consider ways of expanding its mandate--advising the Corporation on ethical issues in investing...
...fundamental problem has been how to approach the Corporation with recommendations. Should the ACSR try to give "realistic" advice to the Corporation--advice within the realm of what the seven fellows might conceivably consider? Or should it talk to the Corporation with its heart--tell it exactly where it stands on issues, knowing full well that Calkins et. al. will laugh in its face...