Word: acsr
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Calkins' remarks followed a meeting between members of the Corporation and the Advisory Committee on Shareholder Responsibility (ACSR). While Calkins said the position was totally consistent with stated University policy, several members of the advisory committee said it represented a significant departure from what they considered the spirit of that policy...
During yesterday's meeting, members of the Corporation and the ACSR--which advises the Corporation on shareholder ethics--were said to have argued over this new issue in the long-brewing controversy over Harvard's investments in companies doing business in South Africa...
Some members of the ACSR and campus activists have in particular raised objections to Harvard investments in firms receiving low ratings according to the so-called "Sullivan Principles," a set of equal-opportunity and fair-labor practices for U.S. firms operating in South Africa...
...yesterday, members of the ACSR said Harvard should examine the Sullivan ratings or other similar guidelines before buying a particular stock, citing in particular two recent Harvard acquisitions of stock in companies that have refused to even sign the Sullivan principles, Dun-Bradstreet and Cheseborough...
...Several ACSR members were angered by Calkins' position that Harvard would not check such information before buying a stock...