Word: acsr
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Protest subsided. In theory, this was a step toward divestiture, but last year the Corporation voted against the ACSR's suggestions to sell stock in certain companies. In one key vote, the Corporation ignored the ACSR's advice because the ACSR had radically changed its position. The ACSR argued that its change of heart stemmed from new, condemning information. But for the Corporation, that was not enough...
...issue became the ACSR's credibility. Stevens says that the ACSR's decisions are inconsistent--and perhaps invalid--because almost half the committee turns over every year. But the Corporation craves consistency--so Stevens spent the summer planning how the ACSR can investigate each company more thoroughly so its decisions become more consistent...
Should the ACSR approve Stevens's proposal this fall, the Corporation will scale down its annual review of company practices in South Africa from 50--the number in which it holds investments--to about eight. Hugh Calkins '45, chairman of the Corporation's Committee on Shareholder Responsibility, said in the spring, "By reviewing the practices of only eight or ten companies each year on a rotating basis, Harvard could look more closely at these companies and be able to encourage reform from a well-informed perspective...
...opinion of Gordon D. Kaufman, Mallinckrodt Professor of Law and an ACSR member, is any indication, the other committee members will encores Stevens's plan. Because the ACSR had investigated a company only at the request of another shareholder, "last year's system left us in the position where we ended up voting yes or no on proposals that we felt should have different wording or different emphasis. We were simply in the position of reacting to other people's work," Kaufman says...
...with a small, set agenda, the ACSR may be able to make proposals of its own. "There is the chance," says Detlev F. Vagts '49, professor of Law and former ACSR chairman, "that if they stick to their agenda, the ACSR might hit upon a company with beastly practices that no one has ever looked into before. And that would put the Corporation in the position of initiating shareholder resolutions...