Word: acsr
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...entrances to University Hall. But this year, after having anesthetized student discontent with the rhetoric of open letters and imposing progress reports of its review of corporate activity in South Africa, the Corporation for the first time faced dissent from within--from its Advisory Committee on Shareholder Responsibility (ACSR...
...Corporation created the ACSR in response to student demands that Harvard divest its stocks in Gulf Oil, seen by the students as a powerful supporter of Portugal's colonial government in Angola. The Corporation charged the ACSR with the task of advising it on the moral and ethical implications of Harvard's investments. In the seven years that followed, the ACSR began to do just that--and its advice coincided with the Corporation's actions almost blow by blow...
...during this year's proxy season, the ACSR recommended that the Corporation support four shareholder resolutions chiding management and seeking reform. It placed the Corporation in the unfamiliar and embarassing dilemma of having to choose between opposing the resolution, or turning a cold shoulder to the body it created to gather information and offer advice on investment decisions. The Corporation balked, taking the safest way out of the dilemma by abstaining on the four resolutions. But the ACSR's renegade votes showed that, far from disappearing, the South Africa issue continues to irritate the Corporation--a thorn...
...ignoring the ACSR's recommendation, the Corporation has also exposed its "case-by-case" approach to be as indefensibly a sham as the most angry student protesters have charged. The ACSR supposedly exists to do the research leg-work that members of the Corporation lack the time for, and pass on recommendations that represent the most responsible positions--by Corporation standards...
...CCSR's abstentions show that the Corporation will listen to ACSR's voice when its "moderation" equals no steps against South Africa, but will quickly ignore its recommendations if they step beyond moderation towards responsible action. The Corporation's bald hypocrisy on these resolutions shows it wants the ACSR to help deflect student protest, but would rather it kept its conscience to itself...