Word: acsr
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President Bok has appointed Detlev F. Vagts, professor of Law, chairman of the Advisory Committee on Shareholder Responsibility (ACSR...
According to Cabot, however, moral and social questions do filter into the profit-oriented minds of the Harvard Management Company through its ties with the Corporation and the ACSR. Harvard Management is aware, Cabot says, that when corporations face social problems they very often will face related financial problems...
...line, especially as an investor using Harvard's power through shareholder resolutions, has marred the committee's image among students. The Corporation assigned the committee the task of a case-by-case review of corporate practices in South Africa and of recommending possible shifts in the portfolio. The ACSR could have taken on the role of independent critic, but it has rarely dissented from past Corporation policies. Its reports indicated that instead of fighting to alter corporate practices by sponsoring shareholder resolutions, it would stand by and wait for other investors to take the initiative...
Between the ACSR's case-by-case approach and the Corporation's inertia, Harvard's recent investment record has been confusing at best. Although the Corporation espouses a policy of owning voting stock in companies to insure that it can influence corporate practices through shareholder resolutions, it retains $40 million worth of non-voting notes in General Motors Assistance Corporation (GMAC). Lawrence F. Stevens '65, the ACSR secretary, says the investment "may be worth an ACSR review" in the future. However, Hugh Calkins '45, chairman of the Corporation Committee on Harvard Shareholder Responsibility, does not see a conflict between...
...other words, in Cabot's view, when a company, or the Harvard Management Company for that matter, is oblivious to potentially explosive social or moral issues, it will run into financial difficulties. The Management Company, therefore, keeps tabs on the activities of the ACSR to foresee any social and financial problems that may confront an investment...