Word: acsr
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...ADVISORY Committee on Shareholder Responsibility (ACSR), established in 1972 as an advisory body to Harvard's seven-man governing Corporation, essentially helps to divert the ever-present and ever-increasing criticism of the Corporation's investment policy. It was not formed, as is believed, to represent the concerns of the Harvard community. That fact became painfully obvious at the end of last week, when the ACSR abandoned any pretense of democratic practice...
...Harvard's investments to the Office of the Governing Boards because we feel that it could play an instrumental role in ending Harvard's financial enrichment from a system that implicates all of us in terror murder and savagely. The Governing Boards can make the difference by following the ACSR's recommendation to divest, and we urge...
Shortly thereafter the Corporation, at the urging of Citibank, attempted to alter their policy to permit such loans. Rebuffed by the ACSR in 1981, they tried again in 1982. Their proposal stated that "Harvard will encourage all banks with which it does business to make humanitarian loans...Harvard will encourage foreign banks which have supplied the bulk of South Africa's credit needs in recent years to make humanitarian loans...the contemplated change offers greater hope of spurring expenditures that benefit non-white South Africans than does the current policy." (Harvard Gazette...
...Corporation representative suggested to the ACSR that this proposal was a "minor" change--in fact, it would have reversed the entire thrust of the bank divestment policy. The proposal also specifically denied any cause-and-effect relationship with the Citibank loan experience; however, Corporation member Hugh Calkins told the ACSR that the Citibank loan served a "worthy" purpose. In fact, over half of the Citibank loan money went to finance forcible eviction and relocation of Black and "colored" South Africans...
...ACSR hearings on the issue, hundreds of students packed the hall to denounce the Corporation's proposal. The ACSR voted it down again, and the Corporation finally gave up their attempt to gut the bank loan policy...