Word: acsr
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Unfortunately, this is almost the opposite of the truth. In 1982 the Harvard Corporation proposed investment guidelines under which Harvard would encourage banks to loan money to the South African government for "humanitarian" purposes. Only massive community protest, and a unanimous vote of the Advisory Committee on Shareholder Responsibility (ACSR, forced the Corporation to back down...
...real story was well told by Patrick Flaherty, a graduate student member of the ACSR, in a Crimson article March 3, 1982. Harvard's policy of divesting from banks making direct loans to the South African government had been adopted as a limited concession to student demands for total divestment in 1978. In 1980, this policy compelled the Corporation to divest $50 million in Citibank debt securities after Citibank joined a consortium loan to the South African government. Harvard's action became the focus of press attention which embarrassed both Citibank and South Africa...
SPRING IN Harvard Yard is unmistakable: trees begin to blossom, students spill out of the libraries to lounge in the sun, and a handful of pro-divestiture activists mount their yearly vigil outside the Faculty Club, inside which the Advisory Committee on Shareholder Responsibility (ACSR) weighs the ethics of Harvard's investments...
...brought the issue to a stalemate, which has been all but unbreakable. Since then, divestiture protests have dwindled in both size and intensity. Most important, campus South Africa activists have fallen increasingly into a reactive rather than an active role, usually responding to established events such as ACSR votes...
Because of inaccurate is formation given to The Crimson the March 20 story "ACSR a Center of Fight Over S. Africa Investments" understated how much of Radcliffe College $61 million endowment is invested in companies doing business in South Africa, According to Radcliffe Treasurer Louis R. Morrell, approximately $5.6 million is invested in such companies. Also, Radcliffe's stock in five companies which have not signed the Sullivan Principles has a market value of $1.425 million...