Word: africa
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Dates: during 1970-1979
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Last spring the full faculty discussed Harvard's relation to its investments and then followed up the debate with a letter, signed by 140 professors, calling on Harvard to adopt a graduated, five-step policy promoting corporate withdrawal from South Africa. In addition, a small group of the letter's signers said they would meet with Congressional leaders and corporate directors to encourage the phasing-out of U.S. corporate activities in South Africa. The group of faculty, however, will not discuss its plans until classes begin, one its members said last week...
With the SASC taking a wait-and-see attitude, leaving the initiative to the University, the future of the South Africa issue will depend on the sincerity of faculty concern and the capacity of the Corporation to blunder...
...University has left the deliberations over whether, for example, the Corporation should invest in companies operating in South Africa to the Advisory Committee on Shareholder Responsibility (ACSR...
...ineffectiveness and its near-perfect record of following the Corporation's 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...
Over the two-year period of heated debate on the morality and justifications for Harvard's South Africa-related investments, IBM remained Harvard's number two investment, and Ford and Eastman Kodak were dropped from the top ten. Harvard decreased its investments in Ford because of a downturn it predicted in the auto industry and demoted Eastman Kodak to an "average investment" over the two-year period because of the costs of the company's stock. The principal reasons for the movement of the two stocks were not, Walter M. Cabot, deputy University treasurer, says, considerations of the companies South...