Word: bennette
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Dates: during 1970-1979
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...Bennett was a holdover from the Pusey years, and at least partially responsible for the University's negative attutide toward shareholder resolutions. This attitude was set forth in 1971 by the Pusey-appointed Austin Committee, and the committee's report outlined a rigid position that led to the takeover of Mass Hall...
...Bennett said his decision to leave was based solely on a time commitment problem. The treasurer--who provided his services to Harvard at the salary of $1 per year--said he just could not manage Harvard's portfolio and handle his other full-time position as management partner of State Street Management Co. in Boston...
...Although Bennett's reasons may indeed have been that simple, his exit was timely for the Bok Administration. In the wake of the takeover of Mass Hall--by students who were protesting Harvard's investment policy--men like Bennett, who believes that activist shareholder resolutions are a waste of time, just didn't fit into the Bok way of looking at things...
...Austin Report may or may not conform to Bok's own beliefs about investment policy, but it clearly did not jive with Bok's method of handling a political crisis. And the report's chief proponent, Bennett, while a good financial manager, undoubtedly did not jive either. He voted against nearly all of the resolutions considered this Spring by Bok's pet committee, the Advisory Committee on Shareholder Responsibilities, a body formed in the aftermath of Mass Hall to aid the Corporation in deciding how to vote Harvard's proxies...
...BENNETT'S DEPARTURE was no small change, for it gave Bok free rein in determining the University's role as an activist stockholder. He selected George Putnam '49, a member of a well-known financial family, and more receptive to guarding the new image of a financially responsible Harvard. But the most important change of the year came in January, when the irascible John T. Dunlop left Bok's Harvard (although he continued to put in long hours on weekends for three months) for Nixon's Washington and the directorship of the Cost of Living Council...