Word: caterpillar
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...meeting where it will have to take a stand on the Church Project resolution), are GENERAL ELECTRIC (225,000 shares; April 25) and IBM (200,000 shares; April 30). The University will most likely support the resolution, since it voted for it last week in a proxy battle over Caterpillar Tractor's activities...
What evidence is there that the ACSR will adopt an increasingly more important and progressive role? To start, optimists may point to the committee's votes on Caterpillar Tractor and Phillips Petroleum proxies. The ACSR was unanimous in endorsing a request for Caterpillar's disclosure of data regarding South African operations, and in opposing Phillips's exploration for oil off Namibia's coast...
...Caterpillar and Phillips presented relatively easy issues to deal with. The Corporation had already adopted a policy favoring disclosures. In the case of Phillips, the proxy statement merely argued against investments which the U.S. government has already discouraged...
...CORPORATION'S decision last week to vote its proxies to force the Caterpillar Tractor Company to disclose its South African activities should be the first of many votes against irresponsible corporate managements. The Corporation's adherence to the first recommendation of the student-faculty-alumni Advisory Committee on Shareholder Responsibility is praiseworthy. All members of the University are responsible for insuring that Harvard act appropriately...
...theoretically possible that the jobs Caterpillar Tractor provides black Africans outweigh the harm done by supporting South Africa's present government through taxes and "charities." But the company's refusal to provide information necessary to evaluate its beneficence suggests that this is probably not the case, and the ACSR and Corporation were quite properly skeptical...