Word: ccsr
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Harvard--and other large privateinvestors--traditionally monitor the ethicalpractices of companies in which they hold stock byvoting on proxy resolutions. But the Universitydoes not initiate these proposals, preferringinstead to have its Corporation Committee onShareholder Responsibility (CCSR) respond to eachissue as it arises...
...CCSR and its advisory committee divided onthe Exxon issue last spring, with thealumni-student-faculty board voting six to four toask the oil company to "cut all ties" with SouthAfrica. The CCSR abstained on the issue...
According to CCSR Secretary Elizabeth A. Gray,Harvard policy does not extend to "cut all ties"resolutions, but only governs companies which havedirect investments in the apartheid-ruled country...
...ACSR, Liebman says, the two sides are"very close to even." But the two-member CCSR"votes together" to maintain the University'spolicy of selective divestment over the completesale of stock from South Africa-related companies...
These proxy resolutions on South Africa willoccupy more than half of all those considered bythe CCSR this spring, according to the group'smid-year report...