Word: ccsr
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...ACSR meets twice a year with a subcommittee of the Corporation called the Corporation Committee on Shareholder Responsibility (CCSR). On April 4, the entire ACSR joined the four-man CCSR for breakfast at the Faculty Club, expecting an hour and a half of ethical dialogue. What took place was closer to a briefing on Corporation policy. The discussion, as always, was extremely civil. The ACSR, through Professor Salmon, expressed its dissatisfaction with the Corporation's current policy. Hugh Calkins '45, the chairman of the CCSR, reiterated the Corporation's stance, and indicated that the Corporation's stance, and indicated that...
After the meeting with the CCSR, the ACSR's examination of the South African issue only became more urgent and far-reaching. The ACSR met every week between late February and the first week of May. At nearly every meeting the Committee would first dispose of the five to 10 shareholder resolutions to be voted on by the Corporation and then resume its ongoing discussion of investments in companies operating in South Africa...
Some persuasion, however, did take place. After the meeting with the CCSR, the ACSR broadened the scope of its inquiry from the question of screening investments to the University's South Africa policy as a whole. As the Committee spent more time on the issue and examined more evidence, several members who had balked at the rigid use of the Sullivan Principles as the standard of corporate behavior and at the establishment of fixed limits on correspondence with the managements of delinquent companies accepted these positions. General divestiture became a viable topic for debate...
...middle of May the ACSR found itself repeating the same arguments and counter-argu- ments, with no one giving any ground. The Committee decided to send the CCSR a statement containing several recommendations concerning the South African issue, reflecting the diversity of views on the Committee...
...CCSR's response to the ACSR's recommendations proved to be a bitter disappointment to myself and the other student members on the Committee. The CCSR refused to commit itself to the exclusive use of the Sullivan Principles--or any other fixed or explicit set of principles--as the standard to rate corporate behavior. It acknowledged that indefinitely long dialogue with companies was "not a satisfactory course of action." Yet it avoided establishing any definite deadlines on such dialogue. In response to the ACSR's most minimal recommendation--for the use of ethical criteria in investment decisions--the CCSR indicated...