Word: divested
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Cohen says his top priority as a member of the ACSR, which advises the Corporation on ethical issues related to its ownership of stock, will be to continue to pressure the University to divest its holdings in companies that do business in South Africa...
Last year the ACSR 6-5-1 to recommend that the University divest its South African stock. This full President Bok released an open letter detailing his objection to the ACSR's proposal...
Cohen says the ACSR's first duty this year should be to respond to Bok's letter. Then, he says, the ACSR should continue to work on pressuring the Corporation to divest...
...Harvard law student who spent the summer in Southern Africa, I am writing to protest Harvard University's recent decision against divestment. President Bok argues in his open letter of explanation that divestment is a bad tactic against apartheid in South Africa. I have never found either of these justifications for continued investment in South Africa to be analytically persuasive, and after a summer of meeting and talking to South Africans of differing political persuasions, both within and outside of the opposition movement, I am more firmly convinced than ever that Harvard must immediately divest from all corporations doing business...
Harvard cannot rely on calculations of effect in its divestment decision because there are too many unknown variables. Bok cites opposition to divestment from those who fear losing their jobs, but in the same breath he argues that Harvard should not divest because divestment will have no effect at all on South Africa. Even if American corporations divested entirely, he says, others would take their place. This argument is like Bok's later argument that Harvard couldn't really divest because then it would have to refuse tuition from students paid by dividends from companies doing business in South Africa...