Word: exxon
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...RECOMMENDING that Harvard abstain on a resolution asking Exxon to form a "broad-based committee" to study the implications of proposed Angolan oil investment, the Advisory Committee on Shareholder Responsibility last week turned in the most distressing performance of its debut season. Though the resolution raised issues which clearly call for deeper study, the ACSR's current reservations failed to address the purpose of the resolution or the urgency of the Angolan issue...
...coming to join the world's most frenetic rush for undersea oil and gas. No fewer than 350 companies and consortiums have begun putting up money for the search, investments expected to total $12.5 billion over the next ten years. Their ranks include such American giants as Exxon, Texaco, Mobil, Gulf and Phillips...
...ACSR asked Harvard to abstain from voting its Exxon stock on a shareholder resolution to have the company set up a study committee on the implications of its proposed oil exploration off the coast of Angola...
...ACSR asked Harvard to write Exxon's management urging a "re-examination" of the proposed investment in light of these claims, but a majority of the group felt that the ultimate responsibility should be management's, Stanley S. Surrey, Smith Professor of Law and the ACSR's chairman, said Wednesday...
...Angola recommendation-- along with several other recommendations on resolutions directed at Exxon, General Motors and Xerox-- brought to an end the first year of the ACSR, which President Bok set up last October along with a three-man Corporation subcommittee to make the final decisions on Harvard's responsibility as a shareholder...