Word: investers
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...open meeting with students this April, Bok discussed how decisions are made at Harvard. Universities, he said, are not "hierarchical like armies. Power is shared widely by varying groups." He did not, however, mention the unchecked power of the Harvard Corporation--which he heads--to invest the University's endowment and to set purchasing and fundraising policies. Bok and the Corporation have been careful not to share their power on these issues despite vigorous and widespread faculty and student sentiment. He gave a clue to the reason for this autocratic stance in his second letter when he wrote that Harvard...
President Bok is arguing that we should not use our rights in order to protect our rights. The University as an investor has the right to decide which corporations it wants to invest in on any grounds it deems appropriate. And yet, Bok argues that Harvard's decision to divest of its South African holdings would tend "to undermine the willingness of outside groups to respect the academic freedom of the University." Every consumer has the right to decide which products to buy and which not to buy and yet Bok believes that by exercising this right, Harvard will induce...
...extent of Charles Engelhard's connections to South Africa when they accepted a $1 million contribution from the Engelhard Foundation early last year. A feature in an October Crimson detailed Engelhard's involvement in South Africa: as chairman of the board of Rand Mines, he had encouraged Americans to invest in that country and had made public statements condoning apartheid...
...Profits. In March, Alfred Kahn, the Administration's chief inflation fighter, and White House Aide Hamilton Jordan hit sensitive nerves in boardrooms by assailing "excessive" profits. Says Bell & Howell Chairman Donald Frey: "On one hand, the President urges business to invest to create jobs and combat inflation, and on the other, he attacks profits. He knows that most profits go into investment and not to fat cats...
...stay in South Africa, to work with the new elites and to aid in the revitalization of the nation's economy and of its people. Instead, if President Bok's admonishment to the community is still followed, the Corporation will again place profits above morality. If returns on investment diminish severely, the Corporation's response will probably be exactly that being urged upon today: it will divest, or vote for resolutions calling for withdrawal. The University community may suddenly find that the sale of $300 million in stock will not be as expensive as the cost of holding...