Word: petroleum
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Dates: during 1970-1979
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...midway through this year's round of proxy decisions, the Corporation sub-committee has consistently displayed a willingness to take the ACSR seriously. Already, it has followed ACSR conclusions in voting for disclosure resolutions at Caterpillar Tractor Co., Phillips Petroleum, Standard Oil, Union Oil, and, in part, General Electric. The proxies represent stock worth over $25 million...
Even more important was the Corporation's decision, following the ACSR's lead, to call on Phillips Petroleum to withdraw from Namibia and on General Electric to disclose information on its South African operations...
Harvard's newly-formed Advisory Committee on Shareholder Responsibility (ACSR) decided two weeks ago to endorse a shareholder resolution calling for the withdrawal of Phillips Petroleum from Namibia. Several ACSR members stated that the official illegality of South Africa's rule was the crucial factor in their decision...
...Yost announced that the U.S. would officially discourage investment by American business in Namibia, would cut off Export-Import Bank guarantees and would not protect investments made since 1966. But none of the measures the U.S. government has taken to prevent investment have been effective. Many corporations--including Phillips Petroleum, Continental Oil, U.S. Steel and Bethlehem Steel--have decided to invest despite official policy...
THOUGH Harvard is not involved in Newmont or American Metal, it does own stock in Phillips Petroleum and Continental Oil. Shareholder resolutions ask these two companies to cease all onshore and offshore explorations in Namibia...