Word: stocked
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Dates: during 1970-1979
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...present process for deciding investment policy at Harvard works like this: Four students, four alumni and four faculty members are selected through various means to serve on the Advisory Committee on Shareholder Responsibility (ACSR), which studies relevant information on upcoming shareholder resolutions for firms in which Harvard owns stock. The ACSR advised the Harvard Corporation on how to vote on the resolutions at the annual meetings of the companies in Harvard's investment portfolio. A subcommittee of the Corporation--the Corporation Subcommittee on Shareholder Responsibility (CSSR)--makes the final decision. The Harvard treasurer, George Putnam '49, tells...
...financial issues, Harvard turns to the professional money managers to keep the profit margin steady. Once the treasurer managed the Harvard portfolio in his spare time. But as the size of Harvard's holdings grew, and as the University turned towards the more unpredictable forms of investment, like common stocks--instead of bonds, government securities and real estate--a full-time treasurer was necessary. In the '50s and '60s treasurers used their own private investment firms to help manage the portfolio, but when George F. Bennett '33 resigned as treasurer in 1973, citing an impossible workload as the cause, Harvard...
...that no organization, not even Harvard, knows everything, so the portfolio benefits from having several different firms, with presumably different investment strategies, making decions. The independence of the smaller firms can cause problems, however, as when Mackay Shields, a New York investment company, bought $800,000 worth of stock in Citibank and Manufacturers Hanover Trust in 1976. The two banks are among the handful of major U.S. banks that loan money to the South African government and help South African get loans from other countries. Shields sold the bank stock this year in the wake of campus protests over Harvard...
...least therein lies much of the agitation over the portfolio in recent years. While Bennett was treasurer he personally made the shareholder decisions until Bok decided in October 1972 that a Corporation subcommittee should make the decisions. Bennett seemed to think there were no ethical issues involved in stock decisions, because he never supported an anti-management statements in the trash as soon as he got them. When non-financial shareholder resolutions became more prevalent in the early '70s, Bennett's conservatism began to become a problem...
...Harvard owned about $20 million of stock in Gulf Oil, a company that was helping the Portuguese colonial regime in Angola beat back the growing threat of the black guerilla movement. After eight months of ineffectual protests and calls for Harvard's divestiture of stock in the company, a small group of black students occupied Mass Hall, supporters demonstrated for several days in the Yard and students called a general University strike. The Corporation refused to give in to the pressure, and the Mass Hall occupiers left peacefully after six days. After the sit-in, Bok sent...