Word: timkin
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...from South Africa. But the ACSR shrinks from even this tame action. Instead, Harvard will adopt a reactive stance with regard to shareholder resolutions, voting on those introduced by others, but refusing to initiate its own. On April 3 the ACSR voted to support a resolution calling on the Timkin Corporation to withdraw from South Africa because it had not provided the University with enough information to judge the company's South African investments. But what about the 11 other corporations that thumbed their noses at Harvard? The University should not rely on the actions of others on this issue...
...days later, the committee recommended that the Harvard Corporation vote for a resolution calling on the Timkin Corporation withdraw from South Africa because the company refused to supply information on its practices...
...withdraw from South Africa. But the ACSR shrinks from even this tame action. Instead, Harvard will adopt a reactive stance with regard to shareholder resolutions, voting on those introduced by others, but refusing to initiate its own. Tuesday, the ACSR voted to support a resolution calling on the Timkin Corporation to withdraw from South Africa because it had not provided the University with enough information to judge the company's South African investments. But what about the eleven other corporations that thumbed their noses at Harvard? The University should not rely on the actions of others on this issue...
Hugh Calkins '45, chairman of the Corporation Committee on Shareholder Responsibility, said this week he did not want to speculate on how the Corporation's response to the ACSR report, the Timkin resolution and five other resolutions when it considers them this coming Monday...
Whether the Corporation votes for the withdrawal of Timkin and other companies from South Africa will depend, it appears, on how it observes its past statements on whether the "non-responsive" companies respond to the "forcefully worded" letters that the ACSR said should be sent...