The ACSR Wants Disclosure of Divestments
Members of the Advisory Committee on Shareholder Responsibility (ACSR) this week cast votes on the first of many issues they will face during a busy proxy season. Their decisions will come up for scrutiny at next Monday's Corporation meeting.
The ACSR Tuesday unanimously approved a recommendation to the Corporation requiring that Harvard publicy announce divestments it makes in the future.
The proposal came after Harvard's sale last fall of $50 million worth of Citibank holdings, a move members of the ACSR were officially notified about only two weeks ago.
Unanimity dissolved later in the week, however, when the committee failed to reach majority decisions on three shareholder proposals involving corporations' release of information about campaign contributions, nuclear weapons research and trade with the Soviet Union.
Expressing a desire to be as fully informed as possible on the issues involved in the $300 million Citibank loan to the South African government which led to Harvard's sale of its Citibank investments, members of the ACSR's subcommittee on South Africa have arranged to meet April 14 with the Citibank executive who approved the loan to South Africa. A spokesman for the bank said Wednesday. "We believe it is a damn good loan, and we will defend our position."
At the open meeting set for next Tuesday, the ACSR will have a chance to hear the views of members of the University community on the decisions the ACSR faces this year.
And by April 14, the ACSR will have to vote on at least 17 shareholder resolutions--involving issues like trade with the Soviet Union, nuclear energy and nuclear weapons research--in order to have its complete recommendations ready for the Corporation.