Some ideas just never seem to work out quite right.
The Corporation has encountered some "difficulties" in trying to implement its policy on South Africa-related investments outlined in last spring's report, Hugh Calkins '45, chairman of the Corporation Committee on Shareholder Responsibility, said Monday.
Calkins said the reluctance of many banks to conlusively state their policy on making loans to South African prevents the Corporation from reviewing its certificates of deposit as effectively as the guidelines of the April 27 report states.
Therefore, a progress report on the Corporation's review of those investments issued by Calkins on Monday states that if the Harvard Management Company "finds that a bank has made a loan to the South African government" or "believes that the bank has present intentions of making such a loan" it is "instructed not to buy certificates of deposit in that bank and, if it already holds certificates, to sell them."
In response to the report, students and members of the Southern African Solidarity Committee (SASC) picketed Massachusetts Hall on Wednesday claiming the report skirts the question of the activities of banks in South Africa, and calling it a "step backward" from last April's Corporation report.
Daniel Steiner '54, general counsel to the University, told the picketers that "all banks in which we (Harvard) hold certificates of deposit have told us they will not make or renew loans in South Africa."
Peter Sachs '79-3, a member of SASC, said at the picket that the Corporation should try to force banks to state publicly whether they will make, renew or extend loans to South Africa, and stop relying on "private assurances."
Meanwhile SASC has decided to canvass the entire College to "educate" students on Harvard's financial ties with corporations and banks operating in South Africa and to encourage students to sign petitions urging Harvard and Radcliffe to end those investments.