CSR Rejects Policy Changes

Harvard's investment policies saw little change last year as the Corporation Committee on Shareholder Responsibility rejected resolutions that would have pressured companies on issues of environmental regulations, animal testing and tobacco advertising, among others.

According to the committee's annual report, released this month, the body also voted to maintain its present policy of selective divestment in South Africa.

The committee--which includes Corporation members Charles P. Slichter '45, University Treasurer D. Ronald Daniel, and Robert G. Stone, Jr. '45--determines the University's vote as a corporate shareholder on issues of social responsibility. It votes after receiving recommendations from an advisory committee composed of faculty, students and alumni.

Abstaining on most resolutions concerning investments in South African companies, the Committee said it would wait for more substantial change to occur in South Africa's apartheid policies before diverging from current patterns of divestiture.

On resolutions concerning businesses and the environment, the committee voted against forcing its companies to adhere to the environmental protection measures stated in the Valdez Principles. It also voted against forced energy conservation measures.

The resolutions concerning environmental regulation were too broad and would place too much of a financial burden on companies, the Committee said.

With regard to Northern Ireland, the committee abstained from resolutions aimed at ending discrimination among religious groups in the work force, citing its wish to alleviate the region's economic problems as well as oppose discrimination.

The committee abstained by precedent on a resolution for withdrawal from "nuclear weapons business" and a resolution which would force those with space weapons contracts to make reports available to shareholders. It voted against forcing availability to shareholders of reports on foreign military sales.

Each of the three times the issue of animal testing came before the Committee, it voted against resolutions which would limit animal testing.