Advisory Committee on Shareholder Responsibility (ACSR)
For more than twenty years, Williams College has been an activist shareholder in the publicly traded firms held by the College's endowment. The Advisory Committee on Shareholder Responsibility (ACSR) has provided advice to the Finance Committee of the Board of Trustees on matters relating to the non-financial performance of publicly traded equities in the portfolio. Each year, the ACSR advises on votes regarding shareholder resolutions before the annual general meetings of the public companies the College owns directly (about six percent of the portfolio as of October 2007).
Periodically, the ACSR has played a role in providing comment on other matters, including recommending investment vehicles for the Williams Social Choice Fund — an alumni giving option that both helps the College fulfill its mission and contributes to positive social and environmental change. Since 2006, the Committee has been responsible for oversight of the College's commitment to avoid investment in firms doing business in Sudan.
In making recommendations, the ACSR seeks to carry out its responsibilities in a manner consistent with College policies and values. It recognizes the importance of combining strong financial performance with social and environmental commitment.
Membership 2007-08
Faculty
Jim Mahon, chair
Cathy Johnson
Alumni
Elizabeth St. Clair
Michelle Chandler
Students
Jia Cui '10
Rachel Hudson '10
Administrators
Sue Hogan, controller
Collette Chilton, chief investment officer
Votes on Shareholder Resolutions 2006-07
April 9, 2007 (for-against-abstain)
Citigroup Inc.
- Review/report on charitable giving/policy. Natl. Legal and Policy Ct. (0-7-0)
- Disclose prior government service. Davis, E. (1-6-0)
- Report on political donations and policy ## Teamsters (4-3-0) resolution felt by some to be an imperfect tool to pursue a resonable objective.
Eli Lilly and Co.
- Review overseas animal testing, PETA (5-1-1)
- Review animal welfare standards, PETA, Trillium (2-5-0)
Pfizer Inc.
- Review overseas animal testing, PETA (5-1-1)
- Review animal welfare standards # PETA (1-6-0)
International Business Machines Corp.
- Report on risk to image of globalization strategy, Saville, Michael L. (2-4-1) committee divided on whether proponent (labor union) would engage with firm if resolution were adopted.
General Electric Co.
- Review/report on charitable giving/policy, Natl. Legal and Policy Ct. (0-6-0)
- Develop military contracting criteria # Srs. Charity/BVM (3-3-0) committee divided on underlying policy question of whether College should invest in firms engaged in military business; agreed to discuss with respect to later Boeing resolution.
- Report on climate change science ## Action Fund Mgt. (0-6-0)
Dover Corporation
- Issue sustainability report, Walden (6-0-0)
April 23, 2007 (for-against-abstain)
CVS/Caremark Corp
- Issue sustainability report, F&C (6-0-0)
The Boeing Co.
- Adopt comprehensive human rights policy, Capuchins (7-0-0)
- Review/report on charitable giving/policy, Natl. Legal and Policy Ct (8-0-0)
- Report on political donations and policy, Newground (6-1-1)
- Report on foreign military sales, Srs. Charity/BVM (6-1-0)
Union Pacific Corp.
- Report on political donations and policy, NYC funds (8-0-0)
May 2, 2007 (for-against-abstain)
Berkshire Hathaway
- Cease investments in Sudan via China (6-0-0)
HCC
May 10, 2007 (for-against-abstain)
Boston Properties Inc.
- Report on energy efficiency plans, New England Friends (6-0-0)
JPMorgan Chase & Co.
- Report on political donations and policy, AFL-CIO (6-0-0)
- Review actions on slavery history ## Natl. Legal and Policy Ct (0-7-0)
Home Depot, Inc.
- Affirm political nonpartisanship ## Davis, E. (4-3-0)
- Report on EEO, Walden, Camilla Madden Trust, GBPUMC (8-0-0)
Yum Brands, Inc.
- Review environmental impact of fishing practices, Srs. Charity/BVM (4-2-1)
- Report on progress toward humane slaughter method, PETA (6-1-0)
- Urge Macbride on franchisee, NYCERS (7-0-1)
McDonald's Corp.
- Label gene-engineered or cloned food, Camilla Madden Trust (5-3-0)
Mattel, Inc.
- Report on implementation of global principles, Hessler-Grisel, M. (6-2-0)
May 17, 2007 (for-against-abstain)
McDonald's Corp.
- Implement ILO standards ## Adrian Dominican Srs. (5-1-0)
Wal-Mart Stores, Inc.
- Review impact of poor labor practices, NYC funds (5-1-0)
- Review/report on charitable giving/policy ## Natl. Legal and Policy Ct (0-6-0)
- Report on political donations and policy, NYC funds (6-0-0)
May 23, 2007 (for-against-abstain)
Viacom Inc.
- Sell tobacco-supporting film unit # As You Sow Fdn. (1-5-0)
Wal-Mart Stores, Inc.
- Report on stock options by race/sex, Northstar (6-0-0)
- Report plans on healthcare challenges,Basilian Fathers/Toronto (3-3-0) Against doubted resolution's effectiveness, though agreed that WMT could improve. For thought pressure should be applied but did not expect changes if the resolution were adopted.
- Review tax, tort & regulatory reform, not available (0-5-1)
June 18, 2007 (for-against-abstain)
Lear Corp.
- Implement ILO labor stds, NYC Empl Retirement Sys (6-0-0)
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