Tag Archives: responsible investment

Letter to President Faust from Department of San Miguel

Corrientes Capital, December 5, 2013

Dear Harvard University President Drew Faust:

We write to you on behalf of the communities affected by your plantations in the Department of San Miguel.

We want to point out that it has been almost two months since the Oakland Institute and the Responsible Investment at Harvard Coalition released a report documenting the impacts that your companies generate in our communities.

At that same time, a group of students who are in solidarity with our struggle delivered to you a letter with three main points:

  • The request to stop expanding your plantations until you have completed an environmental and social impact study. This study should be cumulative, cooperative and inclusive of damages that have already been generated.

  • That timber plantations be moved immediately to a minimum distance of 2000 meters from our communities.

  • That you comply with all legally required employment practices for your workers in Corrientes.

But instead of siting down to discuss our demands and find a solution to this conflict, your companies have resorted to intimidation and scare tactics.

Mrs. Drew Faust, we have no idea how you resolve conflicts in the United States. But here, we don’t want your managers to seek us out, one by one, and pressure us in an attempt to make us abandon our struggle. We will not accept the recurrence of mysterious situations, such as being followed on the streets and seeing your company’s vehicles crash into our neighbor’s trucks.

What we want is for you to start an open dialogue with everyone who signed the letter you received almost two months ago.

We are only workers, farmers, citizens, students, and common folk, but we do not eat wood. We are not fools. Your people have met with the the Provincial Government to determine how to deal with this conflict, and there are pictures out in the open to prove it.

If there is no dialogue about how to implement our requests, we will make you personally responsible for any situation where our lands are involved and our physical or moral integrity is in jeopardy. You have been made aware of our situation. It depends on you to bring forth dialogue and disarm the conflict. We are a peaceful people, but we will not be stepped on.

We hope to hear back from you soon.

Residents of the Department of San Miguel, Corrientes Province of Argentina

Advertisements

Trusting Harvard: The Cost of Unprincipled Investing

Our Board of Advisers member Bob Monks has coauthored a book with writer Marcy Murninghan entitled Trusting Harvard: The Cost of Unprincipled Investing. The two Harvard alums share a great deal of knowledge about institutional investment strategies and Harvard’s role in socially responsible investment. The book is available from Amazon.com!

The blurb reads as follows: 

For decades, Robert Monks has promoted a simple idea: that property owners—even if the property is a share of corporate equity, or pile of funds to invest—have a civic moral responsibility for their holdings. At minimum, their obligation is to assure that no laws have been broken, no damage to others inflicted. More broadly, property owners have an obligation for active engagement, to assure positive performance and ethical integrity. That’s a form of citizenship that’s good for democracy, as well as capital markets. And it views “capital” holistically, connecting the stock and flow of financial, environmental, social, human, and other forms of capital because that’s how the real economy works. 

These concepts of “stewardship”, “ethics”, “capital”, and “citizenship” are the pillars undergirding Trusting Harvard. In it, on the occasion of his 80th birthday and upcoming 60th Harvard reunion, Monks once again makes his argument to a Harvard President. Along with co-author Marcy Murninghan, he provides a framework for answering two questions: How can Harvard fulfill its fiduciary obligation as an investor in ways that advance its beliefs, values and commitments? How can Harvard take the lead in creating a curriculum for students, professionals, and the general public about the civic moral obligations of wealth? While aimed at Harvard, the issues covered are relevant to other universities and tax-exempt institutional investors, because they have a special duty to advance the public interest. In addition to fiduciary and curricular frameworks—the “myopic”, “ethical”, and “integrated” fiduciary; a tiered approach to gaining fiduciary knowledge and competence—a series of questions for trustees to ask are included. The result is a call to action to restore the social compact affecting universities and other public fiduciaries. That means moving away from a “house divided”, wherein fiduciary and program responsibilities reside in separate wings, to one wherein they are inextricably linked. And that’s good for everybody. 

Undergraduate Council endorses Responsible Ownership Policy

At last night’s Undergraduate Council meeting, undergraduate representatives passed legislation entitled “The Responsible Ownership Policy Endorsement Act.” Put forward by freshman reps  Riya Patel and Giora Ashkenazi, the legislation was co-sponsored by 17 other representatives, including UC Vice-President Sietse Goffard. An excerpt of the legislation reads: 

… Whereas in Argentina, Harvard-owned timber plantations are degrading the Iberá Wetlands ecosystem, expanding into protected wetland areas and surrounding communities, creating public health problems, damaging public roads, ignoring legally required employment practices and endangering thousands of farmers in the region;

 

Whereas residents of the communities affected by Harvard’s plantations in Argentina sent a letter to President Faust on December 5th, 2013 expressing their concern that even after two months, the administration still hasn’t responded to the RI@H Coalition’s report documenting the impacts that Harvard’s companies have in their communities nor to the community’s request to halt the environmental and human rights abuses and comply with legal employment practices, and expressing their desire to work with Harvard to satisfy both party’s needs rather than face intimidation and scare tactics aimed at quieting the protests;

 

Whereas President Faust has so far only responded by proxy and inadequately to this letter from the communities in Argentina;

 

Whereas President Faust has articulated a clear case for responsible investment, yet offers no evidence that Harvard actually engages its investments in this way, and instead the administration has demonstrated a lack of awareness and knowledge about its investments;

 

Be it therefore resolved that the Harvard Undergraduate Council officially endorse RI@H’s efforts to encourage Harvard University and Harvard Management Company’s adoption and application of the proposed policy to guide Harvard’s investment practices by February 12, 2014…