Shareholder Resolution

But most opposition in this country has beenconfined to the recent proxy battle. MichaelCrosby, executive director of the InterfaithCenter on Corporate Responsibility, whichsponsored the recent shareholder resolution, saidthat his organization bought 10 shares severalyears ago in order to force a dialogue with thecompanies through shareholder resolutions andannual meetings.

Otherwise there have been no moves byshareholders to protest these companies' actions.Connolly said that of the 25 largest insurancecompanies doing business in Massachusetts, 19 ownstock in tobacco companies.

The issue has not yet been discussed at otheruniversities, officials said this week. But manyexperts say that investor responsibility questionswill become more prevalent in the next few years.

"This will be a major issue in the next fouryears," Connolly said. "We need to getorganizations to ask questions about their owninvestments."

It is possible that the international tradeissue will serve as the rallying point forinvestors to consider the ethics of having tobaccocompanies included in their portfolios.

"The basic question is, 'Do we want to beassociated with tobacco companies?'" Finebergsaid. "To me, the harmful effect of tobacco is oneof the clearest kinds of problems to face."