Rather than appoint a new officer immediately, Bok asked Farber to scout out upcoming proxy battles. 'Obviously, whether Steve will be able to handle it alone will depend on what happens this year," Bok said. "On the basis of last year, I wouldn't think a full-time person was needed."
While Farber's main duties for the Bok administration will concern educational reform, he is not unprepared to investigate and evaluate consumer-group proposals. Twenty-nine years old, he has worked with community action groups in Washington and New Jersey, and he is currently the chairman of People for Auto Insurance Reform, a citizens' group in New Jersey.
His background contrasts sharply with Bennett's. In 1943 Bennett started with State Street; he became a partner three years later. He began his Harvard financial career as deputy treasurer under President Conant in 1949 and became treasurer under President Pusey in 1965. As an investment manager, a director on the Boards of many corporations, a man deeply enmeshed in the world of big business, Bennett naturally has a businessman's orientation.
Less saturated in the corporate ethic, Farber may decide to support some dissident proxy resolutions. But so far he has made no commitments. Details on forthcoming proxy statements are still fuzzy.
Since most corporations hold their annual meetings in the spring, consumer groups have not yet drawn up their proxy resolutions. Farber expects an increase in the number of proxy fights. Last year, the Episcopalian Church introduced a resolution requiring GM to wind up operations in South Africa. (Harvard voted against it; like the GM proposals, it was defeated by a wide margin.) This year other churches and foundations may join consumer organizations on the proxy battlefield. Farber said Harvard will be prepared.
"Shareholders have an obligation to vote on matters before them," he commented, indicating that the days of nocturnal ships may be over.
The Austin report recommended that "the University should vote its stock on occasion in favor of change for the symbolic effect of a great university's taking a position on a social problem."
Farber has endorsed that statement. Bennett's views diverge from it.
"If you're satisfied with management, I don't see why you should rock the boat," Bennett said. "If you think the Board is a good Board, if it's supervising well and it's been a good investment, then I see no reason to change. Why innovate for innovation's sake?"
Following that reasoning, Bennett has rejected all dissident resolutions on the GM proxy statement. Farber may reach different conclusions. Without the President's support. Farber will get nowhere; Bok has thus far emphasized his open-mindedness and said nothing definite. If Farber and Bok decide together to press for an anti-management vote by Harvard in some proxy battles, Bennett may oppose them. What would happen next is anybody's guess.
Social responsibility issues have been presented vigorously only during the last two years. So far Harvard has been unprepared and unresponsive. The Pusey administration had neither the staff nor the inclination to examine the questions. The Bok administration has more of a staff. Whether it has more of an inclination remains to be seen.