Harvard's investments in companies with operations in South Africa increased in value in the latter half of 1991 by nearly $90 million, according to a report released last week by a Corporation committee.

The worth of Harvard's holdings in these corporations rose from nearly $150 million in June 1991, to nearly $240 million in December of the same year.

The report attributes the increase to new purchases of additional stock in pharmaceutical--companies which the committee said provide necessary, humanitarian services to the people of South Africa--and a "striking rise in the market value of health-related stocks."

Harvard Corporation's policy towards company investment prohibits owning shares in companies that do more than I percent of their business in South Africa.

But as the political climate in South Africa undergoes historic changes, the Corporation Committee on Shareholder Responsibility will debate investment practices in corporations with ties to South Africa again this year.

The committee, made up of three members of the Corporation--Harvard's senior governing board, will review approximately 265 shareholder resolutions on ethical concerns in corporate activities this year, according to the report. Seventy-three of the resolutions address businesses that have connections to South Africa.

The resolutions are proposed by other stockholders in companies in which the University invests. Decisions by the Committee on their proxy votes will be an- nounced at the end of the year in theCommittee's annual report.

"At this time of the year, we can't really tellwhat's going to happen," said Cheryl A. Thurman,the committee's assistant secretary. "As theseason goes on, people start to form theiropinions."

Dramatic Changes

The dramatic political changes in South Africawill likely influence the Corporation committee'sresponses to those resolutions, Thurman said.

"I think, in general, [the committee's] SouthAfrican policy has been formed in response toevents in South Africa," she said. "It sounds like[South African politics] is moving positively, soI'm sure the committee will look at that."

Thurman cited the report's reference to NelsonMandela's encouragement of foreign investment as asign that calls for divestment are becomingoutdated.

"You have to admit that when Mandela said thatcompanies should come back...it would seem kind ofstupid to still hold out," Thurman said.

Other shareholder resolutions which thecommittee will address this year concerninvestment in Northern Ireland, ties betweenforeign militaries and industry, and regulatingenvironmental impact