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Meeting Minutes Minutes of Committee Meeting Held on 02/21/05 : Committee members in attendance: Andre Burgstaller Cece Culverhouse Linda Kahn Adelle Tilebalieva Lala Wu The Advisory Committee on SRI held its first meeting of the year.   Professor Andre Burgstaller, alumni Linda Kahn and Cece Culverhouse, and student Lala Wu are the newly appointed members in place of Professor Rajiv Sethi, alumni Gretchen Collazo and Kathie Plourde, and former student Jessica Eisen. During the meeting the following SRI concerns regarding companies in Barnard's investment portfolio were presented and debated upon: I. Adopt Business Principles for China Operations II. Equal Employment Opportunity III. Executive Pay Disparity IV. Global Warming Effect/Greenhouse Emissions V. Report on Effects of Genetically Modified Foods VI. Report Impact of HIV on Workers VII. Adopt Human Rights Policies VIII. Report Contributions to Political Campaigns IX. Issue Sustainability Reports or Adopt the Global Reporting Initiative Guidelines The committee selected the following six SRI concerns for further in-depth research: I. Adopt Human Rights Policies / Business Principles for China Operations II. Equal Employment Opportunity III. Global Warming Effect/Greenhouse Emissions IV. Report on Effects of Genetically Modified Foods V. Report Impact of HIV on Workers VI. Report Contributions to Political Campaigns Consensus was reached on the appropriate research and presentation procedures for the above SRI concerns, whereby members of the committee will present the following in a report: 1). Issue background 2). Shareholder resolutions on the issue 3). Pros and cons of these resolutions 4). Judgment on pursuing the issue (which will be further discussed in the next meeting) Finally, the Committee selected its 2005 chairs: Cece Culverhouse and Adelle Tilebalieva.   Presentation to the Board of Trustees April 13, 2004: Kindly see the "Annual Reports and Response of the Trustees" page to review our presentation to the Trustees, and their response. Minutes from Committee Meeting March 11, 2004: The Committee heard presentations on approximately 15 shareholder resolutions regarding the following issues: Executive Pay/Social Link Genetic Engineering Animal Rights Environment/Public Health The Committee came to consensus to support shareholder resolutions regarding the following issues, with the number of resolutions supported in that issue area listed in parenthesis: Environment/Public Health (2 resolutions) For a detailed explanation of why the Committee decided to support these resolutions, kindly see our Report to the Trustees, dated April 13, 2004. The Committee decided against supporting the resolutions regarding executive pay/social link because it decided not to make recommendations concerning corporate governance this year. The Committee decided against supporting the resolutions regarding genetic engineering because the Committee deemed the resolution controversial based on what is taught in class versus what many students believe.   Consequently, it was agreed that the community should have more opportunity to comment before the Committee makes a decision on this issue. The Committee decided against the resolutions regarding animal rights because of the Committee deemed the resolution poorly worded. Minutes from Committee Meeting March 4, 2004: The Committee heard presentations on approximately 15 shareholder resolutions regarding the following issues: Political Donations ILO Standards (Labor) Sustainability GRI (Global Reporting Initiative) Equal Employment Opportunity (EEO) Charitable Contributions The Committee came to consensus to support shareholder resolutions regarding the following issues, with the number of resolutions supported in that issue area listed in parenthesis: Political Donations (1 resolution) ILO Standards (1 resolution) GRI (1 resolution) Equal Employment Opportunity (EEO) (1 resolution) For a detailed explanation of why the Committee decided to support these resolutions, kindly see our Report to the Trustees, dated April 13, 2004. The Committee decided against supporting the resolutions filed regarding charitable contributions, as it would not be in Barnard's best interest The Committee decided against supporting the resolutions filed regarding sustainability, instead decided to support a GRI resolution which is more specific, and will provide internationally-agreed upon standards for companies. NOTE: Although it may be reported here that the Committee agreed to support a resolution, it may not be reflected in the final Report to the Trustees because it was either omitted by the Securities Exchange Commission (SEC) or withdrawn by the filers.   Minutes from Committee Meeting February 3, 2004: The Committee reviews the Community Hearing and agrees that it was a success, but that at future hearings the following should be done: There should be a specific amount of time allocated per speaker. The Committee should emphasize the need for prepared statements. Most of the speakers this year had prepared statements, and that worked well and should be encouraged in the future. There should be an announcement of the Hearing on the main page of Barnard’s website in addition to the other outreach that was done. The Committee reviews progress on the Website. It is agreed that the goal should be for the website to be up and running next week. The Chair of the Committee hands out a list of companies Barnard is invested in that have shareholder resolutions this season relating to social or ethical issues. Each member of the Committee present takes approximately six resolutions. It is agreed that each member will research their resolutions and present them at the next two Committee meetings. It is agreed that for this year’s presentation to the Trustees, the Committee should hi-lite priority areas in addition to specific recommendations, so that if Barnard is currently invested in companies the Committee unaware of, the Trustees will also know how the Committee would recommend they vote on the issues facing those companies as well. The Committee reviews the proxy resolutions for this year, and decides to begin working in conjunction with other interested community members on drafting a shareholder resolution for the following proxy season that asks companies to set forth specific guidelines relating to prohibiting sexual harassment/assault and the procedures the company will follow should this occur. The Committee agrees that it should invite Lew Wyman, Vice President for Finance, to a Committee meeting, as he is the new Administrative Representative to the Committee. Summary of the Community Hearing for 2003-2004 On November 25, 2003, the Barnard Committee on Socially Responsible Investing held its first public hearing in order to solicit input from the community as to which issues the Committee should address this proxy season. Fifteen speakers presented resolutions or issues of concern to the Committee. In total, there were approximately thirty people in attendance, including representatives from the Barnard Bulletin and the Columbia Spectator. The Barnard Bulletin will be printing a longer article on the Committee next semester, and the Columbia Spectator published an article on the Community Hearing on November 26, 2003. The issues addressed were as follows: HIV/AIDS -Companies should extend their patents. -Companies should provide testing and drug treatment to employees. Environment -Companies should reduce the amount to which they are contributing to global warming/global climate change. -Companies should focus on becoming more environmentally sustainable. Labor -Companies should establish and abide by a Code of Conduct, preferably the ILO standards. Board Diversity -Companies should promote diversity, especially with regards to promoting women and minorities to positions of influence. Barnard Committee on Socially Responsible Investing -Barnard should release the portfolio to the entire community. -The Board of Trustees should disclose how they voted on the Committee’s recommendations. Corporate Governance -Companies should address a number of corporate governance issues. Energy -Barnard should divest from oil companies and invest in alternate forms of energy. Human Rights -Companies should establish and abide by Codes of Conduct. Proxy Initiatives -Companies should establish specific rules and regulations prohibiting sexual harassment. Companies Frequently Mentioned -Wal-Mart was cited as having broken laws in a number of areas, more notably with regards to laws prohibiting sexual harassment. This was named as leading to costly lawsuits, and a significant decline in its public image. The Committee would like to thank all of those who attended the hearing, and especially those who researched and prepared presentations. Your contribution to Barnard is truly appreciated. As your representatives, we will take your thoughts under very close consideration when reviewing this season’s shareholder resolutions. Minutes from the Committee Meeting September 2003: A draft of the SRI Committee website is displayed and reviewed by the Committee.  It is decided that changes will be incorporated and submitted to be added to Barnard's website. A lengthy discussion is held on how to fully incorporate members of the Barnard community into the decision-making process.  It is decided that the Committee will hold a community forum, in which members of the community can present their concerns and proposals to the Committee.  It is further concluded that: The alumnae members will approach the Office of Alumnae Affairs to find out if it is possible to announce and hold the Committee meeting the week of the Barnard Leadership Council, so that out-of-town members will have a change to present; and to find out if a member of the Committee can write an article for the alumnae magazine to spread awareness about the Committee and give more people information about how to submit their ideas to the Committee. The faculty members will approach the Faculty Governance and Procedures Committee to discuss presenting information about the SRI Committee to the faculty. The student member agrees to approach the Student Government Association regarding spreading information about the Committee hearing, and regarding the need to select a new student member to replace the senior that graduated last year. A brief review is given of the past annual proxy season. Gretchen P. Collazo is voted in as the new Committee Chair.