The managing board of Harvard University will almost double in size, adding seats for the first time since its creation in 1650, and will emphasize safeguarding the university’s finances.
The body, formally named the President and Fellows of Harvard College and known as Harvard Corp., will also create three committees to focus on finance, facilities and governance, the university said in a statement on its website.
The governing board will grow to 13 members in two or three years, from the current six members plus the president, Drew Faust.
“The changes we’re pursuing will give us greater scope to see the big picture and take the long view,” Robert Reischauer, a member of the corporation and president of the Urban Institute, a Washington research group, said in the statement.
Harvard, which had a $27.6 billion endowment as of June 30, lost a record 27% on its investments in the year ended June 30, 2009. The university was forced to borrow $2.5 billion in December 2008 at the height of the financial panic because many of its investments were tied up in hard-to-sell assets.
Other members of the corporation include James Rothenberg, chairman of Capital Research and Management; and Robert Rubin, former U.S. Treasury secretary.