https://libraries.mit.edu/scholarly/publishing/framework/
It requires that:
1. No author will be required to waive any institutional or funder open access policy to publish in any of the publisher’s journals.
2. No author will be required to relinquish copyright, but instead will be provided with options that enable publication while also providing authors with generous reuse rights.
3. Publishers will directly deposit scholarly articles in institutional repositories immediately upon publication or will provide tools/mechanisms that facilitate immediate deposit.
4. Publishers will provide computational access to subscribed content as a standard part of all contracts, with no restrictions on non-consumptive, computational analysis of the corpus of subscribed content.
5. Publishers will ensure the long-term digital preservation and accessibility of their content through participation in trusted digital archives.
6. Institutions will pay a fair and sustainable price to publishers for value-added services, based on transparent and cost-based pricing models.
Not surprising that Elsevier couldn't meet these requirements. #2 in particular seems antithetical to Elsevier's philosophy.
What was surprising was the number of institutions which had signed onto the framework - my alma mater included. I'm curious how many of these still have an Elsevier contract.