Are Your Mutual Funds Funding Genocide?
Before you toss out that proxy ballot from your mutual fund, be aware that your vote could help save lives in Darfur.
The Security Exchange Commission recently denied Fidelity Investment’s request to exclude from its proxy statement a shareholder proposal on genocide-free investing. As a result, mutual fund investors can now help determine whether their money will be invested in companies that are bankrolling the murder, rape and displacement of millions of civilians by pouring money into Sudan’s economy.
On March 19, shareholders for a number of Fidelity funds cast proxy votes on the first-ever genocide-free investing resolution. An unexpected 27% of shareholders in Fidelity’s Capital and Income Fund and 28% of the shareholders in Fidelity’s Select Healthcare Portfolio voted in favor of genocide-free investing. Ten of the other 12 funds voting on the issue did not achieve a quorum. According to Investors Against Genocide, the percentages represent significant progress. Since they include institutional shareholders, the final percentages understate the level of individual support for the resolutions. In addition, the results exclude the vast numbers of shareholders who were unaware of the resolutions due to the shortened time frame of the vote.
In addition to Fidelity, financial institutions such as Franklin Templeton, American Funds and Vanguard are investing vast amounts of money in companies, such as PetroChina, that are considered the worst offenders. Additional Fidelity funds, as well as funds offered by other companies, will be putting similar resolutions on their proxy cards in the days and weeks ahead. You can find a list of additional funds operated by Fidelity and other investment companies that have received proposals at www.investorsagainstgenocide.org/shareholderhelp.
The Genocide Intervention Network’s Sudan Divestment Task Force, an AJWS partner in the Save Darfur Coalition, has conducted extensive research and compiled a list of all of the worst offending corporations operating in Sudan, which you can find at www.ajws. org/divest. These companies have strong business relationships with the Sudanese government, impart little benefit to the country’s underprivileged people and have demonstrated no substantial corporate governance policy regarding the Darfur situation. If your mutual funds, family savings or pension plans are invested in any of these companies and have not considered a resolution, e-mail
info@InvestorsAgainstGenocide.org for a sample proposal.
— Joshua Berkman
Before you toss out that proxy ballot from your mutual fund, be aware that your vote could help save lives in Darfur.
The Security Exchange Commission recently denied Fidelity Investment’s request to exclude from its proxy statement a shareholder proposal on genocide-free investing. As a result, mutual fund investors can now help determine whether their money will be invested in companies that are bankrolling the murder, rape and displacement of millions of civilians by pouring money into Sudan’s economy.
On March 19, shareholders for a number of Fidelity funds cast proxy votes on the first-ever genocide-free investing resolution. An unexpected 27% of shareholders in Fidelity’s Capital and Income Fund and 28% of the shareholders in Fidelity’s Select Healthcare Portfolio voted in favor of genocide-free investing. Ten of the other 12 funds voting on the issue did not achieve a quorum. According to Investors Against Genocide, the percentages represent significant progress. Since they include institutional shareholders, the final percentages understate the level of individual support for the resolutions. In addition, the results exclude the vast numbers of shareholders who were unaware of the resolutions due to the shortened time frame of the vote.
In addition to Fidelity, financial institutions such as Franklin Templeton, American Funds and Vanguard are investing vast amounts of money in companies, such as PetroChina, that are considered the worst offenders. Additional Fidelity funds, as well as funds offered by other companies, will be putting similar resolutions on their proxy cards in the days and weeks ahead. You can find a list of additional funds operated by Fidelity and other investment companies that have received proposals at www.investorsagainstgenocide.org/shareholderhelp.
The Genocide Intervention Network’s Sudan Divestment Task Force, an AJWS partner in the Save Darfur Coalition, has conducted extensive research and compiled a list of all of the worst offending corporations operating in Sudan, which you can find at www.ajws. org/divest. These companies have strong business relationships with the Sudanese government, impart little benefit to the country’s underprivileged people and have demonstrated no substantial corporate governance policy regarding the Darfur situation. If your mutual funds, family savings or pension plans are invested in any of these companies and have not considered a resolution, e-mail
info@InvestorsAgainstGenocide.org for a sample proposal.
— Joshua Berkman