Fidelity's inaction speaks volumes
June 29, 2008
Eighteen months after Investors Against Genocide first highlighted Fidelity's investments in companies that help to fund genocide, and after millions of Fidelity's shareholders voted for the genocide-free investing proposal preventing such investments, Fidelity now claims that it remains invested out of concern for the people of Sudan ("Fidelity won't relent on divestment," June 19).
The proposal received affirmative votes from as many as 31 percent of shareholders. Despite the large number of concerned shareholders, Fidelity has done nothing to leverage its large investments to engage with the companies that are underwriting this crime against humanity. Additionally, it has decided to halt the voting process for seven of its funds, before the final results are recorded and shareholders learn the results.
If Fidelity's intentions are sincere, the company should promptly and publicly arrange for a meeting with the president of PetroChina asking that it, along with its closely related parent, CNPC, immediately engage with the genocidal government of Sudan on behalf of the Darfuri people. If after three months PetroChina is unresponsive, Fidelity should divest its holdings with a public announcement regarding its reasons. Any lesser actions will demonstrate that Fidelity's stated reasons for holding these investments are disingenuous.
We look forward to Fidelity's public disclosure regarding its plans for a vigorous engagement effort with firm deadlines and meaningful consequences if PetroChina does not take action to help end the genocide.
Susan Morgan, director of communications, Investors Against Genocide