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| July 21, 2009 |
In March TIAA-CREF announced an escalated effort to oppose genocide in Darfur and made a public commitment to divest by year-end unless target companies cease their relations with Sudan or “attempt to end genocide and ease suffering in Darfur.” This announcement by TIAA-CREF was a clear victory for genocide-free investing.
1) Vanguard, the largest mutual fund company, Vanguard actively opposed the proposal and made a misleading statement of opposition, claiming that the proposal called for procedures that "duplicate" existing practices and are "substantially identical" to existing procedures. However, a careful reading of Vanguard's statement of opposition reveals that Vanguard, made no commitments to act and its holdings showed it took no steps to avoid investments in companies that help to fund genocide. Nonetheless, genocide-free investing received between 7% and 17% of the vote, notably high numbers for proxy votes on social concerns, and reflecting support from millions of shareholders.
2) For the second year in a row, Fidelity shareholders had an opportunity to vote on genocide-free investing. Fidelity again chose to actively oppose our proposal and insisted on retaining its flexibility to invest in genocide, disregarding the 20% to 31% who voted against them last year, and alienating many more customers this year. Despite Fidelity’s active opposition, affirmative votes were recorded for four funds, ranging between 18% and 25%. Nine additional funds did not reach quorum and were adjourned to meet again August 14, 2009, allowing more time to vote for the nine funds.
3) American funds shareholders will have an opportunity to vote this fall. Virtually all of American Fund customers will get materials on our proposal and some 50 million shareholders of record will have an opportunity to vote.
Our focus now is on the major funds that have not yet been forced to confront their complicity in the Darfur genocide. Franklin Templeton and Barclays (iShares) remain heavily invested in companies funding the genocide.
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Investors Against Genocide is a non-profit organization dedicated to ending investment in genocide. The organization works with individuals, companies, organizations, financial institutions, the press, and government agencies to build awareness and to create financial, public relations, and regulatory pressure for investment firms and companies to change. The ultimate goals are that the Government of Sudan ends its deadly genocide in Darfur and that investment firms avoid investing in genocide. For more information, visit www.investorsagainstgenocide.org.