Investors Tell Major Mutual Funds to Take Climate Change Seriously
January 26, 2006
America's major mutual fund families failed to vote in favor of any 2005 shareholder resolution encouraging companies to address global warming.
Washington DC – Co-op America announced today a campaign that lets investors tell the three largest mutual fund families in the US to hold companies in their portfolios accountable for the impending impacts of climate change. Co-op America, a national non-profit that educates consumers and investors about promoting corporate responsibility, launched their Web action at: /takeaction/mutualfunds
The action allows investors to tell the three largest mutual fund companies, Fidelity, American and Vanguard, "to re-think your strategy on climate change issues and take seriously the impact that global warning will have on your funds. At next year's corporate annual meetings, there will once again be a range of resolutions on the ballot encouraging companies to address global warming. I encourage you to take these resolutions seriously."
Todd Larsen, Climate Change Program Director at Co-op America said, “These fund families collectively control $1 trillion, 70 percent of the US mutual fund market. Getting them to vote in favor of resolutions to address climate change can make a tremendous difference for investors’ bottom line and the environment.”
This action coincides with the release of a report from Ceres showing that none of the 100 largest mutual funds in the US voted to support climate change resolutions in 2005. The report is located at http://www.ceres.org.
A recent survey conducted by Opinion Research Corporation for the Civil Society Institute and Ceres also shows that 7 of 10 investors are not willing to invest in polluters tied to global warming and expect their mutual funds to act on climate change issues. The survey results are available at http://www.civilsocietyinstitute.org and at http://www.ceres.org.
Co-op America’s action will remain active until March, 2006, and all investors are welcome to add their voice. The letters received will be sent to Fidelity, Vanguard, and American Funds.
For more information about climate change and other environmental and social issues please visit www.greenamerica.org.
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