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ANCA To Encourage Genocide-Free Investments

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  • ANCA To Encourage Genocide-Free Investments

    ANCA TO ENCOURAGE GENOCIDE-FREE INVESTMENTS

    http://armenpress.am/eng/news/723258/anca-to-encourage-genocide-free-investments.html
    21:26, 19 June, 2013

    YEREVAN, JUNE 19, ARMENPRESS: The Armenian National Committee of
    America Eastern Region (ANCA-ER) joined with
    Investors against Genocide (IAG) on Tuesday in urging mutual fund
    giant Fidelity Investments to avoid investments in companies with
    ties to genocidal regimes worldwide.

    "Armenpress" reports that Michelle Hagopian, ANCA Eastern Region
    Executive Director, and ANC of Eastern Massachusetts activist
    Dikran Kaligian represented the ANCA at Fidelity's June 18th
    shareholder meeting as part of an outspoken group of antigenocide
    advocates.

    Six mutual funds recorded votes at Fidelity's shareholder meeting on
    the proposal presented by Investors Against Genocide, which
    states "Shareholders request that the Board institute transparent
    procedures to prevent holding investments in companies that, in
    management's judgment, substantially contribute to genocide or crimes
    against humanity, the most egregious violations of human
    rights." These funds bring to 40 the number of Fidelity funds that
    have had "genocide-free investing" on their proxy ballot.

    Tuesday's preliminary voting results in favor of the proposal ranged
    from a high of 29.19% to a low of 24.13%, which are comparable to
    results on similar proposals at Fidelity in 2008 and 2009.

    "Fidelity continues to own large positions in PetroChina, a company
    widely recognized as the largest business partner of the government of
    Sudan which is currently bombing, starving and displacing massive
    numbers of its own civilians in several regions," said Eric Cohen,
    chairperson of Investors Against Genocide.

    "This year marks 10 years of the genocide in Darfur, and it is the
    fifth year that Fidelity has opposed genocide-free investing. As a
    result,
    people investing with Fidelity are still inadvertently linked to
    companies tied to the atrocities in Sudan," he said.

    Fidelity's website claims, "We are sensitive to the ongoing tragedy
    occurring in Darfur and, like most others in the world, we are
    repulsed
    by genocide and all other crimes against humanity. ... That said, we
    have concluded that when it is appropriate to remain actively invested
    in a company, we will do so, thus retaining the ability to oppose
    company practices that we do not condone."

    "Fidelity's anti-genocide statements need to be backed up by concrete
    action," said Hagopian. "Tuesday's shareholder meeting showed that
    millions of Americans want their investments to be genocide-free.

    Mutual funds are the most common investment vehicle for family savings
    and retirement plans in America. The ANCA and IAG will continue to
    speak out at these shareholder meetings as part of an international
    campaign to end all financial support for genocidal regimes."

    Although federal law prevents U.S. oil companies (and most other U.S.

    companies) from operating in Sudan, Fidelity and other American
    financial institutions are major investors in the foreign oil
    companies involved in Sudan that are helping to fund that government's
    continued genocide and crimes against humanity. As a result, ordinary
    investors, through their mutual funds, family savings, and pension
    plans entrusted to these financial institutions, are inadvertently
    investing in genocide.

    IAG, a Boston-based nonprofit organization coordinating the
    anti-genocide shareholder action at Fidelity and other financial
    institutions,
    including Vanguard, JPMorgan Chase, and Franklin Resources, is engaged
    in an effort to encourage legislation and regulatory changes to
    address investments in companies that help to fund genocide.

    In March, the ANCA San Francisco-Bay Area teamed up with IAG to
    advance a similar anti-genocide proposal to shareholders at Franklin
    Resources, the parent company of Franklin Templeton mutual funds.



    From: Emil Lazarian | Ararat NewsPress
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