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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
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