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Rating:Vanguard Draws Flak Over its PetroChina Stake Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 14, 2009

Vanguard Draws Flak Over its PetroChina Stake

by: Armie Margaret Lee

Investors Against Genocide, a Boston-based advocacy group, has accused Vanguard of misleading investors with its policy, Bloomberg reports.

The group noted that Vanguard hiked its holdings in PetroChina Co. in the three months ended January 31. On March 11, Vanguard officials said they started a policy in the previous six months to identify companies tied to human rights abuses.

"Ordinary investors would be misled into thinking Vanguard was taking appropriate action," Investors Against Genocide chairman Eric Cohen told Bloomberg.

The $6.41 billion Vanguard Emerging Markets Stock Index fund upped its stake in PetroChina from 149.6 million shares on October 31 to 155.7 million shares as of January 31.

Vanguard spokesman John Woerth said the fund firm will identify and monitor firms "whose direct involvement in crimes against humanity or patterns of egregious abuses of human rights would warrant engagement or potential divestment."

Woerth declined to comment specifically on PetroChina. 

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