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Rating:WSJ Notes American Funds, Fidelity and Vanguard Anti-Genocide Proposal Votes Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, June 10, 2009

WSJ Notes American Funds, Fidelity and Vanguard Anti-Genocide Proposal Votes

by: Kimberly Chin

Will fund shareholders vote this summer to restrict investment choices by some American Funds, Fidelity and Vanguard offerings? Dow Jones' Jon Kamp reports that, due to pressure from activist group Investors Against Genocide, fund shareholders will soon have a chance to vote to have several funds divest from several genocide-tied companies.

Some Fidelity fund shareholders voted down similar proposals last year (see MFWire, 3/20/2008, 4/17/2008, 5/15/2008 and 6/19/2008).

Voting for the new proposals, the WSJ reports, is slated for July 15 for 13 of Fidelity's funds, following similar votes for 30 Vanguard funds. Investors Against Genocide also aims to get at least one mutual fund at American Funds on board as well.

One of Fidelity's large money-market funds and several "Fidelity Freedom" funds have been targeted in this round, the report states. Although none of the targeted funds currently hold shares of the controversial companies that Investors Against Genocide is against, the group hopes that the votes will send a strong message to other mutual fund firms and investors.

Some of the controversy surrounds funds that invest in PetroChina (and its parent, China National Petroleum Corp.), which has links to the Sudanese government.

Fidelity maintained its opposition to Investors Against Genocide's proposals via a statement on its website. 

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