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Rating:SRI Proposals Don't Hold With Fidelity Investors Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 15, 2009

SRI Proposals Don't Hold With Fidelity Investors

Reported by Meredith Mazzilli

Fidelity fund investors nixed the latest in a series of genocide-related shareholder proposals Wednesday. The vote considered 13 Fidelity funds, and regarded adding a policy to prevent Fidelity from investing their savings in "companies that substantially contribute to genocide or crimes against humanity".

Four funds reached quorum, with affirmative results ranging from 18 to 25 percent. The remaining nine funds did not reach quorum and were adjourned to an August 14 meeting. The four funds recording votes were the Fidelity Asset Manager, the Fidelity Asset Manager, Fidelity Investment Grade Bond and Fidelity Cash Reserves Fund.

The shareholder proposals were largely a product of activism from the Investors Against Genocide group. Eric Cohen, chairperson of the group, responded to the latest vote by noting that the vote may not be representative of the feelings of Fidelity investors as a whole.

"Last year, some two million shareholders of record voted for the proposal, despite Fidelity's active opposition," Cohen noted. "Again this year, huge numbers of Fidelity customers voted for the proposal. One can only imagine how much larger the number of affirmantive votes would be if more ordinary investors took the opportunity to vote, rather than discarding their proxy materials, as is common practice."

Another genocide vote faced a similar fate at a Vanguard shareholder meeting early July (see The MFWire, 04/06/09). 

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