MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, October 22, 2002 Web Site to Connect Shareholders to SEC Fund shareholders are being given a megaphone to reach the SEC thanks to a trio of organizations that range from Goliath to David to one of the industry's own. The megaphone is a new Web site (MutualFundProxyVotes.com that gathers shareholder comments on the SEC's proposed new proxy voting disclosure rules. The Web site gathers the comments and forwards them to the SEC. The goliath behind the site is the AFL-CIO. The union has been pushing fund firms, including Fidelity, for increased disclosure on how fund firms vote proxies. The union's argument is that fund firms are fearful to vote against incumbent corporate managements and risk losing 401(k) and defined benefit mandates. As the largest 401(k) provider measured by assets managed, Fidelity has been a focus of the AFL-CIO's campaign. The David behind the site is Fund Democracy, a one-man organization run by Mercer Bullard (Bullard was employed at the SEC earlier in his career). Fund Democracy is a fund shareholder advocacy organization that has been a long-time supporter of increased disclosure. The industry's own behind the site is Pax World Funds, which is hosting the site. The three organizations are holding a press conference this afternoon to formally launch the site. Printed from: MFWire.com/story.asp?s=3764 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |