Results of voting on genocide-free investing
April 16, 2008, marked the second shareholder voting on genocide-free investing. The shareholder proposal was on the proxy ballot for
8 mutual funds that held meetings today. Of those funds, 4 funds recorded
votes, all consistent
with the results of the 2 funds that voted on March 19. For the 6 funds that have voted, the proposal
has won between 21% and 29% of the vote, reflecting a consistent and broad-based
support for the proposal. We are gratified at the continuing large share of the
vote in favor of genocide-free investing.
Fidelity’s Mid-Cap Stock fund received 25.511% of the vote, Canada fund 23.721%, International Discovery fund received 21.306%, and Overseas fund 22.075%. Previously, Fidelity’s Capital and Income fund and the Select Healthcare Portfolio received 26.906% and 29.066% of the vote, respectively.
It is highly unusual for a social concern to receive such a high percentage of the vote, when opposed by management.
Voting on the 4 other funds did not achieve the quorum threshold. Those funds, including the Contrafund and the Diversified International fund, have been adjourned to follow up voting on May 14, joining 11 other funds that will vote that day on genocide-free investing.
At the shareholder meeting there was a good deal of discussion about Fidelity wanting to listen to its shareholders and be sensitive to what shareholders want. In addition, there was discussion about the problem of the voting not providing a true perspective on what shareholders want, since Fidelity was opposing the proposal and actively soliciting shareholders to vote with management. The result was a request to Fidelity’s Board of Trustees that it adopt a neutral stance on the proposal, so that the vote would provide an accurate indication of what Fidelity’s shareholders want. We look forward to a response from Fidelity.
Fidelity’s Mid-Cap Stock fund received 25.511% of the vote, Canada fund 23.721%, International Discovery fund received 21.306%, and Overseas fund 22.075%. Previously, Fidelity’s Capital and Income fund and the Select Healthcare Portfolio received 26.906% and 29.066% of the vote, respectively.
It is highly unusual for a social concern to receive such a high percentage of the vote, when opposed by management.
Voting on the 4 other funds did not achieve the quorum threshold. Those funds, including the Contrafund and the Diversified International fund, have been adjourned to follow up voting on May 14, joining 11 other funds that will vote that day on genocide-free investing.
At the shareholder meeting there was a good deal of discussion about Fidelity wanting to listen to its shareholders and be sensitive to what shareholders want. In addition, there was discussion about the problem of the voting not providing a true perspective on what shareholders want, since Fidelity was opposing the proposal and actively soliciting shareholders to vote with management. The result was a request to Fidelity’s Board of Trustees that it adopt a neutral stance on the proposal, so that the vote would provide an accurate indication of what Fidelity’s shareholders want. We look forward to a response from Fidelity.
- Click here for Eric Cohen's statement at the shareholder meeting.
- Click here for information on the upcoming votes of Fidelity mutual funds on the genocide-free investing shareholder proposal.
- Click here for the results from the March 19 shareholder voting on genocide-free investing and audio from the press conference.
Listen to the press conference that followed the shareholder meeting
Investors Against Genocide hosted a press conference after the shareholder meeting at Fidelity on April 16, 2008. The press conference featured short statements by four speakers, followed by Q&A with the press.
- Eric Cohen – Chairperson, Investors Against Genocide – statement here
- Omer Ismail – Advisor, ENOUGH Project to End Genocide, Co-Founder Darfur Peace and Development Organization
- Tim Brennan – Treasurer and Vice President, Finance, Unitarian Universalist Association – statement here
- Rev. Gloria White-Hammond – Co-Pastor, Bethel AME Church, Boston, Co-Founder, My Sister's Keeper
- Total time 20:48
- To skip ahead, start streaming audio then drag the red line at the tip of the handle forward repeatedly.