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Shareholders Vote For Genocide-free Investing
In the first of its kind vote on genocide-free mutual funds, 27% of shareholders at Fidelity's Capital and Income Fund and 28% of
shareholders at its Select Health Care Portfolio voted for a genocide-free investing proposal.
Shareholder activists report they are pleased with the high number of votes cast for the proposal.
Investors Against Genocide, the
non-profit organization leading the shareholder action, has submitted similar proposals to a number
of other mutual funds, including Barclays, Franklin Templeton, and Vanguard. More votes at Fidelity
on the issue will follow in the upcoming months.
The proposals ask for procedures to
screen out companies who "substantially contribute" to genocide. Other organizations working on
passing the proposals include the Unitarian Universalist Service Committee, Physicians for Human
Rights, American Jewish World Service, Genocide Intervention Network, The ENOUGH Project, The Aegis
Trust and the Unitarian Universalist Association.
US companies are already prohibited
from doing business with the Sudan government and Sudan oil companies. However, US investors and
mutual funds can still buy shares of foreign companies that trade on US stock markets, such as
PetroChina, that profit from Sudanese oil.
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