Calvert Announces 2004 Shareholder Resolutions; Continues Push for Board Diversity, Greater Corporate Transparency.Business Editors BETHESDA, Md.--(BUSINESS WIRE)--Feb. 9, 2004 Calvert, the nation's largest family of socially responsible mutual funds, has announced its plans for the 2004 proxy season. Calvert is seeking greater transparency and disclosure regarding environmental and social performance; greater diversity among corporate boards of directors; and improved governance policies from the 33 companies with whom Calvert Funds have filed shareholder resolutions. "Filing shareholder resolutions is one way that Calvert tries to influence companies to improve their corporate governance and social and environmental performance," said Nikki Daruwala, Shareholder Advocacy Coordinator for Calvert. "We believe that well-governed, socially responsible companies are better positioned to deliver long-term, sustainable value to their shareholders." Calvert's Shareholder Advocacy Program includes the following, by issue: Board Diversity Calvert is asking FMC Technologies (NYSE NYSE See: New York Stock Exchange :FTI FTI Free thyroxine index, see there ), Smith International (NYSE:SII), Grant Prideco (NYSE:GRP), North Fork Bancorp (NYSE:NFB), Kinder Morgan (NYSE:KMI), Danaher (NYSE:DHR), SkyWest (NasdaqNM:SKYW), Zebra Technologies (NasdaqNM:ZBRA), Swift Transportation (NasdaqNM:SWFT), and along with the State of Connecticut, American Power Conversion American Power Conversion, (formerly NASDAQ: APCC) based in West Kingston, Rhode Island, is a maker of AC and DC-based back-up power products and services. APC is best known for their manufacture of uninterruptible power supplies, mostly used as a backup power system for (NasdaqNM:APCC APCC anti-inhibitor coagulant complex. ) to take reasonable steps to ensure that women and minority candidates are routinely included in each and every board search the company undertakes to fill director positions. The companies are also encouraged to expand their existing Board Nominating and Governance Charters to include language on diversity embodying Calvert's Model Language on Board Diversity. Social Performance Reporting and Corporate Transparency Calvert is requesting that Chesapeake Energy (NYSE:CHK), EOG Resources (NYSE:EOG EOG electro-olfactogram. EOG abbr. electro-oculography EOG electro-oculogram; electro-olfactogram. EOG Electrooculogram, see there ), Cooper Cameron (NYSE:CAM), Pioneer Natural Gas (NYSE:PXD), XTO Energy (NYSE:XTO), Genuine Parts (NYSE:GPC), Visteon (NYSE:VC), MDC Holdings (NYSE:MDC (1) (Mobile Daughter Card) See riser card. (2) See Meta Data Coalition. ), The Ryland Group (NYSE:RYL), NVR (AMEX AMEX See: American Stock Exchange :NVR), AGCO (NYSE:AG), Terex (NYSE:TEX), York International (NYSE:YRK), and Masco (NYSE:MAS) issue sustainability reports based on GRI Guidelines. The Global Reporting Initiative (GRI) is an international standard-setting organization that has developed a set of Guidelines for voluntary reporting by corporations and other organizations on the economic, environmental and social impacts of their operations. Corporate Governance Calvert, along with Christian Brothers Investment Services, Inc., is asking Time Warner (NYSE:TWX) to address executive compensation by initiating a study of the disparity between the total compensation of top executives and the company's lowest paid workers. In addition, the resolution asks the company to consider adjusting executive pay, or the level of pay of the lowest paid workers, particularly in light of recent, sizable layoffs. Calvert, along with Walden Asset Management Walden Asset Management(WAM) is the division of Boston Trust and Investment Management Company dedicated to Socially responsible investing (SRI). History WAM was founded in 1975, shortly after the start of the modern SRI movement that was spurred by the Vietnam War. Company, is asking The Gillette Company (NYSE:G) to declassify de·clas·si·fy tr.v. de·clas·si·fied, de·clas·si·fy·ing, de·clas·si·fies To remove official security classification from (a document). de·clas its Board Directors to insure that all Directors are elected annually and not by classes over staggered terms, as is the current practice. Equality Calvert is requesting that The E.W. Scripps Company (NYSE:SSP) report to shareholders on the racial and gender composition of the newsrooms throughout the company; disclose corporate diversity policies and programs; and establish annual goals and benchmarks for attaining greater gender and racial parity and equality in the newsroom. For the second year in a row, Calvert is co-sponsoring a shareholder resolution, along with Walden Asset Management Company, requesting that Alltel (NYSE:AT) and Dover Corp (NYSE:DOV) amend their written equal employment opportunity policy to explicitly prohibit discrimination based on sexual orientation, and to substantially implement that policy. A resolution with Calpine Corporation (NYSE:CPN) requests that the company cease and desist Cease and desist (also called C & D) is a legal term used primarily in the United States which essentially means "to halt" or "to end" an action ("cease") and to refrain from doing it again in the future ("desist"). development in the Medicine Lake Highlands and develop, implement and publish a written policy on the rights of indigenous peoples. Environmental Impact Calvert, along with Walden Asset Management Company, is asking American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. (NYSE:AIG) to disclose greenhouse gas emissions and for a comprehensive assessment of AIG's strategies to address the impacts of climate change on its business. A resolution with Weyerhaeuser (NYSE:WY) requests the development and implementation of a policy prohibiting the harvest and trade in products from old growth and endangered forests. A resolution with Pulte Homes (NYSE:PHM) asks the company to develop and adopt smart growth principles as an overall guide to the company's home building operations. Calvert is the nation's largest family of socially responsible mutual funds with over $9.7 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. among twenty-seven funds, including an extensive lineup of tax-free and taxable fixed income products in addition to socially and environmentally screened funds, allowing individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert also maintains the Calvert Social Index The Calvert Social Index is a stock market index created by the Calvert Group as a benchmark of large companies that are considered socially responsible or ethical. It currently consists of 468 companies, weighted by market capitalization, selected from approximately 1,000 of the (TM) a benchmark for measuring the performance of large, U.S.-based socially responsible companies. For more information on Calvert and its products and services, go to www.calvert.com. Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). , a subsidiary of Calvert Group. (2/04, 4781) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion