Calvert Seeks Progress Through Shareholder Activism.16 Resolutions Promote Positive Change in 2006 Issues Include Global Climate Change, Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. , Human Rights and Board Diversity BETHESDA, Md. -- Sixth graph should read: In addition to two shareholder resolutions on energy efficiency, Calvert continued to advocate for change through the Carbon Disclosure Project (CDP CDP (cytidine diphosphate): see cytosine. (1) (Certificate in Data Processing) An earlier award for the successful completion of an examination in hardware, software, systems analysis, programming, management and accounting, ). Together with its partner Ceres (Coalition for Environmentally Responsible Economies The Coalition for Environmentally Responsible Economies is a nonprofit better known as CERES (pronounced "series") based in Boston, Massachusetts. Their motto is "Investors and environmentalists for sustainable prosperity." External links
The corrected release reads: CALVERT SEEKS PROGRESS THROUGH SHAREHOLDER ACTIVISM 16 Resolutions Promote Positive Change in 2006 Issues Include Global Climate Change, Corporate Governance, Human Rights and Board Diversity Calvert, one of the nation's largest family of socially responsible mutual funds, completed another successful year in shareholder advocacy in 2006, lead-filing ten separate shareholder resolutions and co-filing an additional six. To see Calvert's filing history, go to http://www.calvert.com/sri_resolutions.html. All 16 resolutions were either voted on by shareholders or withdrawn by Calvert and its partners, once companies committed to addressing the proposal. Shareholder resolutions were just one element of Calvert's broader advocacy initiative. The firm also engaged in active dialogue with company management and other stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. on a number of issues, advocating positive change in areas including global climate change, human rights, corporate governance and board diversity. "We are encouraged that many companies are beginning to recognize the impact that their policies can have on the most important issues of the day," said Bennett Freeman, Calvert's Senior Vice President for Social Research and Policy. "Forward-looking corporations have become part of the solution to many of the world's problems -- from addressing global warming global warming, the gradual increase of the temperature of the earth's lower atmosphere as a result of the increase in greenhouse gases since the Industrial Revolution. and developing renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. sources to protecting human rights and promoting workplace equity. Calvert is committed to mobilizing companies in which we invest to contribute to those solutions." In 2006, Calvert set four major strategic priorities to guide its advocacy work, consistent with the signature issues with which the firm has long been identified. Recent progress in each of the four areas is outlined below. Environment and Climate Change This year, as in the past, Calvert made global climate change a major area of focus, working through shareholder resolutions, company dialogue and engagement with specific companies. One resolution, co-filed with the Nathan Cummings Foundation The Nathan Cummings Foundation was endowed by Nathan Cummings (1896-1985), founder of Consolidated Foods, now called Sara Lee Corporation. Cummings was also a prominent art collector and supporter of Jewish causes. , asking homebuilder Standard Pacific (SPF (1) (Stateful Packet Firewall) See stateful inspection. (2) (Sender Policy Framework) An e-mail authentication system that verifies that the message came from an authorized mail server. ) to begin reporting on energy efficiency, received an impressive 39% vote. Another at Bed Bath and Beyond (BBBY), which was co-filed with Sierra Club Sierra Club, national organization in the United States dedicated to the preservation and expansion of the world's parks, wildlife, and wilderness areas. Founded (1892) in California by a group led by the Scottish-American conservationist John Muir, the Sierra Club Mutual Funds, generated a very solid 28% approval. In addition to two shareholder resolutions on energy efficiency, Calvert continued to advocate for change through the Carbon Disclosure Project (CDP). Together with its partner Ceres (Coalition for Environmentally Responsible Economies), Calvert expanded CDP's annual survey for the first time to include all companies represented in the S&P 500 Index. Human rights, labor rights Labor rights or workers' rights are a group of legal rights and claimed human rights having to do with labor relations between workers and their employers, usually obtained under labor and employment law. and indigenous peoples' rights As China was clamping down on freedom of information and expression, several US technology companies came under scrutiny by Congress and independent human rights organizations like Amnesty International Amnesty International (AI,) human-rights organization founded in 1961 by Englishman Peter Benenson; it campaigns internationally against the detention of prisoners of conscience, for the fair trial of political prisoners, to abolish the death penalty and torture of and Human Rights Watch. Calvert believes that such companies must minimize any complicity in human rights abuses and fully disclose the ways in which they are complying with government policy. In 2006, Calvert joined a multi-stakeholder process convened by the Center for Democracy and Technology that includes leading companies, human rights NGOs, academic experts and other investment firms. The group will draft a set of global principles to guide policies and actions addressing these sensitive issues. Calvert also entered into dialogue with several of the companies operating in China to express its concerns. Diversity and women Calvert remained committed to board diversity, filing five separate resolutions in 2006 and withdrawing all of them as companies either added women or minorities to their boards or changed their charter language to encourage diversity. The firm extended this effort to encompass greater corporate diversity, particularly at the executive level. Greater diversity among upper management provides many of the same benefits as board diversity -- a greater understanding of women and minorities, sensitivity to their needs and more appreciation of the marketing opportunities they present -- and it also develops a greater pool of potential board members. Moreover, we continue to advocate gender fairness at all levels of the corporation. One resolution co-filed 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. at Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box (HD) calling for EEO-1 data disclosure received a resounding re·sound v. re·sound·ed, re·sound·ing, re·sounds v.intr. 1. To be filled with sound; reverberate: The schoolyard resounded with the laughter of children. 2. 36%, the highest level of support yet achieved for this type of resolution, and up dramatically from last year's 29% result. Governance and disclosure Calvert continued its dialogue with companies on stronger corporate governance, advocating, as in the past, for board diversity and improved reporting of environmental and social programs and reporting. The firm is currently urging software giant Microsoft (MSFT MSFT Microsoft (stock symbol) MSFT Movimento Sociale Fiamma Tricolore (Italy) MSFT Multi-Stage Fitness Test MSFT Master of Science in Family Therapy MSFT Macalester Students for Fair Trade ) to provide greater disclosure of its political spending as part of a broader effort to increase the transparency around corporate political influence. Microsoft has made encouraging progress on this front. Another resolution seeking political contributions disclosure filed with St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Travelers met with a very solid vote of 28%, as more shareholders realize the need for greater transparency in this area. Looking ahead Calvert will continue to pursue all these issues in the coming year, while adding new areas of focus in 2007. In the wake of growing concern about excessive executive pay, Calvert will file two separate resolutions on executive compensation in the upcoming year. These resolutions will ask companies to allow shareholders an advisory vote at every annual meeting where they can approve or reject the board's executive compensation committee report. As the crisis in Sudan deepens, Calvert believes it has both an opportunity and a responsibility to act. Calvert will add its weight to the growing Sudan divestment movement by seeking to build support at the state level for disinvestment Disinvestment 1. The action of an organization or government selling or liquidating an asset or subsidiary. Also known as "divestiture". 2. A reduction in capital expenditure, or the decision of a company not to replenish depleted capital goods. Notes: 1. legislation, engaging the financial firms in our portfolios that invest in some of the large companies supporting the Sudan regime, and working with our peers in the socially responsible investment community. Recognizing the central role that residential and commercial development plays in a number of the most pressing social and environmental issues of the day, Calvert will step up its engagement with large real estate developers--both on its own and with like minded allies. In addition, Calvert will build upon its support of management and disclosure of political spending on the part of corporations by continuing to engage companies on the issue and contributing to the effort to make this issue a standard corporate governance practice. About Calvert Calvert is one of the nation's largest socially responsible mutual fund firms with approximately $14 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. . Calvert offers forty funds that allow individual and institutional investors to pursue a broad range of investment objectives within a single fund family. Calvert launched 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 [R], a benchmark for measuring the performance of large, U.S.-based socially responsible companies. In addition to its equity funds, Calvert has an extensive lineup of tax-free and taxable fixed income investments. For more information on Calvert, click on www.calvert.com. For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The prospectus contains this and other information. Read it carefully before you invest or send money. 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. (1/07, 6594) |
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