Citizens Funds Applauds SEC Action Requiring Proxy Vote Disclosure.Business Editors PORTSMOUTH, N.H.--(BUSINESS WIRE)--Jan. 23, 2002 Today's vote by the Securities and Exchange Commission (SEC) requiring mutual funds and investment advisers to disclose how they vote proxies is a positive move for investors, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Citizens Funds, one of the nation's oldest and largest families of socially responsible mutual funds. The SEC commissioners voted 4-1 to adopt the rule, which was supported by Citizens and other socially responsible mutual funds. Outgoing SEC Chairman Harvey Pitt was among those who supported the rule. "Ultimately, the money in mutual funds belongs to shareholders," said Sophia Collier Sophia Collier is the founder and chair of the Board of Directors of Citizens Advisers, Inc. and is the creator of the Citizens IndexSM, an index of socially responsible large-capitalization companies. , Citizens' President. "They have a right to know how funds are voting on their behalf. In light of the corporate scandals that have rocked the country, investors are justifiably concerned." Several major fund companies objected to the rule change, citing it as cumbersome and of little interest to shareholders. Said Ms. Collier, "Even though there is extra work on our part, we feel the effort is worth it in serving the needs of shareholders." Beginning in July, mutual fund companies will be required to disclose their proxy votes Proxy vote Vote cast by one person or entity on behalf of another. to shareholders who request the information. Citizens, which had traditionally published its proxy voting Proxy voting is the delegation to another member of a voting body of that member's power to vote in his absence. It is essentially synonymous to delegated voting. Proxy voting is commonly used in corporations for voting by members or shareholders, because it allows members guidelines, began posting its proxy voting decisions on its website (www.citizensfunds.com) last year. Through activities such as proxy voting, engaging in dialogue with companies, or filing shareholder resolutions, Citizens believes shareholders can shape policy on 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. and important social issues. About Citizens Funds For two decades, Citizens Funds has been a leader in socially responsible investing Socially responsible investing describes an investment strategy which combines the intentions to maximize both financial return and social good. In general, socially responsible investors favor corporate practices which are environmentally responsible, support workplace diversity, (SRI). Citizens' mission is to generate superior returns by investing in companies that are fundamentally strong and socially responsible. As one of the largest SRI families in the world, Citizens offers individual and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. a wide array of investment options, including domestic and international equity, fixed-income and money market funds. Please call (800) 223-7010 for a prospectus that contains complete details of fees and expenses and should be read carefully before investing. Distributed by Citizens Securities, Inc., Portsmouth, NH 03801 |
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