Citizens Funds Supports Move to Publicly Disclose Proxy Votes; Socially Responsible Mutual Fund Company Posts Votes on the Web.Business Editors PORTSMOUTH Portsmouth, city, England Portsmouth, city (1991 pop. 174,218) and district, Hampshire, S England, on Spithead Channel. The district includes Portsea (naval station), Southsea (residential district and resort), and the old town of Portsmouth proper. , N.H.--(BUSINESS WIRE)--Sept. 19, 2002 Mutual fund companies should disclose how they vote their portfolios' shares in corporate proxy contests Proxy contest A battle for the control of a firm in which a dissident group seeks, from the firm's other shareholders, the right to vote those shareholders' shares in favor of the dissident group's slate of directors. Also called proxy fights. , 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. Citizens, which has 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 guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. , now provides its proxy voting decisions on its website (www.citizensfunds.com) as part of an ongoing effort to promote transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. and foster communication with its shareholders. "In the past, we talked with shareholders when they wanted to know about a particular proxy vote Proxy vote Vote cast by one person or entity on behalf of another. , and we published our voting guidelines," said Diane South, Citizens' Director of Social Research. "Now people can see how we cast ballots on issues ranging from executive compensation to company directors. With the concerns about 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. raised in the last year, this is the perfect time to launch this service." The Securities and Exchange Commission (SEC) is evaluating a proposal this week to give shareholders the right to know how mutual fund managers vote on specific proxy issues. Most mutual fund companies do not disclose how they vote proxies. "As socially responsible investors, we believe that transparency is vital if investors are to be fully informed. We often push for increased disclosure on social and environmental issues at the companies we invest in, and we're walking-the-talk here. We believe all mutual funds should disclose how they vote shares in their portfolios, and we encourage the SEC to make this a requirement for the industry," said South. Through proxy voting, Citizens believes shareholders can shape corporate policy on corporate governance and important social issues. As part of its integrated investment process, Citizens evaluates a company's financial standing as well as its overall role as a good corporate citizen. In response to issues it uncovers, Citizens engages in dialogue with companies or files resolutions to voice the concerns of socially responsible investors. "Socially responsible companies can make a positive impact on the business environment, which ultimately affects the balance sheet and shareholder value," South said. About Citizens Funds Founded in 1982, Citizens Funds has been a leader in its approach to investment management, and 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, in particular. With a core focus on strong, long term performance, Citizens' mission is to generate the best possible return while managing risk for shareholders by investing in companies that are fundamentally strong and socially responsible. Citizens' unique investment management approach revolves around its proprietary integrated research that takes into account company financials in combination with all the variables that affect prospects for success and growth over time. Representing one of the largest families of socially responsible investments, the Citizens line-up includes equity (domestic and international), 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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