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Calvert Shareholder Resolutions Receive Record Support; Results Show Shareholders are Linking Corporate Governance and Social Responsibility to Better Financial Returns.

Business Editors

BETHESDA, Md.--(BUSINESS WIRE)--June 6, 2003

Calvert, the nation's largest family of socially responsible mutual funds, today reported the results of its 2003 shareholder resolutions, showing record high vote totals on a range of proposals involving corporate governance and social responsibility.

Shareholder resolutions addressing board diversity, corporate governance, and the adoption of protocols governing clinical trials at pharmaceutical companies received especially strong support. A complete filing history can be found at http://www.calvert.com/sri_2766.html.

"The strong results we achieved this year clearly indicate that shareholders want companies to adopt more responsible business practices in the aftermath of recent corporate scandals," said Barbara J. Krumsiek, President & CEO, Calvert. "Shareholders see a clear connection between stronger governance and improved corporate responsibility, on the one hand, and better financial performance and enhanced shareowner value on the other."

"We are particularly pleased with the support we received on resolutions asking companies to bring racial and gender diversity to their corporate boards," continued Krumsiek. "At Calvert, we believe board diversity is a critical component of good corporate governance and overall corporate responsibility. In the wake of recent corporate scandals, there can be no doubt that America's corporations need to broaden their perspective and bring more people to the table. This will not only promote greater diversity, but will be good for business as well."

Out of twenty resolutions filed by Calvert with top U.S. corporations for vote at their 2003 annual shareholder meetings, seven were withdrawn after the companies agreed to the substance of the resolutions or to enter into dialogue with shareholders regarding the same, and nine have thus far been voted on by the shareholders. (Four of the companies have yet to hold their shareholder meetings.)

2003 Calvert Resolutions Voted on by Shareholders

Gillette Company (G)

Calvert joined Walden Asset Management in filing a shareholder resolution asking Gillette to declassify the election of Directors by ensuring that in future Board elections, directors are elected annually and not by classes. The resolution received a 63% vote.

Stanley Works (SWK)

Calvert joined the State of Connecticut in filing a shareholder resolution asking Stanley Works to declassify its "staggered" board and ensure that in the future, all directors are elected annually. The resolution received a 55% vote.

Triquint Semiconductor (TQNT)

Calvert filed a shareholder resolution asking Triquint Semiconductor to prepare an environment, health and safety report. The resolution received a 31.5% vote.

Alltel (AT)

Calvert joined Walden Asset Management in filing a shareholder resolution asking Alltel to expand its diversity policies to include non-discrimination based on sexual orientation. The resolution received an 11.7% vote.

Dover Corporation (DOV)

Calvert joined Walden Asset Management in filing a shareholder resolution asking Dover to expand its diversity policies to include non-discrimination based on sexual orientation. The resolution received a 42.8% vote.

Danaher (DHR)

Calvert filed a shareholder resolution asking Danaher to diversify its Board to include race and gender diversity. The resolution received a 28.6% vote.

Gentex Corp. (GNTX)

Calvert filed a shareholder resolution asking Gentex to diversify its Board to include race and gender diversity. The resolution received a 38.8% vote.

Grant Prideco (GRP)

Calvert filed a shareholder resolution asking Grant Prideco to diversify its Board to include race and gender diversity. The resolution received a 24.5% vote.

Zebra Technologies (ZBRA)

Calvert filed a shareholder resolution asking Zebra Technologies to diversify its Board to include race and gender diversity. The resolution received a 14.5% vote.

2003 Resolutions Withdrawn by Calvert

Molex Corporation (MOLX)

Calvert withdrew its shareholder resolution asking the company to bring race and gender diversity to its board of directors after Molex appointed the first woman to its board.

Schering-Plough Corporation (SGP)

Calvert withdrew its shareholder resolution after the Chair of the Board's nominating Committee agreed to include an independent director with quality control experience when filling the next vacant Board seat.

Johnson and Johnson (JNJ)

Calvert withdrew its shareholder resolution asking Johnson & Johnson to disclose countries where it conducts or sponsors clinical trials and explain how ethical guidelines are followed at such research sites after the company posted its Ethical Code on its web site and agreed to allow Calvert to evaluate and provide feedback on its ethical guidelines.

Pfizer (PFE)

Calvert withdrew its shareholder resolution asking Pfizer to disclose countries where it conducts or sponsors clinical trials and explain how study protocols and ethical guidelines are followed after the company agreed to allow Calvert to evaluate its policies and to publish such policies after considering Calvert's feedback.

Merck & Company (MRK)

Calvert and the Sisters of Blessed Sacrament withdrew their shareholder resolution after Merck agreed to share company-wide policies addressing leadership development, employee mentoring, workforce diversity initiatives and the top company wage earners broken down by gender and race.

CEC Entertainment (CEC)

Calvert withdrew its shareholder resolution asking CEC Entertainment to establish a zero-tolerance workplace violence policy with related protocols and programs after the company agreed to share its internal policies and reports, incorporate some of Calvert's suggestions, and communicate these changes to its employees.

Illinois Tool Works (ITW)

Calvert and Walden Capital Management withdrew their shareholder resolution after Illinois Tool Works agreed to disclose its workforce composition by race and gender and to address issues pertaining to its diversity policy and related programs.

Upcoming Shareholder Meetings Where Calvert Has Filed a Resolution

American Power Conversion (APC)

Calvert and the State of Connecticut filed a shareholder resolution asking the company to diversify its Board to include race and gender diversity. The shareholder meeting takes place on June 18, 2003.

Patterson Dental (PDCO)

Calvert filed a shareholder resolution asking the company to diversify its Board to include race and gender diversity. The shareholder meeting takes place in September.

WebMD (HLTH)

Calvert filed a shareholder resolution asking the company to diversify its Board to include race and gender diversity. The shareholder meeting takes place in October.

Checkfree Corp. (CKFR)

Calvert filed a shareholder resolution asking the company to diversify its Board to include race and gender diversity. The shareholder meeting takes place in November.

Calvert is the nation's largest socially responsible mutual fund firm with approximately $9.0 billion in assets under management. Calvert offers twenty-nine fund portfolios 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(TM), a benchmark for measuring the performance of large, U.S.-based socially responsible companies. Calvert also has an extensive lineup of tax-free and taxable fixed income investments. For more information on Calvert, click on www.calvert.com.

Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD, a subsidiary of Calvert Group. (06/03,4412)
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Date:Jun 6, 2003
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