Climate Change Fighters Attack AmFunds, Fido and Vanguard
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Monday, May 14, 2012

Climate Change Fighters Attack AmFunds, Fido and Vanguard

American Funds [profile], Fidelity [profile] and Vanguard [profile] all face flak over their voting records related to climate change. Today the advocacy group Ceres released the results of a study of the 44 largest mutual fund shops' voting records on shareholder resolutions related to climate change.

Ceres claims that AmFunds, Fido and Vanguard cast zero votes last year in favor of such resolutions, while TIAA-CREF [profile] and Wells Fargo [profile] voted in favor of a majority of such resolutions.

"Mutual fund companies have a fiduciary duty to vote in the best interest of their clients, but in the case of climate change, many are not doing so," stated Mindy Lubber, president of Ceres. "Most large companies face significant climate-related risks, including physical and regulatory impacts, but many are ignoring them. Shareholder resolutions are a key mechanism for shareholders to strongly encourage companies to disclose these risks and actions for managing them."

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