MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, December 18, 2002 Social Investor Wants Quick Implementation of Rules Amy Domini, founder and CEO of Social investing specialist Domini Social Investments, is reiterating her support of rules proposed by the SEC that would require funds to disclose how they vote their proxies. Domini released a statement calling for the SEC to quickly adopt the proposed rules. "Proxy voting disclosure is a key element in the fight to bring about serious corporate reform," said Domini. "For the first time, mutual fund investors will be able to identify those fund managers who are doing their part to encourage greater corporate accountability, and those who simply rubberstamp management. Domini said that the number of comment letters on the rule submitted by individual investors refute the belief that mutual fund investors are not interested in proxy voting. "Mutual fund firms often depend on corporations they invest in for business, including participation in 401(k) plans. This inherent conflict of interest makes it even more imperative that proxy votes be exercised with openness and transparency. As Justice Brandeis famously said, 'sunlight is the best disinfectant.' The SEC should side with ordinary investors on this issue, rather than with those large mutual fund firms that would prefer to keep the curtains drawn," said Domini. Printed from: MFWire.com/story.asp?s=4204 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |