Published by Ignites.

By Joe Morris July 2, 2012

Shareholders in an ING fund have approved a measure opposing genocide-linked investments in what backers say is the first such vote in which company officials took a neutral position.

The decision at ING’s Emerging Countries reflects the unskewed sampling of investor sentiment on the issue, according to the advocacy group Investors Against Genocide.

“Shareholder approval of the genocide-free investing proposal at the ING Emerging Countries Fund demonstrates that the vast majority of individuals want to avoid investments tied to genocide,” the group said in a statement. “Instead of skewing the vote by opposing the proposal as other financial firms have done, ING remained neutral, allowing the will of the shareholders to be accurately reflected, as shown by the strong level of support.”

The proposal endorsing “genocide-free” investing passed with 59.25% in favor, 10.84% opposed and the remainder abstaining, according to preliminary ING results reported by Investors Against Genocide.

The measure calls for the fund’s board to institute procedures against holding investments “in companies that, in the judgment of the board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.”

Among the fund holdings targeted by the advocacy group are PetroChina, Sinopec and ONGC, which, it alleges, contribute to genocide in Sudan. Emerging Countries, together with ING Emerging Markets Equity, into which it will be merging, owns $2.7 million of the three companies, according to Investors Against Genocide.