Many financial institutions invest in a handful of foreign oil companies, such as PetroChina, that help fund the government of Sudan’s deadly campaign of violence against millions of its citizens. With over a billion-dollar stake, Vanguard is one of PetroChina’s largest investors.
In July 2009, despite Vanguard’s active opposition, shareholders of 21 Vanguard funds voted in support of the proposal with votes ranging from 7% to 17% in favor of genocide-free investing.
Results at the Vanguard shareholder meeting were lower than those in 2008 and 2009 at Fidelity, which ranged from 17% to 31%. Investors Against Genocide attributes the lower results to Vanguard’s statement of opposition which contended that the genocide-free investing proposal called for procedures that “duplicate” existing practices and were “substantially identical” to existing procedures of the Vanguard funds.
However, Vanguard’s “substantially identical” policy has not resulted in the sale of any of the large oil companies with ties to genocide. Rather, Vanguard’s Plain Talk About Proxy Proposal 3 web page states that “the trustees have determined that no companies have warranted divestment.”
Since the shareholder vote, Vanguard has continued to hold and purchase additional shares of PetroChina and Sinopec, oil companies tied to the genocide in Sudan.
Has a genocide-free investing policy
Divested from PetroChina
Voted for GFI shareholder proposal
Support this Campaign
Send a Message
Help us send a strong message to draw the line at genocide. You don’t have to be an investor to object. Financial companies want your business now or in the future, so your voice will matter.
Sign the petition: “I object to financial institutions investing in companies that help to fund genocide.”
Spread the News
Most people are unaware that many financial firms are making investments in companies tied to genocide. Help us spread the word with your friends and online.
Submit Shareholder Proposal
We are seeking to volunteers to submit our genocide-free investing proposal. If you own at least $2000 worth of shares in a mutual fund or company, and have held those shares for at least a year, you qualify to volunteer. To volunteer, contact us at info@InvestorsAgainstGenocide.org.
July 3rd, 2009
July 2nd, 2009