American Funds

American Funds has taken steps to be genocide-free

Following a well-publicized shareholder vote on genocide-free investing on November 24, 2010, American Funds became the largest mutual fund company to divest its holdings in PetroChina. Before the shareholder meeting, SEC filings showed that American Funds owned 167 million shares of PetroChina worth $190 million in three funds. By December 31, American Funds had sold 99%of their holdings in Petrochina. By January 31, 2010 they had completely divested.  Prior to their sell-off of PetroChina, American Funds had held the exact same number of shares, in the same three funds, for years. American Funds also held about $300 million of ONGC as recently as 2008.

American Funds has not made a clear and public statement about the applicability of their human rights policy to divestment from companies that help to fund genocide. However, American Funds has published a general statement about their approach to human rights issues.

“We congratulate American Funds for divesting from PetroChina. Their action is a positive affirmation of their human rights policy.”

Investors Against Genocide

In the News

American Funds Sells PetroChina After Shareholder Meeting

Investors Against Genocide
February 17th, 2010

Blood Money on Wall Street

Wall Street Journal
July 9th, 2009