Environmental activists lashed out at U.S. mutual fund providers this week for systematically backing management decisions to bury pertinent facts about the real economic costs of industrial emissions that lead to global warming, Reuters reports.
New regulations forcing mutual fund providers to disclose proxy voting records made it possible for Ceres, a Boston-based organization comprised of environmental and shareholder advocates, to compile statistics on previously undisclosed environmental policies at leading domestic investment providers.
Approximately 25 of the 28 investment management firms that maintain the largest 100 stock funds voted against shareholder resolutions calling for greater disclosure of environmental issues, according to the report. Out of 25 such shareholder resolutions proposed in this year only 11 came to a vote.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.