for Board Diversity, Greater Corporate Transparency
BETHESDA, Md.--(BUSINESS WIRE)--Feb. 9, 2004
Calvert, the nation's largest family of socially
responsible mutual funds, has announced its plans for the 2004 proxy
season. Calvert is seeking greater transparency and disclosure
regarding environmental and social performance; greater diversity
among corporate boards of directors; and improved governance policies
from the 33 companies with whom Calvert Funds have filed shareholder
"Filing shareholder resolutions is one way that Calvert tries to
influence companies to improve their corporate governance and social
and environmental performance," said Nikki Daruwala, Shareholder
Advocacy Coordinator for Calvert. "We believe that well-governed,
socially responsible companies are better positioned to deliver
long-term, sustainable value to their shareholders."
Calvert's Shareholder Advocacy Program includes the following, by
Calvert is asking FMC Technologies (NYSE:FTI), Smith International
(NYSE:SII), Grant Prideco (NYSE:GRP), North Fork Bancorp (NYSE:NFB),
Kinder Morgan (NYSE:KMI), Danaher (NYSE:DHR), SkyWest (NasdaqNM:SKYW),
Zebra Technologies (NasdaqNM:ZBRA), Swift Transportation
(NasdaqNM:SWFT), and along with the State of Connecticut, American
Power Conversion (NasdaqNM:APCC) to take reasonable steps to ensure
that women and minority candidates are routinely included in each and
every board search the company undertakes to fill director positions.
The companies are also encouraged to expand their existing Board
Nominating and Governance Charters to include language on diversity
embodying Calvert's Model Language on Board Diversity.
Social Performance Reporting and Corporate Transparency
Calvert is requesting that Chesapeake Energy (NYSE:CHK), EOG
Resources (NYSE:EOG), Cooper Cameron (NYSE:CAM), Pioneer Natural Gas
(NYSE:PXD), XTO Energy (NYSE:XTO), Genuine Parts (NYSE:GPC), Visteon
(NYSE:VC), MDC Holdings (NYSE:MDC), The Ryland Group (NYSE:RYL), NVR
(AMEX:NVR), AGCO (NYSE:AG), Terex (NYSE:TEX), York
International (NYSE:YRK), and Masco (NYSE:MAS) issue sustainability
reports based on GRI Guidelines. The Global Reporting Initiative (GRI)
is an international standard-setting organization that has developed a
set of Guidelines for voluntary reporting by corporations and other
organizations on the economic, environmental and social impacts of
Calvert, along with Christian Brothers Investment Services, Inc.,
is asking Time Warner (NYSE:TWX) to address executive compensation
by initiating a study of the disparity between the total compensation
of top executives and the company's lowest paid workers. In addition,
the resolution asks the company to consider adjusting executive pay,
or the level of pay of the lowest paid workers, particularly in light
of recent, sizable layoffs.
Calvert, along with Walden Asset Management Company, is asking The
Gillette Company (NYSE:G) to declassify its Board Directors to insure
that all Directors are elected annually and not by classes over
staggered terms, as is the current practice.
Calvert is requesting that The E.W. Scripps Company (NYSE:SSP)
report to shareholders on the racial and gender composition of the
newsrooms throughout the company; disclose corporate diversity
policies and programs; and establish annual goals and benchmarks for
attaining greater gender and racial parity and equality in the
For the second year in a row, Calvert is co-sponsoring a
shareholder resolution, along with Walden Asset Management Company,
requesting that Alltel (NYSE:AT) and Dover Corp (NYSE:DOV) amend
their written equal employment opportunity policy to explicitly
prohibit discrimination based on sexual orientation, and to
substantially implement that policy.
A resolution with Calpine Corporation (NYSE:CPN) requests that
the company cease and desist development in the Medicine Lake
Highlands and develop, implement and publish a written policy on the
rights of indigenous peoples.
Calvert, along with Walden Asset Management Company, is asking
American International Group (NYSE:AIG) to disclose greenhouse gas
emissions and for a comprehensive assessment of AIG's strategies to
address the impacts of climate change on its business.
A resolution with Weyerhaeuser (NYSE:WY) requests the
development and implementation of a policy prohibiting the harvest and
trade in products from old growth and endangered forests.
A resolution with Pulte Homes (NYSE:PHM) asks the company to
develop and adopt smart growth principles as an overall guide to the
company's home building operations.
Calvert is the nation's largest family of socially responsible
mutual funds with over $9.7 billion in assets under management among
twenty-seven funds, including an extensive lineup of tax-free and
taxable fixed income products in addition to socially and
environmentally screened funds, allowing individual and institutional
investors to pursue a broad range of investment objectives within a
single fund family. Calvert also maintains the Calvert Social
Index(TM) a benchmark for measuring the performance of large,
U.S.-based socially responsible companies. For more information on
Calvert and its products and services, go to www.calvert.com.
Calvert mutual funds are underwritten and distributed by Calvert
Distributors Inc., member NASD, a subsidiary of Calvert Group. (2/04,
Elizabeth Laurienzo, 301-657-7047
Melinda Lovins, 301-657-7089
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