Investors & activists urge US Congress to hold formal hearings on "genocide-free investing"
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Author: Investors Against Genocide [USA]
The Congressional Human Rights Caucus held a Members' Briefing on September 10, 2008, on genocide-free investing. The Caucus's invitation to the briefing noted the need for socially responsible investment strategies and oversight mechanisms to ensure that American investments do not inadvertently help finance genocidal regimes around the world... [Full text of:]
• Opening statement from US Representative James McGovern
• Statement presented by Eric Cohen, Chairperson, Investors Against Genocide
• Statement presented by Adam Kanzer,...Domini Social Investments
• Statement presented by John Norris, Executive Director of the Enough Project
• Statement submitted by Ben Collins,...KLD Research & Analytics
Author: Investors Against Genocide
Representatives from the financial industry and leading human rights activists told the Congressional Human Rights Caucus (CHRC) today that a majority of Americans don't want their investments tied to genocidal regimes and that financial markets need to be more responsive to the American public's interest in genocide-free investing... Representatives from the federal government and from Fidelity, Franklin Templeton, and the Investment Company Institute declined invitations by the CHRC to participate... While many mainstream investment firms have defended problem investments, insisting that they are necessary because of their firms' fiduciary responsibilities, panel members disagree. "You may hear that mutual funds face legal obstacles that prevent them from implementing a policy to address genocide," testified Domini's Adam Kanzer. "...There is no law that compels mutual funds to profit from genocide..." ...Panelists urged Congress to hold formal hearings on the issue of genocide-free investing in 2009. [also refers to Berkshire Hathaway, PetroChina, Sinopec, Petronas, China National Petroleum Corporation (CNPC), ONGC]
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- Related in-depth areas: Sudan
- Related companies: Berkshire Hathaway China National Petroleum Corporation (CNPC) Franklin Templeton ONGC (Oil & Natural Gas Corporation) PetroChina Petronas Sinopec