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2 Jul 2009

Investors Against Genocide

Vanguard Shareholders Vote on Genocide-Free Investing Proposal; Voters Misled by Vanguard's Statement Of Opposition, says IAG's Cohen

“Favorable votes [for a genocide-free investing proposal] at Vanguard’s meeting today were unnaturally low because Vanguard’s active opposition and misleading statement of opposition tilted the vote against the proposal,” said Eric Cohen, Chairperson of Investors Against Genocide…In Vanguard’s proxy materials, the company asked its shareholders to vote against the proposal because it calls for procedures that “duplicate” existing practices and is “substantially identical” to existing procedures of the Vanguard funds. However, Vanguard has not released the text of a Board policy, beyond the statement of opposition, that details how Vanguard will avoid holdings that are tied to genocide or crimes against humanity.[also refers to Fidelity, American Funds (part of Capital Group), PetroChina (part of CNPC), Petronas, ONGC, Sinope]