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Corporate Social Responsibility
News
6.09.2003 ET
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CSR News from:
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Calvert Shareholder Resolutions Receive Record Support
Results Show Shareholders are Linking Corporate Governance and Social Responsibility to Better Financial Returns
(CSRwire) BETHESDA, MD - Calvert, the nation’s largest family of
socially responsible mutual funds, today reported the results of its 2003
shareholder resolutions, showing record high vote totals on a range of
proposals involving corporate governance and social responsibility.
Shareholder resolutions addressing board diversity, corporate governance,
and the adoption of protocols governing clinical trials at pharmaceutical
companies received especially strong support. A complete filing history
can be found at www.calvert.com/sri_2766.html.
“The strong results we achieved this year clearly indicate that
shareholders want companies to adopt more responsible business practices
in the aftermath of recent corporate scandals,” said Barbara J.
Krumsiek, President & CEO, Calvert. “Shareholders see a clear
connection between stronger governance and improved corporate
responsibility, on the one hand, and better financial performance and
enhanced shareowner value on the other.”
“We are particularly pleased with the support we received on
resolutions asking companies to bring racial and gender diversity to their
corporate boards,” continued Krumsiek. “At Calvert, we believe
board diversity is a critical component of good corporate governance and
overall corporate responsibility. In the wake of recent corporate
scandals, there can be no doubt that America’s corporations need to
broaden their perspective and bring more people to the table. This will
not only promote greater diversity, but will be good for business as
well.”
Out of twenty resolutions filed by Calvert with top U.S. corporations for
vote at their 2003 annual shareholder meetings, seven were withdrawn after
the companies agreed to the substance of the resolutions or to enter into
dialogue with shareholders regarding the same, and nine have thus far been
voted on by the shareholders. (Four of the companies have yet to hold their
shareholder meetings.)
2003 Calvert Resolutions Voted on by Shareholders
Gillette Company (G)
Calvert joined Walden Asset Management in filing a shareholder resolution
asking Gillette to declassify the election of Directors by ensuring that in
future Board elections, directors are elected annually and not by classes.
The resolution received a 63% vote.
Stanley Works (SWK)
Calvert joined the State of Connecticut in filing a shareholder resolution
asking Stanley Works to declassify its “staggered” board and
ensure that in the future, all directors are elected annually. The
resolution received a 55% vote.
Triquint Semiconductor (TQNT)
Calvert filed a shareholder resolution asking Triquint Semiconductor to
prepare an environment, health and safety report. The resolution received
a 31.5% vote.
Alltel (AT)
Calvert joined Walden Asset Management in filing a shareholder resolution
asking Alltel to expand its diversity policies to include
non-discrimination based on sexual orientation. The resolution received an
11.7% vote.
Dover Corporation (DOV)
Calvert joined Walden Asset Management in filing a shareholder resolution
asking Dover to expand its diversity policies to include
non-discrimination based on sexual orientation. The resolution received a
42.8% vote.
Danaher (DHR)
Calvert filed a shareholder resolution asking Danaher to diversify its
Board to include race and gender diversity. The resolution received a
28.6% vote.
Gentex Corp. (GNTX)
Calvert filed a shareholder resolution asking Gentex to diversify its
Board to include race and gender diversity. The resolution received a
38.8% vote.
Grant Prideco (GRP)
Calvert filed a shareholder resolution asking Grant Prideco to diversify
its Board to include race and gender diversity. The resolution received a
24.5% vote.
Zebra Technologies (ZBRA)
Calvert filed a shareholder resolution asking Zebra Technologies to
diversify its Board to include race and gender diversity. The resolution
received a 14.5% vote.
2003 Resolutions Withdrawn by Calvert
Molex Corporation (MOLX)
Calvert withdrew its shareholder resolution asking the company to bring
race and gender diversity to its board of directors after Molex appointed
the first woman to its board.
Schering-Plough Corporation (SGP)
Calvert withdrew its shareholder resolution after the Chair of the
Board’s nominating Committee agreed to include an independent
director with quality control experience when filling the next vacant
Board seat.
Johnson and Johnson (JNJ)
Calvert withdrew its shareholder resolution asking Johnson & Johnson to
disclose countries where it conducts or sponsors clinical trials and
explain how ethical guidelines are followed at such research sites after
the company posted its Ethical Code on its web site and agreed to allow
Calvert to evaluate and provide feedback on its ethical guidelines.
Pfizer (PFE)
Calvert withdrew its shareholder resolution asking Pfizer to disclose
countries where it conducts or sponsors clinical trials and explain how
study protocols and ethical guidelines are followed after the company
agreed to allow Calvert to evaluate its policies and to publish such
policies after considering Calvert’s feedback.
Merck & Company (MRK)
Calvert and the Sisters of Blessed Sacrament withdrew their shareholder
resolution after Merck agreed to share company-wide policies addressing
leadership development, employee mentoring, workforce diversity
initiatives and the top company wage earners broken down by gender and
race.
CEC Entertainment (CEC)
Calvert withdrew its shareholder resolution asking CEC Entertainment to
establish a zero-tolerance workplace violence policy with related
protocols and programs after the company agreed to share its internal
policies and reports, incorporate some of Calvert’s suggestions, and
communicate these changes to its employees.
Illinois Tool Works (ITW)
Calvert and Walden Capital Management withdrew their shareholder
resolution after Illinois Tool Works agreed to disclose its workforce
composition by race and gender and to address issues pertaining to its
diversity policy and related programs.
Upcoming Shareholder Meetings Where Calvert Has Filed a Resolution
American Power Conversion (APC)
Calvert and the State of Connecticut filed a shareholder resolution asking
the company to diversify its Board to include race and gender diversity.
The shareholder meeting takes place on June 18, 2003.
Patterson Dental (PDCO)
Calvert filed a shareholder resolution asking the company to diversify its
Board to include race and gender diversity. The shareholder meeting takes
place in September.
WebMD (HLTH)
Calvert filed a shareholder resolution asking the company to diversify its
Board to include race and gender diversity. The shareholder meeting takes
place in October.
Checkfree Corp. (CKFR)
Calvert filed a shareholder resolution asking the company to diversify its
Board to include race and gender diversity. The shareholder meeting takes
place in November.
Calvert is the nation’s largest socially responsible mutual fund
firm with approximately $9.0 billion in assets under management. Calvert
offers twenty-nine fund portfolios that allow individual and institutional
investors to pursue a broad range of investment objectives within a single
fund family. Calvert launched the Calvert Social Index™, a benchmark
for measuring the performance of large, U.S.-based socially responsible
companies. Calvert also has an extensive lineup of tax-free and taxable
fixed income investments. For more information on Calvert, click on
www.calvert.com.
Calvert mutual funds are underwritten and distributed by Calvert
Distributors Inc., member NASD, a subsidiary of Calvert Group.
(06/03,4412)
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