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Corporate Social Responsibility
'Our Pick'
10.09.2007 - 10:00am ET
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Source:
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Walden Asset Management
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Walden Acts to Protect Shareholder Rights
Walden was among the first investment firms to sponsor a shareholder
resolution over twenty years ago (on labor negotiations at the Albertson's
supermarket chain in 1986). Naturally we were alarmed when the Securities
and Exchange Commission (SEC) announced in July a set of proposals which
included the possible elimination of the right of investors to sponsor
shareholder resolutions.
We have pursued a multi-pronged strategy to help protect shareholder
rights, working with a cross-section of investors representing trillions
of dollars of assets under management. The strength of our unified voice
has been impressive and, except for a few companies and trade
associations, the SEC has received little support for its test
proposals.
Since the SEC announcement, Walden:
Testified at a hearing held by the House Committee on Financial
Services representing Walden and the Social Investment Forum (SIF). (www.house.gov/apps/list/hearing/financialsvcs_dem/HT0927072.shtml)
Submitted a substantial letter of comment to the SEC.
(www.sec.gov/comments/s7-16-07/s71607-192.pdf)
Encouraged and assisted clients and other concerned investors to
write the SEC through email outreach and a web-based action alert. (www.waldenassetmgmt.com/sec2007.html)
Led an initiative in which 70 investors co-signed a letter to
approximately 100 companies and participated in many follow-up calls,
urging them to consider the rights of shareholders if they planned to
provide comments to the SEC.
Through Tim Smith, acted as a spokesperson for the industry and SIF,
talking to numerous reporters and participating in media telenews events.
Helped craft an industry-wide response to counter attempts by the
Business Roundtable and the U.S. Chamber of Commerce to dismantle
shareholders’ right to file resolutions.
We continue to respond to the SEC action with the high level of urgency it
deserves, and to be a voice before investors, Congress and the SEC against
translating the proposals into governing rules.
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