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Social(k) and Fidelity Out of Sudan Target Companies to Divest Retirement Funds from Fidelity Investments Over Sudan

Submitted by: Social(k)

Categories: Socially Responsible Investing, Activism

Posted: May 15, 2007 – 11:59 PM EST

 

Social(k) daylights 29 companies with $2 billion or more in Fidelity

May 15 /CSRwire/ - SPRINGFIELD, MA - May 15, 2007 – Springfield, MA-based Social(k), the nation’s most diverse socially responsible retirement plan, today is day-lighting the names of 29 major companies each with more than two billion dollars of retirement assets in Boston-based Fidelity Investments. The assets of the 29 companies, which include Verizon Communications, Ford Motor Company and Eastman Kodak, total $228,303,397,058 (complete list below). Social(k) fund President Rob Thomas made the announcement due to concerns the financial titan invests in companies doing business with the genocidal regime of Sudan. Fidelity Out of Sudan will be writing these companies to request they divest their retirement assets of Fidelity Investments so long as the company retains major investments in Sudan.

Thomas and Fidelity Out of Sudan urge the companies to divest their retirement assets due to Fidelity Investment’s large holdings of PetroChina and Sinopec, two Chinese oil companies helping fund the genocide in Darfur. According to various sources, approximately 70 percent of the oil revenue is used by the government of Sudan to fund the military which is implicated in the death of hundreds of thousands of Sudanese people.

The divestment campaign builds on the approach used to end apartheid in South Africa but limits the focus to a small number of companies that are funding the genocide. To date, the debate has focused primarily on personal investments but the substantial retirement assets should also be divested, Thomas noted.

"The basic tenet of the Social(k) retirement platform is to do well by doing good," said Rob Thomas, president of Social(k). "Companies should divest their retirement assets from investment institutions involved in immoral practices and put those assets in funds that enable investors to profit while maintaining high principles."

Thirteen states and 42 colleges and universities (including Harvard, Yale, and the University of California) have already taken action on divestment from Sudan, according to Fidelity Out of Sudan (http://fidelityoutofsudan.com/whohasdivestedfromsudan).

Companies and organizations that have already signed with Social(k) include three of the social responsibility leaders helping pressure Fidelity investors to divest: Co-op America (Washington, DC), Social Investment Forum (Washington, DC ), and the Social Venture Network (San Francisco, CA) as well as two of the nation’s top socially responsible investment fund families (Parnassus Investments (San Francisco, CA) and the Winslow Management Company in (Boston, MA).

Note to reporters: Many of the companies listed below as having two billion dollars or more of their retirement assets with Fidelity Investments are changing the way they operate: offering annual sustainability reports, hiring Corporate Social Responsibility officers, and conducting business in a more sustainable, responsible and efficient manner. (Source: Department of Labor, Form 5500, May 14, 2007)


Sponsor's Name Sponsor's City Sponsor's State Plan Yr End Total Assets
Accenture, LLP Chicago IL 6/30/2005$2,718,471,970
Albertsons, Inc. Boise ID 12/31/2005$5,026,656,661
Alcoa Pittsburg PA 12/31/2005$8,221,260,506
Ameren Corporation San Francisco CA 12/31/2005$2,567,782,257
Bechtel Corporation Boise ID 12/31/2005$3,924,036,793
Bristol-Myers Squibb Company New York NY 12/31/2005$3,225,642,000
Cellco Partnership (DBA Verizon Wireless) Basking Ridge NJ 12/31/2005$2,030,769,158
Delta Air Lines Inc. Atlanta GA 06/30/2005$12,056,570,447
Eastman Kodak Company Rochester NY 12/31/2004$10,872,207,880
Energy East Management Corporation Rochester NY 12/31/2004$2,324,735,371
Ford Motor Company Dearborn MI 12/31/2005$45,685,189,308
FPL Group Inc. (Florida Power and Light) Juno Beach FL 12/31/2004$3,146,751,971
HCA Inc. Nashville TN 12/31/2005$6,795,140,208
Johnson Controls Inc. Milwaukee WI 12/31/2005$2,314,311,434
Lucent Technologies Inc. New Providence NJ 12/31/2004$7,588,105,836
Massachusetts Institute Of Technology Cambridge MA 12/31/2005$2,312,095,405
NCR Corporation Dayton OH 12/31/2004$3,462,618,000
Northeast Utilities Service Company Hartford CT 12/31/2005$2,230,432,072
PG&E Corporation San Francisco CA 12/31/2004$2,068,507,000
PPG Industries Inc Pittsburg PA 12/31/2004$2,754,718,678
Rockwell Automation Inc. Milwaukee WI 12/31/2005$3,135,193,142
Shell Oil Company Houston TX 12/31/2004$8,243,532,645
The Dow Chemical Company Midland MI 12/31/2004$5,717,538,991
The Walt Disney Company Burbank CA 12/31/2005$2,286,153,356
Trustees Of The Comed Pooled Fund (Commonwealth Edison) Chicago IL 12/31/2004$4,229,645,608
Tyco International Us Inc. Princeton NJ 12/31/2005$7,060,790,423
Unisys Corporation Bluebell PA 12/31/2005$2,384,902,528
United Air Lines Inc Chicago IL 12/31/2005$2,836,793,021
Verizon Communications Inc. Coppel TX 12/31/2005$7,060,790,423
$228,303,397,058

About Social(k):

Springfield, MA-based Social(k) is the nation’s most diverse socially responsible retirement plan offering more than 100 screened socially responsible funds to choose from. More than 300 financial advisors have registered with Social(k) so as to be able to offer its unique retirement program to their clients as an alternative to the limited options normally offered through today’s traditional sponsored programs. For more information, see www.socialk.com.

About Fidelity Out of Sudan:

Fidelity Out of Sudan is a non-profit, broad-based, public campaign to pressure Fidelity to change its investing strategy in Sudan. In particular, the group wants Fidelity to divest its major holdings of PetroChina and Sinopec, two Chinese oil companies that are funding the genocide in Darfur. The campaign works with individuals, companies, organizations, financial institutions, the press, Fidelity employees, and government agencies to build awareness and to create financial, public relations, and regulatory pressure for Fidelity to change. The ultimate goal is to force Fidelity and other financial institutions to adopt moral investment policies and to pressure the Government of Sudan to end its deadly genocide in Darfur. For more information see www.fidelityoutofsudan.com.

For more information, please contact:

Phone: 301-592-0077

 

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