April 05, 2020

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Social(k) Urged Clients to Oppose SEC Efforts Constraining Shareholder Resolutions

Submitted by: Social(k)

Categories: Socially Responsible Investing

Posted: Oct 03, 2007 – 02:17 PM EST

 

Oct. 03 /CSRwire/ - SPRINGFIELD, MA - October 3, 2007 - When Social(k) President Rob Thomas learned of the Securities and Exchange Commission’s (SEC) proposals to weaken the ability of investors to sponsor shareholder resolutions and nominate members of corporate boards, he did what he had to do - he contacted his 1100 Social(k) plan participants and got them to send letters to the SEC and Congress asking them to drop the proposals.

Along with his clients, 30,000 people sent messages to the SEC by yesterday, October 2, the deadline for comments. That amounted to the most letters the SEC has ever received on any issue, according to Social Investment Forum, one of the leaders of www.SaveShareholderRights.Org, which, together with the Interfaith Center on Corporate Responsibility, spearheaded the effort to retain shareholder's rights. Social Investment Forum practices what it preaches. The Washington, DC-based organization was one of the first entities to sign up their retirement plan with Social(k).

It wasn't the first time the founder of the nation's most diverse socially responsible retirement plan has stepped outside of the day-to-date process of advising clients on retirement options to help change the way money is invested. In May, Thomas day-lighted the names of 29 major companies each with more than two billion dollars of retirement assets in Boston-based Fidelity Investments due to concerns the financial titan invests in companies doing business with the genocidal regime of Sudan.

"Whether investing retirement dollars in socially responsible funds or asking Congress to enable investors to vote with their morals, it's vital the individual has a strong voice in corporate decision-making," said Thomas.

It's clear Social(k)'s clients like what Thomas is doing. With the busiest 401(k) investment season still to come, the number of companies signing up their retirement plans with Social(k) in 2007 has already more than doubled in the year since the company was founded in 2006.

This month, Thomas will attend the Social Venture Network conference in San Diego, CA October 11-14 and the Bioneers conference in San Rafael, CA October 19-21. He will also host a client networking and appreciation event in San Francisco, CA October 17 in the Parnassus Investments offices (Parnassus Investments is a Social(k) client in addition to being on the Social(k) platform).

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. Social(k) offers retirement record-keeping and administration services via the Internet by East Windsor, New Jersey-based provider ExpertPlan, thus dramatically reducing the use of paper. For more information, see www.socialk.com.

For more information, please contact:

Sandra Marquardt On The Mark Public Relations
Phone: 301-592-0077

 

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