IAG Protest (Photo: AP)
On May 21, 2010, the Board of Trustees of the Unitarian Universalist Association (UUA) announced its unanimous decision to end the association’s 10 year relationship with Fidelity and move its $178 million retirement accounts to TIAA-CREF. The UUA was an early member of the Save Darfur Coalition and has worked closely with Investors Against Genocide in our effort to persuade major mutual fund companies like Fidelity to commit to genocide-free investing. Beginning in 2007, the UUA tried unsuccessfully to persuade Fidelity to divest in companies with ties to the Sudanese government, particularly two giant Chinese oil companies, PetroChina and Sinopec.
According to its press release, the change in companies was spurred by the UUA’s growing commitment to genocide-free investing coupled with its disappointment in Fidelity’s persistent refusal to consider human rights in their investment choices. “We are morally bound to consider the impact of our financial decisions, stated UUA President Rev. Peter Morales. “We couldn’t continue to watch passively as money we earned through religious service was directed to companies profiting from a genocidal regime. As clients of Fidelity, we tried to create change from within, but after four years, it became clear that Fidelity’s position on investing in the Sudan hadn’t changed one iota.”
This important decision by the UUA was widely reported in the financial media.
The Unitarian Universalist Association is a leading example that Americans, once they become aware, are overwhelmingly opposed to being financially connected to genocide. Fund managers, such as Fidelity, who resist making a commitment to genocide-free investing, should see that UUA’s action reflects a competitive marketplace in which customers have clear, mainstream alternatives that are genocide-free.
IAG encourages individuals to follow the UUA’s lead in making their personal or company investments genocide-free:
- Consider moving your investments to American Funds or TIAA-CREF, the two mainstream investment firms that have human rights policies and have taken substantial action in support of those policies. If you decide to do so after reviewing how the funds meet your personal financial and non-financial criteria, please write the company you are leaving as well as the company receiving your money to let management know why you have made this important decision. Click here for details on the commitment to genocide-free investing by American Funds and TIAA-CREF.
- Volunteer to submit a shareholder proposal to mutual funds you’ve held for over a year and in which you have at least $2,000 invested. The successes with American Funds and TIAA-CREF demonstrate that our shareholder resolutions are effectively pressuring mutual fund companies since both companies changed their policies only after receiving shareholders proposals from IAG volunteers. Now we need more volunteers to submit our recently updated and strengthened proposal to companies like Vanguard, Fidelity, and Franklin Templeton that continue to hold large investments in problem companies. We’ve made the submission process easy and confidential. Click here for details.
Your action can make a difference. Oppose financial institutions investing your savings and pension funds in companies that substantially contribute to genocide. Join us in telling the financial industry to draw the line at investing in genocide.