The
founders of the Boston-based campaign, Fidelity Out of Sudan, has expanded into
Investors Against Genocide, a nonprofit organization dedicated to convincing mutual funds and other investment
firms to change their investing strategy to avoid complicity, even if indirect,
in genocide.
The group specifically targets and
discourages investment firms with significant holdings in PetroChina, a Chinese
oil company that is considered one of the most controversial supporters of the
genocide in Darfur.
Some of
the firms coming under fire include Warren Buffett’s Berkshire
Hathaway, the largest holder of PetroChina shares, and the three
largest American mutual fund companies: American Funds, Vanguard, and
Fidelity, which
owns between $500 million and $700 million of PetroChina.
Visitors to Investors Against Genocide
Web site will find a complete list of targeted investment firms and can easily
send a message to those companies via the website. The site also contains
information on the history of the genocide in Sudan and reasons why it’s
important to pressure the firms.
In a recent study by KRC Research, 71% of
respondents said companies should take into account extreme cases of human
rights abuses, including genocide, when investing overseas, rather than base
their investment decisions on economic criteria only.
The ultimate goals for Investors Against
Genocide are for the Sudanese government to end its genocide in Darfur, and for investment firms to avoid investing in
genocide, even if indirectly, in the future.
Organization:
Investors Against Genocide