December 3, 2008
Wednesday
     

Activists Target Funds Invested in Chinese Oil Company in Sudan

Date: 09-11-2007
Type: activism
Categories: Activism / Socially Responsible Investing
Source: Investors Against Genocide

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
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