(July 5 – 10:00 ET) – Ethical Funds Inc. has published its proxy voting guidelines on its Web site at www.ethicalfunds.com.
The guidelines summarize how Ethical Funds votes on corporate governance, social, and environmental proxy issues and shareholder resolutions. It believes it is the first company to do so in Canada, although a number of “socially responsible” mutual funds do it in the U.S.
It expects that most of its important votes will be cast in the U.S., where legislation accomodates broader shareholder proposals. “For the most part, American business people and institutional investors have a better understanding of the link between social and environmental issues and strategic business concerns compared to their Canadian counterparts,” says Robert Walker, vice president, SRI policy and research.
Ethical Funds, created by the credit union movement, now offers 12 no-load, socially responsible mutual funds. “By publishing our guidelines we’re becoming more accountable to our unitholders,” says Walker.
-IE Staff