Investors Put Gender On The Agenda

PORTSMOUTH, N.H.///October 13, 2010/// A coalition of global investors, managing over US $73 billion in assets, called on companies across the world today to increase representation of qualified women on boards of directors and in senior management. The call from Pax World, Calvert and Walden Asset Management, comes in response to a survey of 4,200 global companies that found only 9.4 percent of directors on corporate boards were women.

These findings have led a number of mainstream investors to identify gender balance and diversity as a strategic issue in their investment activity. The investors in this new coalition have asked 54 selected companies from across the business spectrum for greater clarity about gender balance within their organizations.

"We view gender equality and women's empowerment as strategic business and investment issues," said Joe Keefe, President and CEO of Pax World. "When women are at the table, the discussion is richer, the decision-making process is better, management is more innovative and collaborative and the organization is stronger. Because companies that advance and empower women are, in our view, better long-term investments, we are encouraging companies in our portfolios to enhance their performance on gender issues."

The investor initiative is a response to the Women's Empowerment Principles1 recently developed by the United Nations Development Fund for Women (UNIFEM) and the United Nations Global Compact. The Women's Empowerment Principles are designed to help companies take specific steps to advance and empower women in the workplace, marketplace and community.

"For Calvert, gender equality is an important aspiration for our own business as well as the companies in which we invest," said Barbara J. Krumsiek, President & CEO, Calvert Group, Ltd. "In order for companies to reach their full potential, they must create an environment in which women are treated equally, where they hold key leadership positions, and are full participants in decision making. For this reason we created the Calvert Women's Principles, on which the Women's Empowerment Principles are based, and welcome this opportunity to work with other institutional investors to advance gender equality."

The members of the coalition are all also signatories to the UN-backed Principles for Responsible Investment (PRI). "This engagement shows that gender balance within senior corporate management is not just a social issue but also a shareholder issue," said James Gifford, Executive Director of the PRI Initiative. "In an increasingly complex global marketplace, companies that effectively attract, hire, retain, and promote women are often better equipped to capitalize on competitive opportunities than those who do not."

The PRI coalition also reports increasing recognition of the value of board diversity by regulatory bodies worldwide. Three European countries have passed legislation requiring that either 30 percent or 40 percent of board members be women (the Netherlands, Norway and Spain), with four other countries considering similar legislation (Belgium, France, Germany and Sweden). In the United States the Securities and Exchange Commission adopted new rules for proxy disclosure, beginning this year, that include a requirement for companies to disclose how their nominating committees consider diversity in identifying board nominees. With its establishment of the Office of Minority and Women Inclusion, the recently passed Wall Street Reform also acknowledges the benefits of diversity in management, employment and business activities.

"Simply put, in the U.S. and globally, we believe that equitable and inclusive work environments are good for society, good for the economy and good for business," stated Heidi Soumerai, Senior Vice President and Director of ESG Research at Walden Asset Management in Boston.

Notes to editor

The full list of PRI signatories participating in this engagement are: Calvert, Pax World, The Co-operative Asset management, Batirente, Folksam, Vancity Investments, Boston Trust, Etica SGR and FIR Capital.The eight countries in which the companies are based are United States, Canada, Brazil, United Kingdom, Sweden, Switzerland, France and Italy.The studies referenced in this press release include: Governance Metrics International, " Women on Boards: A Statistical Review by Country, Region, Sector and Market Index, March 2010; Francoeur et al., "Gender Diversity in Corporate Governance and Top Management.", Journal of Business Ethics, (2008) 81:83-85; Catalyst, "The Bottom Line: Corporate Performance and Women's Representation on Boards," 2007; Gopal V. Krishnan and Linda M. Parsons, "Getting to the Bottom Line: An exploration of Gender and Earnings Quality", George Mason University, no date; Renee N. Adams and Daniel Ferriera, "Gender Diversity in the Boardroom," August 2004.

1The Women's Empowerment Principles, the product of collaboration between UNIFEM and the UN Global Compact informed by an international multi-stakeholder consultation, are adapted from the Calvert Women's Principles®. http://www.unifem.org/partnerships/womens_empowerment_principles/

ABOUT THE PRINCIPLES FOR RESPONSIBLE INVESTMENT (PRI)
The Principles for Responsible Investment, convened by UNEP FI and the UN Global Compact, was established as a framework to help investors achieve better long-term investment returns and sustainable markets through better analysis of environmental, social and governance issues in investment process and the exercise of responsible ownership practices. The Principles themselves, a full list of signatories and more information can be found at http://www.unpri.org/.

ABOUT PAX WORLD MANAGEMENT LLC
Pax World Management LLC, the investment adviser to Pax World Funds, is a recognized leader in Sustainable Investing, the full integration of environmental, social and governance (ESG) factors into investment analysis and decision making. Pax World launched the financial industry's first socially responsible mutual fund in 1971. Today, Pax World offers a range of investment products including a family of no-load mutual funds, multi-manager asset allocation funds, exchange traded funds (ETFs) and separately managed accounts for institutional investors.

For more information, visit http://www.paxworld.com/.

CONTACT:
Francy Ronayne
Solomon McCown
617.933.5017
fronayne@solomonmccown.com

ABOUT CALVERT
A leader in Sustainable and Responsible Investments (SRI), Calvert Investments offers investors among the widest choice of SRI strategies of any investment management company in the United States. Each SRI strategy employs one of three proprietary approaches. Calvert SignatureTM Strategies integrate two distinct research frameworks: a rigorous review of financial performance plus a thorough assessment of environmental, social, and governance performance. Only when a company meets Calvert standards for both frameworks will we consider investing. Calvert SolutionTM Strategies selectively invest in companies that produce products and services designed to solve some of today's most pressing sustainability challenges. Calvert SAGETM Strategies emphasize strategic engagement to advance environmental, social, and governance performance in companies that may not meet Calvert standards today, but have the potential to improve. More information on Calvert SRI strategies is available at www.Calvert.com/SRI.

ABOUT WALDEN ASSET MANAGEMENT
Walden Asset Management has been a leader in integrating environmental, social and governance (ESG) analysis into investment decision-making since 1975. Walden offers separately managed accounts tailored to meet client-specific investment guidelines and works to strengthen corporate ESG performance, transparency and accountability. Walden Asset Management is a division of Boston Trust & Investment Management Company.

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