Pax World Divests From Weatherford International
Company cited for business operations in the Sudan
PORTSMOUTH, N.H. – October 16, 2007 – Pax World Management Corp., investment adviser to Pax World Funds ("Pax"), which launched the nation's first socially responsible mutual fund in 1971, today announced it has fully divested all holdings of Weatherford International (WFT) due to its operations in Sudan
Pax World divested all shares of Weatherford on Oct. 12 after the Sudan Divestment Task Force added the company to its list of companies having problematic ties to the government of Sudan, which is widely viewed as responsible for the genocide taking place in Darfur.
Pax World has adopted a Sudan Investment Policy regarding companies doing business in Sudan. The policy identifies companies as targets for divestment if they: (1) have a business relationship with the government or government-created project; (2) impart minimal benefit to the country's underprivileged; and (3) demonstrate no substantial corporate governance policy regarding the Darfur situation. Pax will continue to hold companies if it determines that their commercial operations have beneficial effects, as the goal of its policy is to apply economic pressure to the Sudanese government without harming civilians. Under this "targeted divestment" approach, Pax has written to several companies in its portfolios requesting information about their operations in Sudan.
Weatherford International is one of the world's largest diversified upstream oilfield service companies. The company provides services and products including drilling, evaluation, completion, production and intervention.
"We adopted a Sudan Investment Policy to try to be responsive to the ongoing violence and human rights abuses in Darfur," said Pax president and CEO Joe Keefe. "Our policy includes both engagement and, where appropriate, divestment. We determined that the latter was the proper course in the case of Weatherford International as it remains unclear what the company intends to do about its continued operations in Sudan."
For more information, contact Brendon Buckley 617.933.5021 or Cosabeth Bullock 617.933.5277.