Pax World Announces Voting Record On Gender Diversity For 2011 Proxy Season
PORTSMOUTH, N.H.///August 1, 2011/// Pax World Management LLC, investment adviser to Pax World Funds (Pax World) and a leader in the field of Sustainable Investing, announced today the record of its proxy votes on gender equality and women’s empowerment during the 2011 proxy season. It is the policy of Pax World to withhold votes from, or vote against, all-male slates of directors, and in most cases Pax will oppose director states that include fewer than two women.
During the 2011 proxy season, Pax World withheld votes from, or voted against, 264 director slates for insufficient gender diversity. Of these, Pax World withheld votes from director slates at 138 of the 264 companies because they had only one woman on the board or among the nominees. As part of Pax World’s proxy voting policy, notification letters are then sent to all companies whose slates are opposed due to a lack of gender diversity.
“Pax World believes that gender diversity at all levels is a significant indicator of well-managed companies,” said Pax World Senior Vice President for Sustainable Investing Julie Gorte. “And the ability of a corporation to take advantage of all the talent available to it is probably best represented by the diversity of its board.”
According to data published by Governance Metrics International in 2011, board diversity averages only 10 percent – just one woman on the average board of ten people – among the nearly 4,200 companies around the globe.
Earlier this year, Pax World launched a campaign to promote greater gender diversity on corporate boards by encouraging other institutional investors, investment advisors and individuals to adopt similar proxy voting guidelines. For more information on this “Say No to all-male boards” campaign and a toolkit for investors to use in encouraging companies to consider gender diversity on its boards, visit: http://www.paxworld.com/say-no.
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 comprehensive platform of Sustainable Investing solutions including Pax World Funds, a family of no-load mutual funds; ESG Managers® Portfolios, multi-manager asset allocation funds powered by Morningstar Associates; ESG Shares®, the first family of ETFs devoted exclusively to a Sustainable Investing approach; and separately managed accounts for institutional investors. For more information, visit www.paxworld.com.
Before in investing in a Pax World Mutual Fund, ESG Managers® Portfolios’, and ESG Shares® investment objectives, risks, and charges and expenses carefully before investing. For this and other important information, please obtain a fund prospectus by calling 800.767.1729 or visiting www.paxworld.com. Please read it carefully before investing.
ESG Managers Portfolios’ are available only through registered financial advisors.
Separately managed accounts and related advisory services are provided by Pax World Management LLC, a federally registered investment adviser. ALPS Distributors, Inc. is not the distributor for Pax World’s separately managed accounts.
Pax World Funds, ESG Shares and ESG Managers portfolios are distributed by ALPS Distributors, Inc. Member FINRA. ALPS Distributors, Inc. is not affiliated with Morningstar Associates, LLC. Copyright © 2011 Pax World Management LLC. All rights reserved.