Pax World Announces Early Successes in 2012 Proxy Season
PORTSMOUTH, N.H.///April 30, 2012/// Pax World Management LLC, investment adviser to Pax World Funds (Pax World) and a leader in the field of Sustainable Investing, announced today that is was withdrawing two shareholder proposals filed at Roper Industries, Inc. and Target Corp. after receiving positive responses from both companies.
Pax World’s shareholder resolution filed with Roper Industries requested that the company take reasonable steps to ensure that women and minority candidates were considered for open director positions and to report to shareholders on its efforts to assure board diversity. Pax World withdrew its proposal after the company agreed to amend its Corporate Governance Guidelines and Nomination and Governance Committee Charter to include gender and ethnicity as criteria for selection of any new director, and to periodically review board composition.
“Pax World sees board diversity as an indicator of sound management, and a characteristic of well-managed, forward thinking companies. We are pleased and want to commend Roper Industries for taking this step to formally affirm its commitment to board diversity,” says Heather Smith, Lead Sustainability Research Analyst, Pax World.
“Board diversity is something that Pax World is deeply committed to,” continued Ms. Smith. “That is why we launched our Say No to All Male Boards’ campaign last year, and have joined forces with the 30% Coalition, 2020 Women on Boards and other women’s groups advocating for gender equality in boardrooms and business.”
Pax also withdrew a resolution filed with Target Corp. concerning disclosure of lobbying activities and expenses. This resolution was part of a larger effort, led by the American Federation of State, County and Municipal Employees and Walden Asset Management, to bring greater transparency and accountability to corporate political contributions and activities, including lobbying. After a productive dialogue, Target agreed to provide additional disclosure of its positions and activities on the public policy issues it regards as most critical to the company.
“Corporate lobbying is an important force shaping public policy, and shareholders have a right to be informed about how the companies they own are spending money to influence politicians and political institutions,” said Laura Huober, Sustainability Analyst, Pax World. “Nearly 90 percent of all the money corporations spend on politics is spent on lobbying, and this kind of money can have a significant impact on public policy. We are pleased that Target Corp. has agreed to greater disclosure and transparency in this regard.”
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 exchange traded funds (ETFs) devoted exclusively to a Sustainable Investing approach; and separately managed accounts1 for institutional investors. For more information, visit www.paxworld.com.
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1Separately 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.
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Pax World Management LLC is the investment adviser to the ESG Managers® Portfolios. Morningstar Associates, LLC, a registered investment adviser and wholly owned subsidiary of Morningstar, Inc., serves as portfolio construction adviser to the ESG Managers® Portfolios responsible for manager selection, asset allocation, portfolio construction and monitoring, but does not serve in the capacity of investment advisor to individual investors. The Morningstar name and logo are the property of Morningstar, Inc. Morningstar is not affiliated with Pax World Management LLC. ALPS Distributors, Inc. is not affiliated with Morningstar Associates, LLC.
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