All investors who own publicly traded shares have the right to vote their shares for or against resolutions that appear on the proxy ballot at annual shareholder meetings. Investment managers generally vote in accordance with the recommendation of company management, sometimes in direct opposition to what would be considered a socially responsible vote. As a result, many institutions unknowingly lend support to forms of corporate behavior that we and other SRI investors are working hard to change. CBIS’ comprehensive proxy voting guidelines govern how we vote across a wide range of environmental, social and governance issues and ensure that we take full advantage of the opportunity to influence corporate policy through proxy voting. In 2007, we voted proxies at over 1,250 U.S. and international corporations.
We also continued our strong support for Partners for the Common Good (PCG) in 2007. PCG is a community development investment fund that supports community-based organizations that promote affordable housing, create job opportunities in low-income and at-risk communities, and provide micro-loans to the poor in the U.S. and abroad. At year-end 2007, the fund had 85 investing partners and $10.1 million in capital commitments. PCG distributed $3.9 million in loans and investments during the year and had $8.5 million in loans outstanding at year-end.
We plan to engage 36 companies in 2008 by filing 11 resolutions and participating in 25 dialogues, generally covering the same issues of concern as in 2007.
Many institutions unknowingly lend support to forms of corporate behavior that we and other SRI investors are working hard to change.