All investors who own publicly traded shares have the right to vote 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. During 2009, we voted proxy ballots at nearly 3,000 U.S. and international corporations.
Partners for the Common Good
We also continued our support for Partners for the Common Good (PCG) in 2009. PCG is a community development investment fund supporting 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 2009, the fund had 91 investing partners and $14.5 million in capital commitments. PCG distributed $3.4 million in loans and investments during the year and had $12.9 million in loans outstanding at year-end.
Active Ownership
In 2010, CBIS plans to engage 34 companies by participating in 28 dialogues and filing six resolutions. Our issue focus remains substantially unchanged, with the majority of our engagement centering on human rights and environmental issues. Highlights include discussions with Nucor to combat slave labor, Goldman Sachs to improve corporate governance and Kraft Foods on using water sustainably.
Our issue focus remains substantially unchanged, with the majority of our engagement centering on human rights and environmental issues.