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Proposal 3--Please Read!

I get out quite a bit of extra in students loans to cover additional, unforeseen expenses. Rather than have it languish in a checking account, Dan and I decided to leave our "emergency funds" in a money market mutual account and access it when there was a need. Recently, I received an e-mail from the company informing me of voting rights that I had and recent changes that were coming up.

As part of the voting, there was a "board recommendation" for the votes, but you could still vote however you liked. All of it looked fine to me except for the recommendation to vote AGAINST the last proposal....

Proposal 3

Shareholder proposal "that the board institute procedures to prevent holding investments in companies that, in the judgment of the board, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights."

Now, is it just me, or does this send up IMMEDIATE red flags? Why would there be a recommendation to vote NO against that? If the were board were concerned about money, they could very well make the "procedures" some lame, half-hearted, lazy attempt that would never really do anything but fulfill the word requirements of the proposal but never approximate the heart of the proposal. But no, they didn't even take a lazy cop-out...they just said "Vote No."

I'm quite disturbed by this and disappointed because I had been very satisfied with my investment company up until now. I am anxiously awaiting Vanguard's explanation for their reasoning and would like to hear if they are making any other attempts at moral business practices....

Comments

  1. I'm also a Vanguard account holder and I was puzzled by this recommendation too. I found your blog when I was googling for some additional commentary that might explain it. Haven't found anything yet....

    ReplyDelete
  2. John,

    I know...that was exactly my thought. I haven't been able to find anything out and am still waiting on a reply from Vanguard. I do have an e-mail out to some very good friends/professors that are knowledgeable in the field for their take on things. I'll update when I hear more!

    Paige

    ReplyDelete
  3. I'm surprised Left Wingers buy mutual funds. Pull them out and buy a Ford.

    ReplyDelete

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