February 2, 2010

 

Special Notice for Shareholders in Our European and PacAsia Funds

 

As a shareholder in the Domini European Social Equity Fund or Domini PacAsia Social Equity Fund, you should have received a proxy statement in the mail regarding an important proposal that affects your funds. The combined proxy statement and prospectus can also be viewed here.

 

You are being asked to approve a reorganization of the Funds whereby the Domini International Social Equity Fund will acquire all of the assets and liabilities of the Domini European Social Equity Fund and the Domini PacAsia Social Equity Fund.

 

After the completion of the transaction, the Domini European Social Equity Fund and the Domini PacAsia Social Equity Fund will be dissolved and will no longer be available for investment.

 

The Funds’ Board of Trustees unanimously recommends that you vote “For” this proposal.

 

Please review the combined proxy statement and prospectus and cast your vote as follows:

 

Mail: Complete, sign, and return the card you received in the mail, or

 

Phone: Call 1-800-690-6903 and follow the instructions (to speak to a live person, call 1-800-829-6554), or

 

Online: Visit www.proxyvote.com and follow the instructions.

 

 

Your vote is important and only takes a few minutes to cast. If you have any questions or need help, please call 1-800-582-6757.

 

 

 

January 12, 2010

 

Domini Social Equity Fund Outperforms S&P 500 by 9% in 2009

 

Lipper ranks socially responsible fund in top 10% of large cap core equity.

 

November 6, 2009

 

How Is Domini Addressing Healthcare Reform?

 

Over the years, we’ve received thousands of emails from fund shareholders asking a wide range of questions. We thought it would be interesting to share some of our responses to questions that touch on matters of broad interest.

 

Recently, a shareholder wrote: “What kind of pressure are you putting on pharmaceuticals to stop their attack on health care reform. As an investor I am VERY concerned about this and am considering divesting from all of them!”

 

In our response we wrote the following:

 

“We share your concerns about corporate lobbying activity on healthcare and many other critical issues, and we have worked to address these concerns through shareholder activism and through the standards we use to select holdings for our funds.

 

“We have been an active member of the Center for Political Accountability, an investor organization seeking to bring greater transparency to corporate political activity, and have successfully convinced a number of firms to publicly disclose their political contributions. For example, we were part of the investor group that convinced Merck to do so. Information disclosed by Merck is available online. We also vote our proxies in favor of proposals addressing health care reform filed by labor unions and religious organizations.

“When reviewing pharmaceutical companies for the Domini Funds, our analysts focus on three broad areas: access to medicine, the degree to which a company focuses on patent-protected medicines, and pricing controversies. We favor firms with a commitment to providing vaccines and preventative care, as opposed to those focused on ‘lifestyle’ drugs, such as Viagra. We have also excluded from our funds virtually all managed care organizations, such as Aetna and Cigna. We have also excluded virtually all for-profit hospitals, as well as many of the largest pharmaceutical companies, such as Pfizer.

“As I'm sure you're aware, the insurance industry has been active in this debate as well. Reliable information on corporate lobbying activities can be difficult to obtain, but we do keep an eye on the issue and have excluded companies from our portfolios due to concerns in this area. Our exclusion of United Health, for example, related to its lobbying activities on health care reform.

“We have not decided to divest from the pharmaceutical or insurance industries, although we do exclude individual companies that we believe fail to meet our social and environmental standards. These companies are regularly reviewed seeking to capture new information and emerging issues. Our Global Investment Standards are available at our website. To review the full portfolio for each of our funds, please visit the Domini Funds section of our website, select a fund, and select "Portfolio." Full fund portfolios are also disclosed in our Semi-Annual and Annual Reports to shareholders.”

 

If you have questions or comments about the Domini Funds or our investment policies, please write us using our online email form.

 

Past performance is no guarantee of future results. The Domini Funds are not insured and are subject to market risks. You may lose money. Certain fees and expenses apply to a continued investment and are described in the prospectus. The composition of each fund's portfolio is subject to change,

 

The social and environmental standards applied to the Domini Funds are subject to change without notice, as is Domini’s analysis of any of the companies named above. The information provided above should not be deemed an offer to sell or a solicitation of an offer to buy the stock of any of the companies noted, or a recommendation concerning the merits of any of these companies as an investment.

 

You should consider the Domini Funds' investment objectives, risks, charges and expenses carefully before investing. View or order a copy of the Funds' current prospectus for more complete information on these and other topics. Please read the prospectus carefully before investing or sending money.

 

DSIL Investment Services LLC, Distributor. 11/09

 

 

 

September 24, 2009

 

Amy Domini Named “Responsibility Pioneer” by Time Magazine

 

Amy Domini, founder and CEO of Domini Social Investments, has been honored by Time magazine as one of 25 “Responsibility Pioneers” who are changing the world. The list accompanied the magazine's special section on community service, "The Responsibility Revolution," in the September 21 issue.

 

"Amy Domini started shaking up Wall Street in 1984 with a book she co-wrote, Ethical Investing," wrote Time’s Jeremy Caplan.

 

"Since then, she has used various means — from working with executives to forcing reforms via shareholder resolutions — to help companies grow a conscience. And she has proved that principles pay.... Her investing ethos is simple: 'The future of the planet is as important as an earnings report.'"

 

Amy Domini has been honored previously by Time magazine. In 2005, she was named by the magazine as one of the 100 most influential people in the world. In 2008, Directorship magazine included Amy Domini in its Directorship 100, a list of the most influential people on corporate governance and in the boardroom. She has received honorary doctorates from the Northeastern University College of Law and Yale University's Berkeley Divinity School.

 

You should consider the Domini Funds' investment objectives, risks, charges, and expenses carefully before investing. View or order a copy of the Funds' current prospectus for more complete information on these and other topics. Please read the prospectus carefully before investing or sending money.

 

The Domini Funds are subject to market risks and are not insured. You may lose money.

 

 

September 3, 2009

 

Domini Marks 15 Years of Shareholder Activism

 

Back in 1994, Domini filed its first shareholder resolution, asking Wal-Mart* to disclose Equal Employment Opportunity information.

 

Since then, we have filed a total of 200 resolutions with 83 companies and engaged in numerous long-term dialogues with corporate management on a range of social, environmental, and governance issues.

 

Together with our shareholders and many committed people and organizations with whom we have partnered, we have helped alleviate poverty among coffee farmers, improve conditions for factory workers, protect forests, and protect the rights of gay and lesbian employees.

 

The latest issue of our quarterly Social Impact Update reviews highlights of our first 15 years of shareholder activism, including the following:

 

• Procter & Gamble Markets Fair Trade Coffee
• Gap Releases First Social Responsibility Report
• JPMorgan Adopts Comprehensive Environmental Policy
• Apple Adopts Code of Conduct
• Protecting Forests
• Domini Raises Alert on Nanomaterials, Toxics
• Lifting the Veil on Corporate Political Contributions

 

None of our successes would have been possible without the help of our Funds' shareholders. We thank you for your commitment to making a difference in the world through the way you invest.

 

*Wal-Mart was removed from the Domini Social Equity Fund’s portfolio in 2001 and does not currently meet our Global Investment Standards.

 

You should consider the Domini Funds' investment objectives, risks, charges, and expenses carefully before investing. View or order a copy of the Funds' current prospectus for more complete information on these and other topics. Please read the prospectus carefully before investing or sending money.

 

 

August 5, 2009 Domini Funds Outperform in Second Quarter After one of the most painful periods in stock market history, the U.S. stock market rebounded strongly in the second quarter — and the Domini Funds rebounded even more strongly. All four of Domini's stock funds outperformed their benchmarks for the quarter, and the Domini Social Equity Fund was significantly ahead of its benchmark for the six months ending June 30. Our flagship fund, the Domini Social Equity Fund (Investor shares)(Ticker DSEFX), rose 20.58% for the quarter, almost five percentage points more than the S&P 500, which returned 15.93%. For the first six months of 2009, the Fund rose 8.41% versus 3.16% for the index. The Domini European Social Equity Fund (Investor shares)(Ticker DEUFX) rose 26.80% compared to the MSCI Europe index return of 25.89% for the second quarter of 2009. The Domini PacAsia Fund (Investor shares)(Ticker DPAFX) rose 30.11% compared to the MSCI All Country Asia Pacific index, which returned 28.20% for the second quarter of 2009. And the Domini European PacAsia Social Equity Fund (Investor shares)(Ticker DUPFX) rose 27.64% compared to the MSCI EAFE return of 25.85%. The Fund also outperformed its benchmark for the first six months of 2009, rising 8.46% versus 8.42% for the index. Investors are not out of the woods yet. The worldwide financial crisis that has unfolded over the last two years has left portfolios in the red, even after the second quarter's exceptional returns. These returns are short-term and cannot be relied on to predict future results, but can certainly be encouraging. Visit www.domini.com to read each Fund's Performance Commentary for the second quarter, including a quarterly overview of Domini's shareholder activism and proxy voting. Domini Social Equity Fund Investor Shares Average Annual Total Returns as of 6/30/2009   2nd Quarter Year to Quarter 1 Yr 3 Yr 5 Yr 10 Yr Since Inception 6/3/1991 DSEFX 20.58% 8.41% –24.39% –8.28% –3.77% –3.44% 6.30% S&P 500 15.93% 3.16% –26.21% –8.22% –2.24% –2.22% 7.00% On November 30, 2006, the Domini Social Equity Fund, formerly a passively managed index fund, transitioned to an active management strategy. Past performance through November 29, 2006, and statistics derived from that performance, represent the former passive investment strategy, and are not indicative of future results. For the period reported in its current prospectus, during which net operating expenses were capped by the Fund's Manager, the Fund's gross annual operating expenses totaled 1.24% of net assets. Until November 30, 2009, the Fund's Manager has contractually agreed to waive certain fees and/or reimburse certain expenses, including management fees, so that expenses paid by the Fund will not exceed, on a per annum basis, 1.20% of its average daily net assets representing Investor shares, absent an earlier modification by the Board of Trustees, which oversees the Funds. Domini European Social Equity Fund Investor Shares Average Annual Total Returns as of 6/30/2009   2nd Quarter Year to Quarter 1 Yr 3 Yr 5 Yr 10 Yr Since Inception 10/3/2005 DEUFX 26.80% 7.63% –36.96% –12.36% NA NA –4.82% MSCI Europe 25.89% 7.69% –34.05% –7.84% NA NA –2.37% For the period reported in its current prospectus, during which net operating expenses were capped by the Fund's Manager, the Fund's gross annual operating expenses totaled 1.80% of net assets. Until November 30, 2009, the Fund's Manager has contractually agreed to waive certain fees and/or reimburse certain expenses, including management fees, so that expenses paid by the Fund will not exceed, on a per annum basis, 1.60% of its average daily net assets representing Investor shares, absent an earlier modification by the Board of Trustees, which oversees the Funds. Domini PacAsia Social Equity Fund Investor Shares Average Annual Total Returns as of 6/30/2009   2nd Quarter Year to Quarter 1 Yr 3 Yr 5 Yr 10 Yr Since Inception 12/27/2006 DPAFX 30.11% 15.22% –23.99% NA NA NA –12.80% MSCI AC Asia Pacific 28.20% 16.83% –22.33% NA NA NA –8.91% As stated in its current prospectus, the Fund's gross annual operating expenses totaled 2.48% of net assets. Until November 30, 2009, the Fund's Manager has contractually agreed to waive certain fees and/or reimburse certain expenses, including management fees, so that expenses paid by the Fund will not exceed, on a per annum basis, 1.60% of its average daily net assets representing Investor shares, absent an earlier modification by the Board of Trustees, which oversees the Funds. Domini European PacAsia Social Equity Fund Investor Shares Average Annual Total Returns as of 6/30/2009   2nd Quarter Year to Quarter 1 Yr 3 Yr 5 Yr 10 Yr Since Inception 6/1/2000 DUPFX 27.64% 8.46% –33.77% NA NA NA –18.91% MSCI EAFE 25.85% 8.42% –30.96% NA NA NA –13.43% As stated in its current prospectus, the Fund's gross annual operating expenses total 3.19% of net assets. Until November 30, 2009, the Fund's Manager has contractually agreed to waive certain fees and/or reimburse certain expenses, including management fees, so that expenses paid by the Fund will not exceed, on a per annum basis, 1.60% of its average daily net assets representing Investor shares, absent an earlier modification by the Board of Trustees, which oversees the Funds.

Past performance is no guarantee of future results. Each Fund's returns quoted above represent past performance after all expenses. Investment return, principal value, and yield will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance information current to the most recent month-end, visit www.domini.com or call 1-800-582-6757. Each Domini Fund charges a 2.00% redemption fee on sales or exchanges of shares made less than 30 days after the settlement of purchase or acquisition through exchange, with certain exceptions. See the applicable prospectus for further information. The tables above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return is based on each Fund's net asset values and assumes all dividends and capital gains were reinvested. An investment in each Fund is not a bank deposit and is not insured. You may lose money. Certain fees payable by each Fund were waived during the period, and each Fund's average annual total returns would have been lower had these not been waived. The Standard & Poor's 500 Index (S&P 500), the Morgan Stanley Capital International Europe Index (MSCI Europe), the Morgan Stanley Capital International All Country Asia Pacific Index (MSCI AC Asia Pacific), and the Morgan Stanley Capital International Europe, Australia, and Far East Index (MSCI EAFE) are unmanaged indexes of common stocks. Although the Domini Social Equity Fund Investor shares, Domini European Social Equity Fund Investor shares, Domini PacAsia Social Equity Fund Investor shares, and Domini European PacAsia Social Equity Fund Investor shares are no-load, certain fees and expenses apply to a continued investment and are described in the prospectus. The composition of the Funds' portfolios are subject to change. Investing internationally involves special risks, such as currency fluctuations, social and economic instability, differing securities regulations and accounting standards, limited public information, possible changes in taxation, and periods of illiquidity. These risks are magnified in emerging markets. You should consider the Domini Funds' investment objectives, risks, charges, and expenses carefully before investing. View or order a copy of the Funds' current prospectus for more complete information on these and other topics. Please read the prospectus carefully before investing or sending money. DSIL Investment Services LLC, Distributor. 07/09

 

 

 

June 18, 2009

 

Domini Charts Future of Responsible Investing

 

Domini Chief Investment Officer Steve Lydenberg and sustainability investment strategist Graham Sinclair of Sinclair & Company have published “Mainstream or Daydream? The Future for Responsible Investing” (PDF) in the April 2009 issue of the Journal of Corporate Citizenship,

 

The article begins by surveying the state of responsible investing today, then poses — and answers — three key questions for each of three stakeholders: corporations, institutional investors, and financial and academic communities:

 

Corporations

 

• Can the widely accepted definition of the role of the corporation as a short-term profit-maximizing machine be changed, and, if so, how?
• Will corporations come to recognize that rule-setting by government can enhance their abilities to address social and environmental challenges, and, if so, why?
• Can corporations work cooperatively with government to define the relationship between these two powerful forces so that the pursuit of private goods does not undercut the creation of public goods?

 

Institutional investors

 

• Should the goal of investing encompass broad benefits to society as well as short-term, price-based returns, and, if so, in what ways?
• Should politics be separated from investment decision-making, and, if so, who is to make this distinction?
• Should the practice of responsible investment be applied across asset classes, and, if so, is this practice the same for all classes?

 

Financial and academic communities

 

• Should the value of investments be assessed in terms other than stock price, and, if so, what is the yardstick for such measurement?
• Should responsible investing be legitimized as a key part of the investment process, and, if so, through what means?
• Can individual investors be active enough “financial citizens” to make responsible investing a reality, and, if not, why not?

 

The answers to these questions, the authors say, could point the way to fundamental changes in the relations between corporations, government, and society in general, as well as the basic principles on which the financial community operates.

 

 

 

June 9, 2009

 

Domini Authors Featured in Finance for a Better World

 

Domini officials contributed two chapters to Finance for a Better World: The Shift Toward Sustainability, a new book on sustainable investing published by Palgrave Macmillan. The two chapters focus on how socially responsible investing can address short-term thinking in our financial markets and improve corporate human rights performance, respectively.

 

Steve Lydenberg, Domini’s Chief Investment Officer, argues that socially responsible investing can remedy the short-term thinking that has plagued our financial markets. “An excessive focus on short-term profits has various detrimental effects,” writes Lydenberg. “It causes corporate managers to misallocate assets. It introduces dangerous volatility into financial markets. It means society must divert productive resources to repairing environmental and social damage done in the headlong pursuit of profits.” Lydenberg suggests that social investing, with its focus on long-term social and environmental sustainability, can help to refocus finance on the long-term.

 

Adam Kanzer, Domini’s Managing Director and General Counsel, draws on his experience as the head of Domini’s shareholder activism program in a chapter examining the use of shareholder proposals to address corporate human rights performance. His chapter outlines the legal basis for these proposals and shows how nonbinding shareholder proposals have successfully influenced corporate behavior even when they fall far short of a majority vote. He points out, for example, that the shareholder proposals that helped bring Reverend Leon Sullivan to the Board of General Motors received less than 3% of the vote. Sullivan later authored the Sullivan Principles to guide businesses in apartheid-era South Africa, which played an important role in ending apartheid.

 

• Steve Lydenberg, “Building the Case for Long-Term Investing in Stock Markets: Breaking Free from the Short-Term Measurement Dilemma” (Read pdf)

 

• Adam Kanzer, “The Use of Shareholder Proposals to Address Corporate Human Rights Performance” (Read pdf)

 

According to its publisher, Finance for a Better World “provides an overview of current advances regarding the integration of sustainability in the financial sector. Its originality lies in the fact that it does not focus exclusively on a particular aspect of this emerging trend, but instead, presents various illustrations — or instance in the fields of SRI, sustainable banking or innovative investments — of what can be considered as the beginning of a paradigm shift in global finance.”

 

The book was edited by Henri-Claude de Bettignies, the EU Chair Distinguished Professor of Global Governance and China-Europe Business Relations at CEIBS, Shanghai, China and François Lépineux, a Research Fellow at INSEAD, and Professor and Head of the Center for Responsible Business at ESC Rennes School of Business, Brittany, France.

 

 

 

June 3, 2009

 

Domini Executive Selected for SEC Investor Advisory Committee

 

Domini Social Investments’ Managing Director and General Counsel, Adam Kanzer, has been selected to join the Securities and Exchange Commission’s newly formed Investor Advisory Committee. The 18-member committee was established to provide the SEC with the views of a broad spectrum of investors on the Commission’s regulatory agenda. Committee members will serve for a term of two years.

 

“I am honored to be selected to help advise the SEC as it works through its regulatory agenda at such a critically important time in the Commission’s history,” Mr. Kanzer said. “I am grateful for the opportunity to bring the voice of the socially responsible investor to the Commission’s deliberations.”

 

During March, Mr. Kanzer participated in meetings organized by the Social Investment Forum (SIF) with SEC commissioner Luis Aguilar to discuss Domini and the Social Investment Forum’s public policy goals.

 

Lisa Woll, CEO of the Social Investment Forum, said, "The 400-plus members of the Social Investment Forum are delighted to have someone of Adam's caliber bringing the views of the socially responsible investment field to the discussions of the Investor Advisory Committee.”

 

Visit the SEC’s website for the official announcement. All committee proceedings will be made public by the Commission.

 

 

 

May 28, 2009

 

Contact:           
Geoff Wisner, Domini Social Investments LLC, Direct: 212-217-1063, Main: 212-217-1100.

Steven Heim, Senior Vice President & Director of Social Research and Advocacy,
Boston Common Asset Management, LLC, Office: 617-720-5557, Mobile: 617-785-9527

 

Global Investor Group Asks S&P 100 Companies How They Ensure Rights for Their U.S. Workers

Investors “recognize that constructive and positive labor relations are critical to a company’s long-term success”

 

New York, NY – An international coalition of major institutional investors, managing $757 billion across the global economy, sent a letter to all S&P 100 companies recently asking for information on how they protect and enhance labor rights for their U.S. employees, and how they view the proposed Employee Free Choice Act (S. 560 and H.R. 1409).  

 

The signers of the letter are signatories to the UN-backed Principles for Responsible Investment (PRI) and believe that environmental, social and governance (ESG) issues have a significant impact on long-term financial returns. Company responses to the letter will be shared with all participating PRI signatories.

 

The letter has been sent to companies such as Bank of America, McDonald's and Lowe's. In it, the investor group informs S&P 100 companies that “The freedom to form or join a union of one’s choice or not, and to bargain collectively for the terms of one’s employment, are fundamental human rights that we as global investors recognize and respect.”

 

Steven Heim from Boston Common Asset Management, LLC explained, “The current debate about the Employee Free Choice Act has highlighted the need to better understand a company’s position, workplace policies, and responses regarding unions and collective bargaining, and determine how companies are positioned in light of the Act and the issues it raises. This initiative seeks to gather information to identify best practices and gaps of the largest US corporations in order to generate insights which will feed into our investment decisions.”  

 

"We believe it is in each company's long-term best interests to reassess their policies and procedures to ensure their employees' rights are fully protected," said Adam Kanzer, Managing Director and General Counsel at Domini Social Investments LLC. "We encourage companies to look to the standards set by the International Labor Organization when they establish a higher standard than U.S. law, particularly in the areas of freedom of association and collective bargaining."

 

"There is information from a number of sources, including internationally respected human rights organizations, that raises concerns about gaps between U.S. law and the ILO conventions, particularly freedom of association. There is a gap that could create risks for both employees and employers,” said Bennett Freeman, Senior Vice President of Sustainability Research and Policy at Calvert Asset Management Company Inc.

 

“As long-term investors, we want companies to create value in a sustainable way,” said Ian Greenwood, Chair of the U.K.-based Local Authority Pension Fund Forum. “Constructive labor relations can be a positive influence on productivity, foster trust and loyalty, and help attract and retain skilled staff, therefore this is an area shareholders need to be informed about. We hope this process will give us a better understanding of how US companies are addressing these challenges.”

 

Although individual investors within the Group may have taken a view on the Employee Free Choice Act legislation, the group as a whole has itself not formulated an official position.

 

A copy of the template letter can be downloaded here or at Boston Common Asset Management.

 

– xxx –

 

List of Signatories

 

Daniel F. Pedrotty, Director, AFL-CIO Office of Investment, AFL-CIO Employees Staff Retirement Fund

 

Conrad McKerron, Director, Corporate Social Responsibility Program, As You Sow Foundation

 

Michael O’Sullivan, President, Australian Council of Superannuation Investors

 

Steven Heim, Senior Vice President, Director of Social Research and Advocacy, Boston Common Asset Management, LLC

 

Bennett Freeman, Senior Vice President, Sustainability Research and Policy, Calvert Asset Management Company Ltd.

 

Michael D. Underhill, Chief Investment Officer, Capital Innovations, LLC

 

Michael Quicke, Chief Executive, CCLA Investment Management Ltd.

 

Francois Meloche, Extra Financial Risk Manager, Comite Syndical National de Retraite Batirente

 

Adam Kanzer, Managing Director & General Counsel, Domini Social Investments LLC

 

Dominique Biedermann, Executive Director, Ethos Foundation

 

Linda E. Scott, Consultant, Corporate Governance, Governance for Owners LLP / GO USA Inc.

 

Stephen R. Brennan, Principal, Hamilton Lane

 

My-Linh Ngo, Associate Director SRI Research, Henderson Global Investors

 

Colin Melvin, Chief Executive, Hermes Equity Ownership Services

 

Jeanett Bergan, Head of Responsible Investments, Kommunal Landspensjonskasse (KLP) A/S

 

Ian Greenwood, Chair, Local Authority Pension Fund Forum

 

Mike Taylor, CEO, London Pensions Fund Authority

 

Greg Sword, CEO, LUCRF Super

 

Gary A. Hawton, Chief Executive Officer, Meritas Mutual Funds

 

Jay Youngdahl, Co-Chair, Board of Trustees, Middletown Works VEBA

 

Luan Steinhilber, Director of Social Research, Miller/Howard Investments

 

Michael Kramer, AIF ®, Managing Partner & Director of Social Research, Natural Investments, LLC

 

Campbell Watterson, Deputy Chief Investment Officer, Newton Investment Management Limited

 

Julie Fox Gorte, Senior Vice President, Sustainable Investing, Pax World Management Corporation

 

Peter Damgaard Jensen, Chief Executive Officer, Pensionskassernes Administration (PKA) A/S

 

Richard W. Torgerson, President & Director of Research, Progressive Asset Management

 

Hans Aasnæs, Chief Executive Officer, Storebrand Investments

 

Stephen Viederman, Finance Committee, The Christopher Reynolds Foundation

 

Ian Jones, Head of Responsible Investment, The Co-operative Asset Management

 

Victor De Luca, President, The Jessie Smith Noyes Foundation

 

Lance E. Lindblom, President & CEO, The Nathan Cummings Foundation

 

Amy Domini, Private Trustee, The Sustainability Group at Loring, Wolcott & Coolidge

 

Kathryn O’Neill, Director of Corporate Social Responsibility, The United Church Foundation

 

Therese Niklasson, Head of Governance and SRI, Threadneedle Asset Management

 

Shelley Alpern, Vice President, Trillium Asset Management Corporation

 

Timothy Smith, Senior Vice President, Environmental, Social and Governance Group, Walden Asset Management, a division of Boston Trust and Investment Management Corp.

 

 

 

May 11, 2009

 

Contact:           
Geoff Wisner, Domini Social Investments LLC, Direct: 212-217-1063, Main: 212-217-1100.

Steven Heim, Senior Vice President & Director of Social Research and Advocacy,
Boston Common Asset Management, LLC, Office: 617-720-5557, Mobile: 617-785-9527

 

Global Investors Managing $372 Billion in Assets Endorse the Employee Free Choice Act
Investors in the U.S. And Abroad Consider Passage of the Act an “Economic Imperative”

 

New York, NY – Today, an international coalition of major institutional investors, managing $372 billion across the global economy, sent a letter to Senate and House leaders endorsing the Employee Free Choice Act (S. 560 and H.R. 1409).

 

The investor endorsement brings a new business voice to the debate over U.S. labor law reform, breaking sharply with the U.S. Chamber of Commerce, the National Association of Manufacturers and other corporate trade associations lobbying against the bill.

 

“As investors, we believe constructive labor relations are essential for improving productivity, efficiency and workplace safety,” said Steven Heim, Senior Vice President and Director of Social Research and Advocacy for Boston Common Asset Management, LLC. “We believe the proposed legislation would help appropriately rebalance labor-management relations and better protect workers if they face unlawful conduct by employers when exercising their workplace rights.”

 

In their letter, the investors underscored the economic considerations in their endorsement of the legislation, noting that “the decline in unionization in the United States, exacerbated by a variety of anti-union responses from companies and weaker U.S. labor law, has damaged the fragile relationship between management and employees and depressed the prospects for sustained economic recovery.”

 

"The Employee Free Choice Act is an investment in our shared economic future," said Adam Kanzer, Managing Director and General Counsel at Domini Social Investments LLC. "The Act will help to stabilize our economy, both in the United States and abroad, by establishing a more balanced relationship between labor and management. Today, American workers are producing more and receiving less. This is an unsustainable trend that creates material risks for employees, investors and the global economy. By more effectively protecting workers' fundamental human rights, the Act would help to reverse these damaging trends."

 

Says Michael O’Sullivan, President of the Australian Council of Superannuation Investors in Melbourne, “The freedom to form a union is enshrined in the U.N. Universal Declaration of Human Rights. We want to be sure that the companies we invest in respect that right and look forward to the passage of the Employee Free Choice Act to align U.S. law more closely with international norms.”

 

The endorsers, from the U.S., Canada, Australia, and several countries across Europe, are signatories to the UN-backed Principles for Responsible Investment (PRI) and believe that environmental, social and governance (ESG) issues have a significant impact on long-term financial returns.

 

A copy of the letter to Congress can be downloaded at the following websites: www.domini.com and www.bostoncommonasset.com.

 

– xxx –

 

List of Signatories

 

AFL-CIO Employees Staff Retirement Fund, Daniel F. Pedrotty, Director, AFL-CIO Office of Investment

 

As You Sow Foundation, Conrad MacKerron, Director, Corporate Social Responsibility Program

 

Australian Council of Superannuation Investors, Michael O'Sullivan, President

 

Boston Common Asset Management, LLC, Steven Heim, Senior Vice President, Director of Social Research and Advocacy

 

Calvert Asset Management Company, Inc., Bennett Freeman, Senior Vice President, Sustainability Research and Policy

 

Capital Innovations, LLC, Michael D. Underhill, Chief Investment Officer

 

CCLA Investment Management Ltd., Michael Quicke, Chief Executive

 

Domini Social Investments LLC, Adam Kanzer, Managing Director & General Counsel

 

Hamilton Lane, Stephen R. Brennan, Principal

 

JMR Financial, John Richardson, President

 

Kommunal Landspensjonskasse (KLP) A/S, Jeanett Bergan, Head of Responsible Investments

 

LUCRF Super, Greg Sword, CEO

 

Meritas Mutual Funds, Gary A. Hawton, Chief Executive Officer

 

Merseyside Pension Fund, Peter Wallach, Head of Merseyside Pension Fund

 

Middletown Works VEBA, Jay Youngdahl, Co-Chair, Board of Trustees

 

Miller/Howard Investments, Luan Steinhilber, Director of Social Research

 

Natural Investments, LLC, Michael Kramer, Managing Partner and Director of Social Research

 

Pensions Investment Research Consultants Ltd., Alan MacDougall, Managing Director

 

Pensionskassernes Administration (PKA) A/S, Peter Damgaard Jensen, CEO

 

Progressive Asset Management, Richard W. Torgerson, President and Director of Research

 

SEIU Employees and Affiliates Pension Plans, Stephen Abrecht, Executive Director

 

Shareholder Association for Research and Education, Peter Chapman, Executive Director

 

Storebrand Investments, Hans Aasnæs, CEO

 

The Co-operative Asset Management, Ian Jones, Head of Responsible Investment

 

The Sustainability Group at Loring, Wolcott, & Coolidge, Amy Domini, Private Trustee

 

Trillium Asset Management Corporation, Shelley Alpern, Vice President

 

 

 

April 29, 2009

 

Domini Wins Strong Vote on Predatory Credit Card Practices

 

A Domini-sponsored resolution asking Bank of America’s Board of Directors to assess the extent to which the Bank uses predatory credit card practices gained a preliminary vote of 33.38% at the company’s annual meeting. The Sisters of St. Francis of Philadelphia joined Domini as co-lead sponsors of the proposal. 

 

Peter Skillern, executive director of the Community Reinvestment Association of North Carolina presented the proposal at the meeting and read a statement on Domini’s behalf:

 

Credit cards offer important benefits to society. For entrepreneurs with little or no collateral, credit cards offer a way to finance the start up of a small business. They can allow young consumers to build a credit history, making possible a mortgage one day. But somewhere along the road, something has gone terribly wrong.

 

Credit cards are now viewed as the enemy, locking consumers into ever-deepening cycles of debt through excessive penalties, usurious interest rates and fine-print terms that even educated consumers cannot understand.  

 

The Bank’s recent decision to raise rates on good customers that carry a balance is indicative of the problem. [Read Domini’s full statement.]

Among other suggestions, the statement called on Bank of America to put an immediate end to non-default repricing of existing balances, the practice of raising interest rates on customers that have not been delinquent in their payments.

The proposal was supported by RiskMetrics, the largest proxy advisory firm, noting that the bank’s credit card segment “may be at higher risk of charge-offs and increases in delinquency rates” and a lack of sufficient disclosure on how the bank will address future regulation.

Domini opposed the reelection of Bank of America CEO Kenneth Lewis, and supported a union-sponsored proposal to separate the role of chairman and CEO. Lewis was forced to step down as chairman of the board after this proposal passed by 50.34% of the vote. This was the first time that a company in the S&P 500 has been forced by shareholders to strip a CEO of chairman duties, according to RiskMetrics. Lewis has come under fire for failing to reveal losses at Merrill Lynch before Bank of America acquired Merrill. Domini has a standing policy to vote against all non-independent Board chairs. (View a database of our current proxy votes.)

 

Domini also filed a proposal on this topic with American Express, but withdrew the proposal after productive in-depth meetings with company management. Domini is part of a larger shareholder campaign to address predatory credit card practices led by MMA Praxis and other members of the Interfaith Center on Corporate Responsibility.

 

As of December 31, 2008, Bank of America represented 1.05% and American Express represented 0.79% of the Domini Social Equity Fund’s portfolio. The composition of the Fund’s portfolio is subject to change. View the Fund’s most recent Semi-annual report to view a complete listing of the Fund’s portfolio.

 

 

March 31, 2009

 

Amy Domini Receives Award for Professional Ethics

 

On March 31, Amy Domini received Villanova University’s 2009 Praxis Award in Professional Ethics. Recipients exemplify ethical behavior in their respective fields, promote and encourage integrity, work toward a greater good, conduct research in the field of ethics, or influence the practice of ethics through professional works or leadership.

 

“In its own way,” said Mark Doorley, director of Villanova’s ethics program, “the Praxis Award in Professional Ethics celebrates the University’s commitment to a holistic education. We celebrate people who take seriously their role as a responsible member of their professional community, or who use their academic position to advance the conversation about the role of ethics in the professions.”

 

The Praxis Award in Professional Ethics has been awarded since 2007. Dooley noted that the first two recipients of the award had been “outstanding human beings and professionals,” and said, “I know the same is true of Ms. Amy Domini, particularly her commitment to socially responsible oversight of her clients’ financial resources. She is not only a person who has decided to move in this direction herself; her career exemplifies her commitment to engaging the rest of her profession to recognize their responsibilities in this arena as well.”