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[GreenYes] What shareholders are doing
This was an interesting article that I came across. They are backing
shareholder resolutions to encourage Coke and Pepsi to use more recycled



Walden announces shareholder advocacy plan for 2002

Thursday, January 10, 2002

BOSTON - Walden Asset Management announced its shareholder action agenda for
2002, covering a wide range of issues and shareholder resolutions at more
than 30 companies. Walden filed or co-filed 34 resolutions on social,
environmental, and corporate governance issues this year and is a lead
proponent involved in dialogue and negotiations with 16 of those companies.
"Walden's expanded shareholder advocacy program demonstrates our commitment
to our clients and the public to use the power of our voice as investors to
urge corporations to act in a more environmentally and socially responsible
manner," said Timothy Smith, Walden's senior vice president and director of
socially responsive investing.

Walden manages approximately $1.2 billion in assets for clients with social
and environmental concerns.

"Leadership in social investing is no longer simply avoiding investing in
companies conflicting with one's social values. This leadership is defined
increasingly by leveraging our ownership through the effective use of
shareholder advocacy. Walden is making a difference in the marketplace and
in corporate boardrooms both here and abroad," he said.

Walden's Shareholder Advocacy Program 2002 includes shareholder resolutions
that were filed with the following companies and issues:

1. Environmental Issues

Recycling: Coca-Cola, PepsiCo, Dell, and IBM
Climate change: Exxon-Mobil, Chevron-Texaco, and Occidental Petroleum
Report reviewing the impact of drilling in environmentally sensitive areas
including the Arctic National Wildlife Refuge: BP Amoco
Mercury pollution: J.C. Penney and HCA
Genetically modified foods: Albertson's, Kroger, and Tricon Global

2. Diversity and Discrimination Issues

Report on diversity: FleetBoston Financial and Bemis
Sexual orientation in nondiscrimination policy: Teleflex, Alltel, and Exxon
Board diversity: EMC
Indigenous people's rights: Lehman Brothers
Predatory lending: Conseco

3. Sweatshops/Human Rights Overseas

Sweatshop/vendor standards: TJX, Kohl's, Delphi Automotive, Hasbro, Sears,
and Lowes

4. Corporate Governance

Tie executive compensation to social performance: Unocal
Board independence: EMC
Commit to continuation of annual in-person shareholder meetings: EMC

5. Health

Health risk caused by cigarette filters: Eastman Chemical
Drug accessibility: Abbott, Bristol-Myers Squibb

According to Smith, the sweatshop debate is a "front and center" public

"Companies are being pressed by students, universities, consumers, unions,
other stakeholders, and investors to pay employees a living wage and end
abuses in manufacturing facilities," said Smith. "We believe complementary
pressure from investors underscores the importance of this issue to

According to Smith, these resolutions send a message to management and
become the basis for dialogue that leads to change. For example, in 2001
Walden withdrew more than a dozen resolutions from a number of companies
when management pledged to disclose information or change policies or
procedures, Smith said.

Among the companies responding positively in 2001, more than a dozen large
retail chains pledged to phase out the sale of mercury thermometers because
of the toxic pollution related to their disposal. FleetBoston agreed to
strengthen reporting on its diversity record and release comprehensive data
demonstrating where women and minorities are on the job ladder.


According to Smith, Walden is filing these resolutions as part of a much
larger coalition of concerned investors dedicated to pushing corporations to
conduct business responsibly. The lion's share of the leadership on
shareholder advocacy once again comes from religious investors through the
Interfaith Center on Corporate Responsibility (ICCR), who have been involved
in shareholder advocacy for more than 30 years.

According to Heidi Soumerai, Walden's director of social research, Walden in
2002 will woĻżlWith numerous religious investors, New York City, and State
of Connecticut Pension Funds, foundations, socially responsive mutual funds,
and money managers as well as United for a Fair Economy and others.

"These resolutions can and do have a distinct impact on corporate policy and
practices. We are committed to meeting with management to discuss these
important social issues. Our dialogues, which often lead to a change in
policy or a commitment to increased transparency, may lead us to withdraw
resolutions. We greatly value these win-win agreements," Soumerai said.

Walden Asset Management is the socially responsive investment division of
United States Trust Company of Boston. Founded in 1975, Walden currently has
an in-house team of six working on social research and shareholder advocacy.

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