Publisher’s note: I wasn’t going to publish anything today but I couldn’t resist this recent news from Sanford Lewis, Esq. and Sonia Kowai of Zevin Asset Management about a denial of a no-action letter that allows shareholders to hold mutual funds to account. Imagine what the world could look like if mainstream funds lived up to their own hype.
This is the perfect reason for Thanksgiving and is the best news I’ve heard all year. For the first time we have the possibility that mutual funds might be so embarrassed by the wide gap between what they say and what they do that they may actually start voting as their investors would wish. This is a real game changer and could be the start of something HUGE if similar proposals are filed at other fund companies and shareholders hold them accountable.
Climate change is the first issue, and is critically important, but there are other issues to address as well. Many thanks to Sanford Lewis, Sonia Kowal of Zevin Asset Management LLC,, Jackie Cook of Fund Votes, Ceres, First Affirmative Financial Network, and everyone who worked to obtain these critical new rights. Continue Reading →