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Pension funds, endowment funds, socially responsible mutual funds and private portfolios frequently screen out tobacco companies. If major media companies persist in recruiting half of all new U.S. smokers, conscientious investors have to ask if these firms should be screened out, too.
Media companies are stonewalling investors.
In 2004-5, shareholders in Disney, General Electric (Universal), Time Warner and Viacom proposed that their companies study on-screen smoking’s impact on adolescent health and how it can be reduced. Every one of these companies rushed to block even this mild initiative. They argued to the U.S. Securities and Exchange Commission that all decisions about the tobacco content of their films should be considered “ordinary business,” off-limits to shareholder attention.
Pension and fund managers have financial clout.
Together, tobacco-screened mutual funds alone hold more than $100 million in companies with major motion picture operations. Public pension funds own far more. The reputational, political and legal risks of knowingly promoting tobacco to young people are incalculable. If you or your institution hold shares in funds screened for tobacco, but also own large media companies with motion picture operations, contact your portfolio managers and ask them to use their influence to bring about needed changes in corporate practice.
To learn about shareholder initiatives on this issue…
The Smoking and Movies Shareholder Outreach Network (SAMSON) has been created as a joint project of As You Sow Foundation and the Tobacco Program of the Interfaith Center on Corporate Responsibility (ICCR). It offers a forum for discussion and strategizing within the SRI community. Contact:
Smoking and Movies
Shareholder Outreach Network
c/o As You Sow Foundation
311 California Street #510
San Francisco, CA 94104
415-391-3212
Tobacco-screened funds holding media companies with motion picture divisions
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Ariel Capital Management
200 East Randolph Drive
Suite 2900, Chicago, IL 60601 |
• $3.2 million in GE, Time Warner and Viacom bonds |
American Trust Company
c/o U.S. Bancorp Fund Services
PO Box 701
Milwaukee, WI 53201 |
Allegiance Fund (8/04)
• $121,000 in Disney stock |
Calvert
4550 Montgomery Ave.
Suite 1000N
Bethesda, MD 20814 |
• $7.2 million in Time Warner stock |
Citigroup Global Markets
388 Greenwich St., 38th Fl.
New York, NY 10013 |
Smith Barney Social Awareness
• $6.3 million in News Corp.
• $3.6 millioin in Time Warner |
Citizens Advisers
One Harbour Place, Suite 400
Portsmouth, NH 03801 |
• $89,000 in Time Warner
• $1.9 million in Viacom |
Domini Social Investments
P.O. Box 9785
Providence, RI 02940 |
• $16.4 million in Disney
• $22.1 million in Time Warner |
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166 |
Third Century (2/28/05)
• $8.1 million in Disney
• $5.6 million in Viacom |
Enterprise Funds
3343 Peachtree Road N.E., Suite 450, Atlanta, GA 30326 |
Global Socially Responsive
• $270,000 in Disney |
Forward Funds
433 California St., 11th Fl.
San Francisco, CA 94104 |
Sierra Club Stock Fund
None
Sierra Club Balanced Fund
None |
Green Century Funds
29 Temple Place, Suite 200
Boston, MA 02111 |
Balanced Fund
• $2.2 million in Lions Gate
Equity Fund (see Domini) |
IPS Advisory
9111 Cross Park, Suite E-120
Knoxville, TN 37923 |
None |
MMA
1110 North Main Street
P.O. Box 483
Goshen, IN 46527 |
• $1.08 million in Time Warner |
Neuberger Berman
605 Third Ave., 2nd Fl.
New York, NY 10158 |
Socially Responsive (1/28/05)
None |
New Covenant Funds
P.O. Box 182959
Columbus, OH 43218 |
Growth Fund
• $1.02 million in Fox Ent.
• $150,000 in News Corp.
• $9 million in Time Warner
• $1.3 million in Viacom
Income Fund
• $2.8 million in Time Warner
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Parnassus Investments
One Market-Steuart
Tower #1600
San Francisco, CA 94105 |
None |
Pax World Funds
222 State Street
Portsmouth, NH 03801 |
None |
Portfolio 21
721 NW Ninth Ave., Suite 250
Portland, OR 97209 |
• $1.4 million in Sony |
TIAA-CREF
P.O. Box 8009
Boston, MA 02266-8009 |
Social Choice Equity Funds
• $162,000 in MGM (Sony)
• $2.15 million in Time Warner
• $1.45 million in Disney |
The Vanguard Group
455 Devon Park Drive
Wayne, PA 19087-1815 |
Calvert Social Index
• $4.3 million in Time Warner |
Winslow Management
Two Portland Square
Portland, Maine 04101 |
Green Growth Fund
• $3.45 million in Lions Gate |
Women’s Equity Fund
625 Market Street, 16th Floor
San Francisco, California 94105 |
None |
SOURCE: Annual/semi-annual report posted online or SEC Form N-Q.
Information as of 31 Dec 04 except when noted. Corrections welcome. Updated 14 Apr 05. |
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