A new report from Ceres shows mutual funds are starting to move away from voting against climate change resolutions, to not voting on them at all.
Sometimes silence can speak volumes. At least this is how a new report from the shareholders organization Ceres interprets mutual funds absenting from votes on climate change resolutions. Beyond moving from the previously strong opposition to these resolutions, the report shows mounting support for climate change resolutions from mainstream mutual funds.
Ceres' report, "Mutual Funds and Climate Change: Opposition to Climate Change Resolutions Begins to Thaw," examines the 2004-2007 proxy voting seasons. Jackie Cook and Bill Baue, co-authors of the report, find that votes against climate change resolutions have gone from 77% of fund votes to less than 65% in this time period. More telling perhaps is that the number of abstention votes on climate change resolutions has doubled from 12% in 2004 to 24% in 2007.
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