FFC Supports Genocide-Free Investing At ING

FFC, along with many other institutional and individual signatories, requested that ING adopt a genocide-free investment policy. In a June 2012 ING Emerging Countries Fund proxy vote, 85% of shareholders expressing an opinion voted in favor of making their funds genocide-free. ING, however, has delayed action and recently announced that it does not intend on taking action. ING explains that in the same proxy vote, shareholders voted to merge the Emerging Countries Fund into the Emerging Markets Equity Fund, and because the former no longer exists, “the shareholder proposal does not apply to any other ING Funds.” The Emerging Countries Fund shareholders did not disappear; they now hold shares in the very similar Emerging Markets Equity Fund, which holds millions of U.S. dollars in PetroChina, Oil & Natural Gas Corp., Ltd, China Petroleum & Chemical Corporation, and many other companies that help fund genocide in Sudan. There is strong reason to believe that the remaining shareholders of the Emerging Markets Equity Fund would also support genocide-free investing. A market research study conducted by KRC Research in 2010 reveals that 88% of Americans would like their mutual funds to be genocide-free. ING’s refusal to implement a policy to avoid investment tied to genocide flagrantly disregards shareholders wishes and raises serious questions about the company’s risk management and governance practices. ING stands in stark contrast to T. Rowe Price, TIAA-CREF, and American Funds, which have all followed through on divesting from genocide. Click here  to learn more.