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Ethical Funds launches seven new socially responsible funds
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The new funds include: Ethical Canadian Dividend Fund, Ethical US Special Equity Fund, Ethical Global Growth Fund, Ethical International Equity Fund, Ethical European Equity Fund, plus two RSP eligible clones. The funds went on sale Oct. 1. Margaret Yee, Ethical Funds Vice President , said the Ethical Funds family now covers fixed income, core equity, global equity funds, regional funds, as well as several specialty funds. In launching the funds, Ethical Funds pointed to research in an Ipsos-Reid omnibus survey, which found that 73 per cent of Canadians believe mutual fund companies should use their influence as large investors to encourage companies to adopt positive social, ethical and environmental policies. Forty eight per cent of survey respondents said they would be more likely to invest in mutual funds that engaged in shareholder action to encourage companies to adopt positive social, ethical and environmental policies. "Corporate integrity is the top business issue at the beginning of the 21st century," said Yee. "It's evident that many retail investors believe mutual fund companies have a responsibility to actively lobby companies they invest in to adopt higher standards of corporate behaviour." "Shareholder action strategies championed by mutual fund companies, such as corporate dialogue, voting proxies and filing shareholder resolutions, give shareholders a voice where it counts: in the corporate boardroom," said Robert walker, Vice President SRI Policy & Research for Ethical Funds.On Sept. 30, Ethical Funds called on securities regulators in Canada to require mutual funds and investment advisors to disclose proxy votes and proxy voting policies. The proposal echoes a recent proposal by the US Securities and Exchange Commission. Ethical Funds is requesting that securities regulators across Canada examine the reforms proposed by the SEC and to consider implementation of these reforms in their respective jurisdictions. Such action should be taken in recognition that proxy votes represent corporate assets owned by the investor. Ethical Funds said that investors have a right to know how their property is being voted. For more information, www.ethicalfunds.com.
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