The government of Sudan continues to pursue genocide in Darfur, frustrating several long years of diplomat efforts to bring peace and protection to civilians there. Sudan's oil revenue is providing arms and funding for the genocide, rather than economic development for the poor people of Sudan.
Despite the atrocities in Darfur, Fidelity, through its mutual funds, not only has been a major investor in two of the largest oil companies operating in Sudan, PetroChina (PTR) and China Petroleum (SNP, aka Sinopec), but it has been significantly increasing its holdings and is the single largest public shareholder in PTR (on the NYSE).
Fidelity has been unresponsive to privately expressed concerns. Its sole response has been a form letter thanking us for our interest, saying that everything they do is legal, and emphasizing that their only concern is their fiduciary responsibility.
Tell us what you think of Fidelity.
Sunday, January 21, 2007
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5 comments:
The snowballing divestment campaigns at universities, state and municipal retirement funds, and other institutional investors may already be causing the value of Fidelity's holdings in PTR and SNP to erode. Fidelity's amorality and indifference will receive its just rewards.
I saw the news report last on TV and it was very disturbing. I had very little sleep knowing that I have money invested with Fidelity.
It was shameful the response Fidelity gave to the TV reporter. I do not want my money to be invested in a country where children, innocent people are being murdered, rape and tortured. This is not the way I want to make a profit. I hope and pray that the CEO of Fidelity stop send our money to Sudan.
I am planning to contact my employer and have them look into this matter. I do not need "blood" money.
obviously Fidelity's primary purpose is to earn the highest return for its investors. But even so, there are some lines that should never be crossed, even to make a buck. Who would have defended investors in Zyklon B, the gas that killed millions of Holocaust victims in WWII? And Fidelity's clam that such matters should be left to governments rings hollow. The US already bans investments in Sudan. But we now have an opportunity to influence Chinese companies that are enabling this genocide. Fidelity should play a leadership role. Doing so would not only be a moral decision but a financially sound one.
Is anyone organizing an email campaign aimed at Warren Buffet, per Nicholas Kristof's article in the Times today?
I just received a totally usatisfactory response from an e-mail I sent Fidelity, as follows. I suspect this was a software-generated reply, and doesn't at all address the issue at hand.
Extremely disturbing. I've also written to their media relations office and after three days, haven't received a reply.
Dear Ms. xxxx:
On behalf of Fidelity Investments, thank you for your email regarding investments in companies that may have direct or indirect involvement in the Sudan region.
We appreciate and respect your views on this serious matter and are grateful that you took the time to share your concerns with us.
Sincerely,
The Executive Offices
W037143-13MAR07
Fidelity Brokerage Services, LLC. Member NYSE, SIPC
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