A bit out of topic for this blog but I wanted to pass it around for your interest. It is worthwhile to read. Please take a look and act if you can.
Millions of investors are unaware that their savings are invested in companies that help fund genocide in Darfur. Since 2003, Darfur in western Sudan has been embroiled in a deadly conflict. As many as 400,000 innocent civilians have been killed; 2.5 million people have been forced to flee their homes and now live in internally displaced persons or refugee camps; and more than 3.5 million men, women and children are now struggling to survive. Divestment creates economic pressure to help hasten the end of the genocide in Darfur. Divestment is the sale of stock in companies most culpable of helping to fund genocide in Darfur. Divestment also includes a commitment not to buy stock in such companies until the genocide ends.
Support Federal Divestment Legislation
This bill, which would put much-needed pressure on Sudan to end the violence, has already passed in the House.
However, the bill will need widespread Senate support to ensure it becomes law.
Sign the Petition
I call on Franklin Templeton, JPMorgan Chase, Fidelity Investments, Capital Group (American Funds), Vanguard, and other firms to divest from companies that help fund genocide in Darfur.
Download the compete divestment guide [pdf]
What is Divestment?
Divestment is the sale of stock in companies most culpable of funding the genocide in Darfur. Divestment also includes a commitment not to buy stock in these companies until the genocide ends. There are about 25 such companies. Almost all of these companies work in Sudan’s oil sector. Without the revenue from the companies operating in the oil sector, Sudan would not have the resources it uses to carry out the genocide.
Save Darfur Coalition uses the targeted divestment model, developed by our partner, the Sudan Divestment Task Force. Targeted divestment does not focus on companies in Sudan if they are primarily in the medical, agricultural, or humanitarian fields. Targeted divestment also calls for engagement with companies first, and divestment only if they do not respond to engagement. In this document, when we refer to divestment, we mean targeted divestment.
Divestment is the sale of stock in companies most culpable of helping to fund genocide in Darfur. Divestment also includes a commitment not to buy stock in such companies until the genocide ends. The Sudan Accountability and Divestment Act of 2007 (SADA) is vital legislation that protects the states’ and investment firms’ rights to divest from companies with connections to the government of Sudan. SADA also prohibits federal contracts with such companies. A similar piece of legislation, known as HR 180 or The Darfur Accountability and Divestment Authorization Act, has already passed the House of Representatives. It’s now the Senate’s time to act.
Individuals can divest, and it is important to make sure your investments match your values. The biggest impact is when many smaller investors as well as big investors – such as university endowments, state pension funds, and investment firms – also divest. You can join the divestment movement even if you don’t have your own savings.
Five Target Investment Firms
Following are the five U.S.-based mutual fund companies that hold the largest shares in PetroChina, as of their most recent filings reported by Bloomberg on August 1, 2007.
JP Morgan Chase
Capital Group/American Funds