HISTORY OF WALDEN ASSET MANAGEMENT/SRI: Summer 2001

SOCIAL TOPICS (Archive): HISTORY OF WALDEN ASSET MANAGEMENT/SRI

Proxy Season 2001

Published, Summer 2001

This year, Walden filed more shareholder resolutions on more issues than ever before - 32 resolutions in all. Walden has played a lead role in greater than half of these actions. While we believe our advocacy leadership is attributable to the strength and experience of our research and advocacy team, our greatest successes come from working in and leading coalitions with like-minded shareholders such as religious investors, foundations and the City of New York. As evidenced below, companies take special notice of organized investor campaigns.

We should note that resolutions result only when we find companies' doors are closed to constructive discussion or when we reach an impasse. Many times, Walden arrives at an agreement before moving to file resolutions, or, we negotiate a withdrawal after filing but before company proxies are printed. These are among the most satisfying experiences even though the issues never reach the proxy ballot.

Walden's 2001 Advocacy Program

(Shareholder Vote Tallies)

THE ENVIRONMENT
Recycling: Coca-Cola (5.1%), PepsiCo (8.1%)
Climate Change: Chevron (9.5%), Exxon-Mobil (13%)
Arctic National Wildlife Refuge: BP Amoco (company omitted)
Mercury Pollution: CVS*, Longs Drug Stores*
Genetically Modified Foods: Albertson's (6%), Kroger (15.3%), Tricon Global Restaurants*
Environmental Disclosure: Georgia-Pacific*

DIVERSITY AND DISCRIMINATION ISSUES
Report on Diversity: Home Depot*, Bank of America*, EMC (company omitted), WorldCom*
Sexual Orientation in Non-Discrimination Policy: AIG*
Predatory Lending: Citicorp*, Associates First*, Conseco (8%), Lehman Brothers*

SWEATSHOPS/HUMAN RIGHTS OVERSEAS
Sweatshop/Vendor Standards: Jones Apparel Group*, Nordstrom (6.1%), Sears (8.1%), Wal-Mart (5.3%)
Fair Employment in Northern Ireland: TJX (16.4%)
Indigenous Rights: Occidental Petroleum (8.3%)
Lending Standards in Developing Countries: JP Morgan Chase (3.3%)

CORPORATE GOVERNANCE
Tie Executive Compensation to Social Performance: AT&T (13%), Unocal (15.4%), Kohl's*
Fair Policy for Employee Retirement Benefits: IBM (14.7%)

HEALTH
Health Risk Caused by Cigarette Filters: Eastman Chemical (8.0%)

*Resolution was withdrawn because company complied substantially with request or agreed to significant dialogue.

The information provided in the above article is for historical purposes only. Such information may no longer be current and therefore should not be relied upon.

The information contained herein has been prepared from sources and data we believe to be reliable, but we make no guarantee as to its adequacy, accuracy or completeness. We cannot and do not guarantee the suitability or profitability of any particular investment. No information herein is intended as an offer or solicitation of an offer to sell or buy, or as a sponsorship of any company, security, or fund. Opinions expressed herein are subject to change without notice.