This spring, Walden worked with our colleagues, sometimes in the chorus and sometimes as the conductor, to raise awareness of key public policy issues.

Along with several Boston-based investment firms, Walden wrote in support of a Massachusetts Sudan divestment bill, S. 1474. The bill proposes a targeted divestment strategy that prohibits investment in about two dozen companies of strategic significance to the government of Sudan. Massachusetts would join a growing list of states, municipalities, and academic institutions divesting to help end the government sponsored genocide and displacement of innocent civilians in Sudan.

At the end of April, the Employment Non-Discrimination Act (ENDA) was introduced in the House of Representatives as H.R. 2015 by Congressman Barney Frank (D-Mass.). ENDA calls for national measures to protect lesbian, gay, bisexual, and transgender persons from job discrimination. Walden has been working to build corporate support of ENDA, coordinating a letter that was co-signed by 20 investors and, with the help of other investors, sent to more than 400 companies. These letters asked that companies publicly endorse the Act.

Walden also expressed support for H.R. 1257, legislation proposed by Congressmen Frank, which requires an annual shareholder advisory vote on executive compensation reports. The legislation complements Walden’s efforts with a working group of institutional investors and companies, led jointly with Pfizer and the American Federation of State, County and Municipal Employees (AFSCME) union, to study how best to implement the advisory vote. Working group participants have agreed that the nonbinding shareholder vote has merit as a mechanism for investors to weigh in on executive compensation policies and practices.

Walden has joined with more than 50 institutional investors representing $4 trillion in assets and a dozen major companies calling on U.S. legislators to enact strong policies to address climate change. Voices as disparate as Merrill Lynch, CalPERS, and DuPont appealed to the U.S. government to set aggressive greenhouse gas emissions reduction targets; to increase support for research and development of clean technologies; and to have the U.S. Securities and Exchange Commission illuminate how companies should disclose climate risk in their public documents.

Walden continues to support another investor initiative on climate change—the Carbon Disclosure Project (CDP). The CDP, which provides a coordinating secretariat for a group of 280 institutional investors, has sent an annual questionnaire focused on climate change to the largest companies in the world since 2002.This questionnaire, of which Walden is a signatory, asks for the disclosure of investment-relevant information concerning climate change. Walden, as in years past, has written to portfolio companies strongly encouraging them to respond to the questionnaire.

Walden, as part of Boston Trust & Investment Management Company, has become a signatory to the Principles for Responsible Investment (PRI), an initiative of UNEP Finance Initiative and the UN Global Compact. While the voluntary and aspirational PRI reflects a commitment Walden has long held, we have been delighted to see 183 signatories representing more than $8 trillion joining this group. The PRI ask signatories to integrate environmental, social, and governance (ESG) issues into investment analysis and decision-making processes, actively seek disclosure from companies around ESG issues, and report on progress made in implementing and promoting the Principles.

Walden’s Environmental Footprint

Last year, Walden/Boston Trust began offsetting our own greenhouse gas emissions through Carbonfund.org, an organization supporting renewable energy, energy efficiency, and reforestation. This year, we are further lightening our step through participation in the U.S. Environmental Protection Agency’s Acid Rain Program. We successfully bid for a sulfur dioxide (SO2) allowance. Walden, by purchasing and retiring this allowance, has decreased the allowable U.S. emissions of SO2. We are pleased to participate in this market-based solution that provides a model for tackling other environmental challenges.