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Shareholders of Vanguard Group have rejected an activist proposal that would have required stronger screening of investments that may be linked to genocide.
A proposal backed by the group Investors Against Genocide fell far short of majority support at a shareholders meeting the mutual fund company held Thursday in Scottsdale, Ariz. The proposal came before shareholders in 21 of Vanguard's 157 mutual funds, but achieved no more than 17 percent support at any fund.
Valley Forge, Pa.-based Vanguard urged shareholders to reject the measure, saying it recently adopted its own policy to screen out investments that may be linked to genocide in places like Sudan's Darfur region. Activists call the policy inadequate, noting five Vanguard funds continue holding stakes in a Chinese oil company doing business in Sudan.
