Mutual funds better at being green

Mutual fund firms are improving but are a long way from overwhelmingly supporting climate change resolutions, according to a report released today by Ceres, a Boston-based coalition of investors, environmental groups and organizations advocating for businesses to address climate change. In evaluating proxy votes from 2004 through 2007, Ceres found that the number of mutual funds voting against climate change resolutions declined from 77.8% in 2004 to 65% in 2007. More firms have moved away from outright opposition to abstaining from voting on climate change proxies. Ceres found that abstention votes rose from 11.9% in 2004 to 24.4% in 2007. Only a few firms stand out for matching its actions with voting on climate change. The organization looked at the voting records of 1,285 funds at 62 mutual fund firms.