June 18, 2009

 

Domini Charts Future of Responsible Investing

 

Domini Chief Investment Officer Steve Lydenberg and sustainability investment strategist Graham Sinclair of Sinclair & Company have published “Mainstream or Daydream? The Future for Responsible Investing” (PDF) in the April 2009 issue of the Journal of Corporate Citizenship,

 

The article begins by surveying the state of responsible investing today, then poses — and answers — three key questions for each of three stakeholders: corporations, institutional investors, and financial and academic communities:

 

Corporations

 

• Can the widely accepted definition of the role of the corporation as a short-term profit-maximizing machine be changed, and, if so, how?
• Will corporations come to recognize that rule-setting by government can enhance their abilities to address social and environmental challenges, and, if so, why?
• Can corporations work cooperatively with government to define the relationship between these two powerful forces so that the pursuit of private goods does not undercut the creation of public goods?

 

Institutional investors

 

• Should the goal of investing encompass broad benefits to society as well as short-term, price-based returns, and, if so, in what ways?
• Should politics be separated from investment decision-making, and, if so, who is to make this distinction?
• Should the practice of responsible investment be applied across asset classes, and, if so, is this practice the same for all classes?

 

Financial and academic communities

 

• Should the value of investments be assessed in terms other than stock price, and, if so, what is the yardstick for such measurement?
• Should responsible investing be legitimized as a key part of the investment process, and, if so, through what means?
• Can individual investors be active enough “financial citizens” to make responsible investing a reality, and, if not, why not?

 

The answers to these questions, the authors say, could point the way to fundamental changes in the relations between corporations, government, and society in general, as well as the basic principles on which the financial community operates.

 

 

 

June 9, 2009

 

Domini Authors Featured in Finance for a Better World

 

Domini officials contributed two chapters to Finance for a Better World: The Shift Toward Sustainability, a new book on sustainable investing published by Palgrave Macmillan. The two chapters focus on how socially responsible investing can address short-term thinking in our financial markets and improve corporate human rights performance, respectively.

 

Steve Lydenberg, Domini’s Chief Investment Officer, argues that socially responsible investing can remedy the short-term thinking that has plagued our financial markets. “An excessive focus on short-term profits has various detrimental effects,” writes Lydenberg. “It causes corporate managers to misallocate assets. It introduces dangerous volatility into financial markets. It means society must divert productive resources to repairing environmental and social damage done in the headlong pursuit of profits.” Lydenberg suggests that social investing, with its focus on long-term social and environmental sustainability, can help to refocus finance on the long-term.

 

Adam Kanzer, Domini’s Managing Director and General Counsel, draws on his experience as the head of Domini’s shareholder activism program in a chapter examining the use of shareholder proposals to address corporate human rights performance. His chapter outlines the legal basis for these proposals and shows how nonbinding shareholder proposals have successfully influenced corporate behavior even when they fall far short of a majority vote. He points out, for example, that the shareholder proposals that helped bring Reverend Leon Sullivan to the Board of General Motors received less than 3% of the vote. Sullivan later authored the Sullivan Principles to guide businesses in apartheid-era South Africa, which played an important role in ending apartheid.

 

• Steve Lydenberg, “Building the Case for Long-Term Investing in Stock Markets: Breaking Free from the Short-Term Measurement Dilemma” (Read pdf)

 

• Adam Kanzer, “The Use of Shareholder Proposals to Address Corporate Human Rights Performance” (Read pdf)

 

According to its publisher, Finance for a Better World “provides an overview of current advances regarding the integration of sustainability in the financial sector. Its originality lies in the fact that it does not focus exclusively on a particular aspect of this emerging trend, but instead, presents various illustrations — or instance in the fields of SRI, sustainable banking or innovative investments — of what can be considered as the beginning of a paradigm shift in global finance.”

 

The book was edited by Henri-Claude de Bettignies, the EU Chair Distinguished Professor of Global Governance and China-Europe Business Relations at CEIBS, Shanghai, China and François Lépineux, a Research Fellow at INSEAD, and Professor and Head of the Center for Responsible Business at ESC Rennes School of Business, Brittany, France.

 

 

 

June 3, 2009

 

Domini Selected for SEC Investor Advisory Committee

 

Domini Social Investments’ Managing Director and General Counsel, Adam Kanzer, has been selected to join the Securities and Exchange Commission’s newly formed Investor Advisory Committee. The 18-member committee was established to provide the SEC with the views of a broad spectrum of investors on the Commission’s regulatory agenda. Committee members will serve for a term of two years.

 

“I am honored to be selected to help advise the SEC as it works through its regulatory agenda at such a critically important time in the Commission’s history,” Mr. Kanzer said. “I am grateful for the opportunity to bring the voice of the socially responsible investor to the Commission’s deliberations.”

 

During March, Mr. Kanzer participated in meetings organized by the Social Investment Forum (SIF) with SEC commissioner Luis Aguilar to discuss Domini and the Social Investment Forum’s public policy goals.

 

Lisa Woll, CEO of the Social Investment Forum, said, "The 400-plus members of the Social Investment Forum are delighted to have someone of Adam's caliber bringing the views of the socially responsible investment field to the discussions of the Investor Advisory Committee.”

 

Visit the SEC’s website for the official announcement. All committee proceedings will be made public by the Commission.

 

 

 

May 28, 2009

 

Contact:           
Geoff Wisner, Domini Social Investments LLC, Direct: 212-217-1063, Main: 212-217-1100.

Steven Heim, Senior Vice President & Director of Social Research and Advocacy,
Boston Common Asset Management, LLC, Office: 617-720-5557, Mobile: 617-785-9527

 

Global Investor Group Asks S&P 100 Companies How They Ensure Rights for Their U.S. Workers

Investors “recognize that constructive and positive labor relations are critical to a company’s long-term success”

 

New York, NY – An international coalition of major institutional investors, managing $757 billion across the global economy, sent a letter to all S&P 100 companies recently asking for information on how they protect and enhance labor rights for their U.S. employees, and how they view the proposed Employee Free Choice Act (S. 560 and H.R. 1409).  

 

The signers of the letter are signatories to the UN-backed Principles for Responsible Investment (PRI) and believe that environmental, social and governance (ESG) issues have a significant impact on long-term financial returns. Company responses to the letter will be shared with all participating PRI signatories.

 

The letter has been sent to companies such as Bank of America, McDonald's and Lowe's. In it, the investor group informs S&P 100 companies that “The freedom to form or join a union of one’s choice or not, and to bargain collectively for the terms of one’s employment, are fundamental human rights that we as global investors recognize and respect.”

 

Steven Heim from Boston Common Asset Management, LLC explained, “The current debate about the Employee Free Choice Act has highlighted the need to better understand a company’s position, workplace policies, and responses regarding unions and collective bargaining, and determine how companies are positioned in light of the Act and the issues it raises. This initiative seeks to gather information to identify best practices and gaps of the largest US corporations in order to generate insights which will feed into our investment decisions.”  

 

"We believe it is in each company's long-term best interests to reassess their policies and procedures to ensure their employees' rights are fully protected," said Adam Kanzer, Managing Director and General Counsel at Domini Social Investments LLC. "We encourage companies to look to the standards set by the International Labor Organization when they establish a higher standard than U.S. law, particularly in the areas of freedom of association and collective bargaining."

 

"There is information from a number of sources, including internationally respected human rights organizations, that raises concerns about gaps between U.S. law and the ILO conventions, particularly freedom of association. There is a gap that could create risks for both employees and employers,” said Bennett Freeman, Senior Vice President of Sustainability Research and Policy at Calvert Asset Management Company Inc.

 

“As long-term investors, we want companies to create value in a sustainable way,” said Ian Greenwood, Chair of the U.K.-based Local Authority Pension Fund Forum. “Constructive labor relations can be a positive influence on productivity, foster trust and loyalty, and help attract and retain skilled staff, therefore this is an area shareholders need to be informed about. We hope this process will give us a better understanding of how US companies are addressing these challenges.”

 

Although individual investors within the Group may have taken a view on the Employee Free Choice Act legislation, the group as a whole has itself not formulated an official position.

 

A copy of the template letter can be downloaded here or at Boston Common Asset Management.

 

– xxx –

 

List of Signatories

 

Daniel F. Pedrotty, Director, AFL-CIO Office of Investment, AFL-CIO Employees Staff Retirement Fund

 

Conrad McKerron, Director, Corporate Social Responsibility Program, As You Sow Foundation

 

Michael O’Sullivan, President, Australian Council of Superannuation Investors

 

Steven Heim, Senior Vice President, Director of Social Research and Advocacy, Boston Common Asset Management, LLC

 

Bennett Freeman, Senior Vice President, Sustainability Research and Policy, Calvert Asset Management Company Ltd.

 

Michael D. Underhill, Chief Investment Officer, Capital Innovations, LLC

 

Michael Quicke, Chief Executive, CCLA Investment Management Ltd.

 

Francois Meloche, Extra Financial Risk Manager, Comite Syndical National de Retraite Batirente

 

Adam Kanzer, Managing Director & General Counsel, Domini Social Investments LLC

 

Dominique Biedermann, Executive Director, Ethos Foundation

 

Linda E. Scott, Consultant, Corporate Governance, Governance for Owners LLP / GO USA Inc.

 

Stephen R. Brennan, Principal, Hamilton Lane

 

My-Linh Ngo, Associate Director SRI Research, Henderson Global Investors

 

Colin Melvin, Chief Executive, Hermes Equity Ownership Services

 

Jeanett Bergan, Head of Responsible Investments, Kommunal Landspensjonskasse (KLP) A/S

 

Ian Greenwood, Chair, Local Authority Pension Fund Forum

 

Mike Taylor, CEO, London Pensions Fund Authority

 

Greg Sword, CEO, LUCRF Super

 

Gary A. Hawton, Chief Executive Officer, Meritas Mutual Funds

 

Jay Youngdahl, Co-Chair, Board of Trustees, Middletown Works VEBA

 

Luan Steinhilber, Director of Social Research, Miller/Howard Investments

 

Michael Kramer, AIF ®, Managing Partner & Director of Social Research, Natural Investments, LLC

 

Campbell Watterson, Deputy Chief Investment Officer, Newton Investment Management Limited

 

Julie Fox Gorte, Senior Vice President, Sustainable Investing, Pax World Management Corporation

 

Peter Damgaard Jensen, Chief Executive Officer, Pensionskassernes Administration (PKA) A/S

 

Richard W. Torgerson, President & Director of Research, Progressive Asset Management

 

Hans Aasnæs, Chief Executive Officer, Storebrand Investments

 

Stephen Viederman, Finance Committee, The Christopher Reynolds Foundation

 

Ian Jones, Head of Responsible Investment, The Co-operative Asset Management

 

Victor De Luca, President, The Jessie Smith Noyes Foundation

 

Lance E. Lindblom, President & CEO, The Nathan Cummings Foundation

 

Amy Domini, Private Trustee, The Sustainability Group at Loring, Wolcott & Coolidge

 

Kathryn O’Neill, Director of Corporate Social Responsibility, The United Church Foundation

 

Therese Niklasson, Head of Governance and SRI, Threadneedle Asset Management

 

Shelley Alpern, Vice President, Trillium Asset Management Corporation

 

Timothy Smith, Senior Vice President, Environmental, Social and Governance Group, Walden Asset Management, a division of Boston Trust and Investment Management Corp.

 

 

 

May 11, 2009

 

Contact:           
Geoff Wisner, Domini Social Investments LLC, Direct: 212-217-1063, Main: 212-217-1100.

Steven Heim, Senior Vice President & Director of Social Research and Advocacy,
Boston Common Asset Management, LLC, Office: 617-720-5557, Mobile: 617-785-9527

 

Global Investors Managing $372 Billion in Assets Endorse the Employee Free Choice Act
Investors in the U.S. And Abroad Consider Passage of the Act an “Economic Imperative”

 

New York, NY – Today, an international coalition of major institutional investors, managing $372 billion across the global economy, sent a letter to Senate and House leaders endorsing the Employee Free Choice Act (S. 560 and H.R. 1409).

 

The investor endorsement brings a new business voice to the debate over U.S. labor law reform, breaking sharply with the U.S. Chamber of Commerce, the National Association of Manufacturers and other corporate trade associations lobbying against the bill.

 

“As investors, we believe constructive labor relations are essential for improving productivity, efficiency and workplace safety,” said Steven Heim, Senior Vice President and Director of Social Research and Advocacy for Boston Common Asset Management, LLC. “We believe the proposed legislation would help appropriately rebalance labor-management relations and better protect workers if they face unlawful conduct by employers when exercising their workplace rights.”

 

In their letter, the investors underscored the economic considerations in their endorsement of the legislation, noting that “the decline in unionization in the United States, exacerbated by a variety of anti-union responses from companies and weaker U.S. labor law, has damaged the fragile relationship between management and employees and depressed the prospects for sustained economic recovery.”

 

"The Employee Free Choice Act is an investment in our shared economic future," said Adam Kanzer, Managing Director and General Counsel at Domini Social Investments LLC. "The Act will help to stabilize our economy, both in the United States and abroad, by establishing a more balanced relationship between labor and management. Today, American workers are producing more and receiving less. This is an unsustainable trend that creates material risks for employees, investors and the global economy. By more effectively protecting workers' fundamental human rights, the Act would help to reverse these damaging trends."

 

Says Michael O’Sullivan, President of the Australian Council of Superannuation Investors in Melbourne, “The freedom to form a union is enshrined in the U.N. Universal Declaration of Human Rights. We want to be sure that the companies we invest in respect that right and look forward to the passage of the Employee Free Choice Act to align U.S. law more closely with international norms.”

 

The endorsers, from the U.S., Canada, Australia, and several countries across Europe, are signatories to the UN-backed Principles for Responsible Investment (PRI) and believe that environmental, social and governance (ESG) issues have a significant impact on long-term financial returns.

 

A copy of the letter to Congress can be downloaded at the following websites: www.domini.com and www.bostoncommonasset.com.

 

– xxx –

 

List of Signatories

 

AFL-CIO Employees Staff Retirement Fund, Daniel F. Pedrotty, Director, AFL-CIO Office of Investment

 

As You Sow Foundation, Conrad MacKerron, Director, Corporate Social Responsibility Program

 

Australian Council of Superannuation Investors, Michael O'Sullivan, President

 

Boston Common Asset Management, LLC, Steven Heim, Senior Vice President, Director of Social Research and Advocacy

 

Calvert Asset Management Company, Inc., Bennett Freeman, Senior Vice President, Sustainability Research and Policy

 

Capital Innovations, LLC, Michael D. Underhill, Chief Investment Officer

 

CCLA Investment Management Ltd., Michael Quicke, Chief Executive

 

Domini Social Investments LLC, Adam Kanzer, Managing Director & General Counsel

 

Hamilton Lane, Stephen R. Brennan, Principal

 

JMR Financial, John Richardson, President

 

Kommunal Landspensjonskasse (KLP) A/S, Jeanett Bergan, Head of Responsible Investments

 

LUCRF Super, Greg Sword, CEO

 

Meritas Mutual Funds, Gary A. Hawton, Chief Executive Officer

 

Merseyside Pension Fund, Peter Wallach, Head of Merseyside Pension Fund

 

Middletown Works VEBA, Jay Youngdahl, Co-Chair, Board of Trustees

 

Miller/Howard Investments, Luan Steinhilber, Director of Social Research

 

Natural Investments, LLC, Michael Kramer, Managing Partner and Director of Social Research

 

Pensions Investment Research Consultants Ltd., Alan MacDougall, Managing Director

 

Pensionskassernes Administration (PKA) A/S, Peter Damgaard Jensen, CEO

 

Progressive Asset Management, Richard W. Torgerson, President and Director of Research

 

SEIU Employees and Affiliates Pension Plans, Stephen Abrecht, Executive Director

 

Shareholder Association for Research and Education, Peter Chapman, Executive Director

 

Storebrand Investments, Hans Aasnæs, CEO

 

The Co-operative Asset Management, Ian Jones, Head of Responsible Investment

 

The Sustainability Group at Loring, Wolcott, & Coolidge, Amy Domini, Private Trustee

 

Trillium Asset Management Corporation, Shelley Alpern, Vice President

 

 

 

April 29, 2009

 

Domini Wins Strong Vote on Predatory Credit Card Practices

 

A Domini-sponsored resolution asking Bank of America’s Board of Directors to assess the extent to which the Bank uses predatory credit card practices gained a preliminary vote of 33.38% at the company’s annual meeting. The Sisters of St. Francis of Philadelphia joined Domini as co-lead sponsors of the proposal. 

 

Peter Skillern, executive director of the Community Reinvestment Association of North Carolina presented the proposal at the meeting and read a statement on Domini’s behalf:

 

Credit cards offer important benefits to society. For entrepreneurs with little or no collateral, credit cards offer a way to finance the start up of a small business. They can allow young consumers to build a credit history, making possible a mortgage one day. But somewhere along the road, something has gone terribly wrong.

 

Credit cards are now viewed as the enemy, locking consumers into ever-deepening cycles of debt through excessive penalties, usurious interest rates and fine-print terms that even educated consumers cannot understand.  

 

The Bank’s recent decision to raise rates on good customers that carry a balance is indicative of the problem. [Read Domini’s full statement.]

Among other suggestions, the statement called on Bank of America to put an immediate end to non-default repricing of existing balances, the practice of raising interest rates on customers that have not been delinquent in their payments.

The proposal was supported by RiskMetrics, the largest proxy advisory firm, noting that the bank’s credit card segment “may be at higher risk of charge-offs and increases in delinquency rates” and a lack of sufficient disclosure on how the bank will address future regulation.

Domini opposed the reelection of Bank of America CEO Kenneth Lewis, and supported a union-sponsored proposal to separate the role of chairman and CEO. Lewis was forced to step down as chairman of the board after this proposal passed by 50.34% of the vote. This was the first time that a company in the S&P 500 has been forced by shareholders to strip a CEO of chairman duties, according to RiskMetrics. Lewis has come under fire for failing to reveal losses at Merrill Lynch before Bank of America acquired Merrill. Domini has a standing policy to vote against all non-independent Board chairs. (View a database of our current proxy votes.)

 

Domini also filed a proposal on this topic with American Express, but withdrew the proposal after productive in-depth meetings with company management. Domini is part of a larger shareholder campaign to address predatory credit card practices led by MMA Praxis and other members of the Interfaith Center on Corporate Responsibility.

 

As of December 31, 2008, Bank of America represented 1.05% and American Express represented 0.79% of the Domini Social Equity Fund’s portfolio. The composition of the Fund’s portfolio is subject to change. View the Fund’s most recent Semi-annual report to view a complete listing of the Fund’s portfolio.

 

 

March 31, 2009

 

Amy Domini Receives Award for Professional Ethics

 

On March 31, Amy Domini received Villanova University’s 2009 Praxis Award in Professional Ethics. Recipients exemplify ethical behavior in their respective fields, promote and encourage integrity, work toward a greater good, conduct research in the field of ethics, or influence the practice of ethics through professional works or leadership.

 

“In its own way,” said Mark Doorley, director of Villanova’s ethics program, “the Praxis Award in Professional Ethics celebrates the University’s commitment to a holistic education. We celebrate people who take seriously their role as a responsible member of their professional community, or who use their academic position to advance the conversation about the role of ethics in the professions.”

 

The Praxis Award in Professional Ethics has been awarded since 2007. Dooley noted that the first two recipients of the award had been “outstanding human beings and professionals,” and said, “I know the same is true of Ms. Amy Domini, particularly her commitment to socially responsible oversight of her clients’ financial resources. She is not only a person who has decided to move in this direction herself; her career exemplifies her commitment to engaging the rest of her profession to recognize their responsibilities in this arena as well.”

 

 

February 23, 2009

 

New Report Highlights Pollution Costs in Shipping Industry

 

A new report on the shipping sector has been compiled by the environmental research company Trucost and released by Eurosif, the European Social Investment Forum. Domini’s research analysts contributed data and analysis to the report. The report is the latest in a series of concise reports on environmental, social, and governance challenges in various industries.

 

Although marine shipping is a relatively carbon-efficient way to transport goods, the report warns that shipping companies may face losses if they do not invest in cleaner, more efficient vessels. The report also outlines risks associated with marine pollution, ship recycling, waste management, and working conditions for seafarers.

 

Brief case studies examine how Nippon Yusen, Japan’s largest shipping company, is using solar electricity and energy-efficient technology, and how the Danish company AP Moller-Maersk plans to use waste-heat recovery systems and other methods to improve energy and carbon efficiency.

 

As of January 31, 2009, Nippon Yusen and AP Moller-Maersk were not held in the portfolios of the Domini Funds. The composition of the Funds’ portfolios are subject to change.

 

 

February 2, 2009

 

Sustainable Investing Book Features Foreword by Steve Lydenberg

 

Sustainable Investing: The Art of Long-Term Performance (Earthscan, London December 2008) brings together the expertise of international authorities on social investing.

 

Steve Lydenberg, Domini’s Chief Investment Officer, contributed the foreword to the book. In it, he said, “Today, the concept of sustainable investing is taking root, not only in corporations and the public equities market, but across asset classes as well — from clean technology venture capital, to sustainable fixed income, to green real estate development. It is creating financial markets that didn’t exist before, including carbon markets to address climate change and microfinance to help alleviate poverty. It is changing the way responsible investors act.”

 

Sustainable Investing is edited by social investing professionals Cary Krosinsky and Nick Robins. To find out more about Sustainable Investing, or to order a copy, visit Earthscan. To receive a 20% discount and free shipping, mention the code DOMINI20 when ordering. (Please note that when you click this link you will be leaving the Domini website. Domini is not affiliated with Earthscan and bears no responsibility for the accuracy of any content on the Earthscan website or Earthscan publications.)

 

 

December 15, 2008

 

Social Investment Forum and Domini Social Investments Commend Global Innovations in Corporate Responsibility Reporting as Models for United States

 

NEW YORK, NY AND WASHINGTON, D.C.///December 15, 2008///

Innovations by governments and stock exchanges in several countries are providing publicly traded companies with strong incentives to report on corporate social responsibility, according to a new report released by leaders in the field of socially responsible investing. The report also underscores that currently the United States is at risk of losing a competitive lead in the transparency of markets.    

 

Innovations in Social and Environmental Disclosure Outside the United States, released by Domini Social Investments and the Social Investment Forum, presents case studies of five countries where governments and stock exchanges have taken the lead in social and environmental disclosure: Brazil, France, Malaysia, South Africa, and Sweden.

 

Domini Social Investments Chief Investment Officer Steven Lydenberg said, “One of our key findings is that the move toward increased disclosure overseas has been driven by the efforts of governments and national stock exchanges to increase investment and keep markets competitive. The international financial crisis has given added momentum to a worldwide move toward transparency. The increased popularity of socially responsible investing has also contributed to the need for more social and environmental data.”

 

"Domini, a long-time member of the Social Investment Forum, has made an important contribution to our knowledge of social investing with this report and we are pleased to make it available to our other members,” said Social Investment Forum Chief Executive Officer Lisa Woll.

 

“We believe this report cautions us that the United States is falling behind many other countries in requiring the disclosure of important social and environmental data,” Ms. Woll continued.  “Our members have long encouraged corporations — and their regulatory agencies, such as the Securities and Exchange Commission — to recognize the importance of environmental, social and governance factors in enhancing corporate sustainability and shareholder value. Such disclosure is one of the priorities that SIF will be sharing with the incoming Obama administration.” 

 

The five case studies in Innovations in Social and Environmental Disclosure Outside the United States provide models for regulatory action that could be taken in the United States to promote transparency in financial markets. The report also details actions that have been taken in Australia, China, Denmark, Israel, the U.K., the city of Buenos Aires and elsewhere. 

 

Innovations in Social and Environmental Disclosure Outside the United States is available for reading or downloading at the websites of Domini Social Investments and the Social Investment Forum.

 

About the Social Investment Forum (SIF)

 

SIF is the U.S. membership association dedicated to advancing the concept, practice, and growth of socially and environmentally responsible investing.  SIF members promote the integration of economic, environmental, social, and governance factors into investment decisions.  SIF members include financial professionals, analysts, portfolio managers, banks, mutual funds, researchers, foundations, community development organizations, and public educators. More information about the Forum, including the 2007 Report on Socially Responsible Investing Trends in the United States, is available at www.socialinvest.org.

 

About Domini Social Investments

 

Domini Social Investments is dedicated to the fundamental belief that the way you invest matters. We manage assets for individual and institutional mutual fund investors seeking to create positive change in society by integrating social and environmental standards into their investment decisions. Two fundamental principles underlie the global investment standards that Domini applies to each of its investment products: the promotion of a society that values human dignity and the enrichment of our natural environment. Domini views these twin goals as crucial to a healthier, wealthier, and more sustainable world.

 

Each investor should consider the Domini Funds’ investment objectives, risks, charges, and expenses carefully before investing. Obtain a copy of each Fund’s current prospectus for more complete information on these and other topics by calling 1-800-762-6814 or at www.domini.com. Please read the prospectus carefully before investing or sending money.

 

DSIL Investment Services LLC (DSILD), Distributor. 12/08

 

CONTACT: For Social Investment Forum, Kristin Lang at klang@socialinvest.org or (202) 872-5347. For Domini Social Investments, Steve Lydenberg at slydenberg@domini.com or (212) 217-1100, or Geoff Wisner at gwisner@domini.com or (212) 217-1063. 

 

 

November 21, 2008

 

Domini Honors the Life and Work of Joan Bavaria

 

The untimely death of Joan Bavaria, Founder and CEO of Trillium Asset Management, has greatly saddened all of us at Domini Social Investments. 

 

Among those privileged to work with Joan at Franklin Research & Development Co. (Trillium’s former name) at formative stages in their careers were Amy Domini, our Founder and CEO, and Steve Lydenberg, our Chief Investment Officer. Amy Domini dedicated her first book, Ethical Investing, to her.

 

Aptly named “Hero for the Planet” by Time.com in 1999, Joan Bavaria dedicated her life to improving the world through socially responsible investing, and inspiring others to join her. Her accomplishments are legion, and the institutions she helped to build have achieved successes that were unimaginable — except perhaps by Joan — when they were first launched.

 

For example:

 

·         The Social Investment Forum (SIF), the only national membership association dedicated to advancing the concept, practice, and growth of socially and environmentally responsible investing, was founded in Joan’s living room in 1981. SIF's membership now includes more than 500 social investment practitioners and institutions, including financial professionals, analysts, portfolio managers, banks, mutual funds, researchers, foundations, community development organizations, and public educators. “Social Investment Forums,” or their equivalent, now exist in the U.K., Europe, Canada, and Korea.

• Joan was the cofounder of Ceres, the largest coalition of investors and environmental and public interest organizations in North America. Joan served as co-chair of Ceres for 19 years of extraordinary achievements. Ceres has been a global catalyst for change, and a forum for intelligent discussion on our most significant environmental challenges. In 1989, the Coalition released the Ceres Principles, a corporate environmental code of conduct currently endorsed by many of the largest companies in the world. Ceres developed the world’s most rigorous corporate environmental reporting format and launched the Global Reporting Initiative (GRI), now the leading international standard for corporate reporting on environmental, social and economic performance.  GRI is used by 1,300 companies globally. Ceres also launched the Investor Network on Climate Risk, an alliance of over 70 investors with more than $7 trillion in collective assets dedicated to addressing climate change.
  
  

·         Her own firm, Trillium Asset Management, has been a leader in its field since its inception, and has been our partner on numerous shareholder activism campaigns.

 

Amy Domini: “Joan was an inspirational visionary. She had the most extraordinary ability to take complex concepts and make them clear. Joan was the sort of a person who would see that something needed to be done, and do it. She never worried about how hard or easy that might be.”

 

Steve Lydenberg: “It was a privilege to work with Joan. Her vision and persistence in building the SRI movement in the U.S. was an inspiration to us all. We who follow in her footsteps can only hope to accomplish half of what she had done.”

 

Joan’s death comes at a time when so many of the seeds she planted are taking root around the world, and flourishing. Our future will be brighter and healthier for the work she did. All of us that have been working for a more just and sustainable economic system owe a tremendous debt of gratitude to Joan.

 

We encourage you to visit the websites of Trillium and Ceres to view their tributes to this incredible person and we encourage you to share in the celebration of her life by adding your thoughts.

 

Our deepest condolences go out to her family and to our friends at Trillium.

 

 

October 30, 2008

 

Domini Money Market Account Now Insured Up to $500,000

 

The Domini Money Market Account (DMMA) is an FDIC-insured account with ShoreBank, the nation’s first and leading community development and environmental banking corporation.  

 

On October 3, 2008, the Federal Deposit Insurance Corporation (FDIC) raised the federal insurance coverage on bank deposits from $100,000 to $250,000 per depositor. The increase in coverage is effective through December 31, 2009. The Domini Money Market Account is able to double your FDIC coverage and offer up to $500,000 in insurance per depositor because assets in the account are allocated between two separately chartered banks in the ShoreBank family: ShoreBank, located in Chicago, Illinois, and ShoreBank Pacific, located in Ilwaco, Washington.

 

Your Domini Money Market Account earns a competitive rate of interest while being used to rebuild our nation’s struggling communities. The DMMA features daily liquidity, safety of principal, free transfers, free check writing ($500 minimum), and no transaction fees.

 

Learn more about the Domini Money Market Account and how to open your own account.

 

Unlike the DMMA, the Domini Funds are subject to market risks and are not insured. The amount that you deposit in the DMMA will be added to any other money you may have on deposit at ShoreBank for determining your insurance limit. Unlike a mutual fund, the rate of interest for the Domini Money Market Account (DMMA) is determined by ShoreBank and will vary from time to time. The DMMA is structured as a Super NOW Account. Please note that you will able to access your DMMA account only through Domini Social Investments. Domini Social Investments will act as your agent for the purpose of making deposits to and withdrawals from your DMMA account and will maintain the records of your account. You will not be able to access your account or obtain balances by contacting ShoreBank directly. The DMMA is subject to certain FDIC insurance limits of $500,000 per depositor. For its services, Domini Social Investments is paid a commission by ShoreBank that is based on assets in the DMMA. These commissions are not paid from depositor funds.