August 10, 2011
Domini Joins Coalition of Investors Calling on Oil Companies to Halt Operations in Syria
Action Follows Investor Outreach to Companies Operating in Libya
In response to the ongoing violent crackdown against civilian protestors by the Syrian government, Domini has joined a group of institutional investors calling on publicly traded oil companies to stop fueling the violence. The group of investors — the Conflict Risk Network (CRN) — has called on the oil companies to either halt operations in the country or at least issue statements to the Syrian regime condemning the violence.
In February, we signed a joint letter issued by CRN to oil and gas companies operating in Libya. CRN offered a proposal for a joint escrow account to hold payments that firms would otherwise make to Qaddafi or the National Oil Company. In August, we participated in a letter to Italian oil firm Saras S.p.A., urging it to ensure its products do not facilitate violence committed by Muammar Qaddafi’s regime in Libya.
Domini is a founding member of the Conflict Risk Network, and a member of the organization’s advisory board. CRN seeks to leverage the more than $500 billion in combined assets of its institutional investor members to address mass atrocities and avoid genocide in conflict zones around the world through in-depth research on corporate activity in these regions and direct engagement with companies.
Read more:
Syria
Libya
- CRN Press Release on Libya [3]
- CRN Press Release on letter to Italian oil company, Saras [4]
- Investor Letter to Saras [5]
Saras S.p.A is not currently approved for investment by the Domini Funds.