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The ING Emerging Countries Fund will no longer invest in companies that contribute to genocide or crimes against humanity.
A recent shareholder resolution, which was supported by 59.25% of voters, commits the fund to withdraw from oil companies operating in Sudan.
Unlike US-based financial companies Fidelity, Vanguard and JP Morgan Chase, ING decided against actively opposing the proposal on its proxy ballot.
It had appealed for ‘no action’ relief at the US Securities & Exchange Commission. However, the commission decided the proposal should be included.
ING intends to merge its Emerging Countries Fund into its Emerging Markets Equity Fund. The combined funds have $2.7m (£1.7m, €2.2m) invested in PetroChina, Sinopec and ONGC, who trade in Sudan, where the government is responsible for an estimated 2.5 million civilian deaths in the past 20 years.
The proposal was submitted to ING as part of shareholder action co-ordinated by Investors Against Genocide.
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