Chris Cox: Put Up Your Dukes!

Socially concerned investors groups say they won't stand by and see Securities and Exchange Commission chairman Christopher Cox crimp their right to demand company accountability on important issues like the business risks of climate change.

Three socially responsible and religious investing organizations announced today that they are organizing an online effort to battle proposed government changes they say will "stifle" the voices and rights of shareholders.

The Social Investment Forum, the Interfaith Center on Corporate Responsibility and Ceres, a coalition of investors, environmental groups and others, unveiled a new web site to attract 500 institutions and financial professionals to sign a joint statement against proposed S.E.C. changes.

The site, the groups said, will also help individual investors vent objections against the federal proposals before the comment period expires Oct. 2. That includes a form letter that the groups say can be customized for individual investors to send to the securities commission and to their representatives on Capitol Hill.

What they are trying to head off is proposals to limit shareholder rights to sponsor proxy resolutions and to nominate members of corporate boards.

The groups pointed to an earlier web-based campaign against shareholder resolution initiatives in 1997-1998 where more than 300 labor, religious, socially responsible and other groups joined forces to fight proposed S.E.C. changes in shareholder rights.

The groups launched the effort to stymie the changes, said Laura Berry, the interfaith center's executive director, because they "are deeply committed to protecting this important link between morality and markets."

by Elizabeth Olson