Philanthropy Journal-Your online source for news about nonprofits, social issues, and policy change - newsarticle: "Proxy power: Part 2
As shareholders, foundations can take a stand.
12.09.2004 -
By Todd Cohen
Foundations hold an estimated $400 billion in U.S. companies but are not paying much attention to the way those companies do business, says Doug Bauer, senior vice president at Rockefeller Philanthropy Advisors in New York City.
While 54 percent of foundations surveyed last year by the Council on Foundations do not automatically vote with management, for example, 90 percent of that group have no written policies for voting proxies on social or environmental issues, Bauer says."
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