David Weidner offers a personal account on Fidelity phone solicitors urging a “no” vote on divestment. In Blood for Cash Mr Weidner relates a phones conversation he had with when a representative of Fidelity Investments called him one evening at an unusually late hour.
A big shareholder vote was coming on April 16, I was told. Fidelity wanted me to vote no, right there over the phone on an issue for which it had done a great deal of research. The pitch went on for a minute. Never was I told the issue Fidelity was calling about. When I pressed a little, I was told about a bureaucratic board, higher costs and activists. That’s the point in our conversation when I realized what the call was about.
Fidelity wanted me to vote against a resolution making it harder to invest in companies linked to genocide. “Can I put you down for a no?”
Read the full article at Market Watch
Thanks to Craig Tolliver for the link.