"'Trojan Horse' Proposals by Steve Milloy's Free Enterprise Action Fund"

Published by jmhumphreys; last updated at February 22, 2009


Steve Milloy is a critic of the corporate social responsibility movement and environmental regulation generally, and through his Free Enterprise Action Fund, $6.5m in AUM, he files shareholder resolutions that ask why companies have, e.g., agreed to participate in industry climate change partnerships. Because the resolutions often sound a bit like resolutions advanced by environmentalists (e.g., "Report on Global Warming Remediation"), they usually get support from a few unwitting SRI funds, as this focus list shows. Ironically, they don't get support from mainstream mutual funds, which as a matter of policy oppose "social proposals" anyway.

I've included the fund's statements in support of each resolution, which can be found by going to http://www.freeenterpriseactionfund.com/release041408.htm.


Upcoming Proposals

There are no upcoming proposals in this FocusList right now.


Past Proposals

The following funds voted on at least three of these proposals, and are scored according to their level of agreement with the creator of this list.

Click on the column headers in the table below to sort the list, or use the following shortcuts:

10 best funds | 10 worst funds | all funds

Fund Score # Votes
Morgan Stanley S&P 500 Index 100% 20 votes
Investment Company of America 100% 15 votes
Morgan Stanley Dividend Growth Securities 100% 14 votes
Growth Fund of America 100% 14 votes
Blackrock Equity Dividend Fund 100% 13 votes
GMO U.S. Growth 100% 12 votes
American Mutual 100% 11 votes
BNY Mellon Balanced Fund 100% 11 votes
BNY Mellon Large Cap Stock Fund 100% 11 votes
RidgeWorth Large Cap Value Equity Fund 100% 11 votes
Dreyfus Appreciation Fund 100% 10 votes
Domini Social Equity Fund 100% 9 votes
Allegiant Large Cap Core Equity Fund 100% 7 votes
Goldman Sachs Growth & Income 100% 7 votes
Van Kampen Comstock 100% 7 votes
Dodge & Cox Balanced Fund 100% 7 votes
Dodge & Cox Stock Fund 100% 7 votes
Calvert Social Index Fund 100% 6 votes
Federated Capital Appreciation Fund 100% 6 votes
Dreyfus Fund 100% 6 votes
TIAA-CREF Social Choice Equity Fund 100% 6 votes
Franklin Income Fund 100% 6 votes
Evergreen Equity Index 100% 5 votes
T Rowe Price Blue Chip Growth Fund 100% 5 votes
Schwab Total Stock Market Index Fund 100% 5 votes
USAA S&P 500 Index Member 100% 5 votes
Franklin Mutual Shares Fund 100% 4 votes
Fundamental Investors 100% 4 votes
RidgeWorth Large Cap Growth Stock Fund 100% 4 votes
Schwab Hedged Equity Fund 100% 4 votes
Green Century Equity Fund 100% 4 votes
Oakmark Fund 100% 3 votes
Columbia Large Cap Growth Fund 100% 3 votes
Northern Balanced Fund 100% 3 votes
Franklin Mutual Beacon Fund 100% 3 votes
Praxis Value Index Fund 100% 3 votes
Allegiant Large Growth Fund 100% 3 votes
Federated Max-Cap Index Fund 95% 20 votes
Schwab S&P 500 Index Fund 95% 20 votes
iShares S&P 500 Index Fund 95% 20 votes
Dreyfus S&P 500 Index Fund 95% 20 votes
Schwab 1000 Index Fund 95% 20 votes
Fifth Third Equity Index Fund 95% 20 votes
DFA US Large Company Fund 95% 20 votes
State Street Equity 500 Index 95% 20 votes
AFSCME Employees Pension Plan 95% 20 votes
Legg Mason Partners S&P 500 Index Fund 95% 20 votes
Florida SBA 95% 20 votes
USAA Income Stock 95% 19 votes
T Rowe Price Equity Index 500 Fund 94% 18 votes
Allegiant S&P 500 Index Fund 94% 18 votes
American Century Income & Growth 94% 16 votes
Northern Equity Index Fund 94% 16 votes
Wells Fargo Advantage Equity Index 92% 13 votes
Evergreen Enhanced S&P 500(R) Fund 92% 13 votes
TIAA-CREF Growth & Income Fund 92% 13 votes
MFS Total Return Fund 92% 13 votes
AllianceBernstein Value Fund 92% 12 votes
Allegiant Large Cap Value Fund 92% 12 votes
MFS Value Fund 91% 11 votes
Fifth Third Disciplined Large Cap Value Fund 91% 11 votes
Evergreen Fundamental Large Cap 91% 11 votes
TIAA-CREF Equity Index Fund 90% 20 votes
Federated American Leaders 90% 10 votes
DFA US Large Cap Value 90% 10 votes
Evergreen Equity Income 90% 10 votes
Blackrock Basic Value 89% 9 votes
T Rowe Price Equity Income Fund 89% 9 votes
CalSTRS 88% 16 votes
RidgeWorth Large Cap Core Equity Fund 86% 7 votes
CBIS 85% 20 votes
Schwab Core Equity Fund 83% 6 votes
Praxis Core Stock Fund 83% 6 votes
Sentinel Sustainable Core Opportunities Fund 80% 10 votes
North Stock Index Fund 80% 5 votes
DWS Equity 500 Index Fund 80% 5 votes
Nationwide S&P 500 Index 80% 5 votes
AllianceBernstein Large Cap Growth Fund 80% 5 votes
Trillium Asset Management 79% 19 votes
Barclays Global Investors S&P 500 75% 4 votes
Putnam Fund for Growth and Income 75% 4 votes
DWS Strategic Value Fund 75% 4 votes
Pax World Balanced Fund 75% 4 votes
Sentinel Common Stock Fund 75% 4 votes
JPMorgan U.S. Equity 67% 3 votes
AMCAP Fund 67% 3 votes
JPMorgan Intrepid America 67% 3 votes
MFS Massachusetts Investors Trust 67% 3 votes
Dreyfus Premier Third Century Fund 67% 3 votes
Columbia Large Cap Value Fund 54% 13 votes
T Rowe Price Growth Stock Fund 50% 4 votes
Oppenheimer Main Street Fund 33% 3 votes
Janus Twenty Fund 33% 3 votes
GMO U.S. Core Equity Fund 27% 11 votes
Janus Fund 25% 4 votes
Vanguard Windsor II 24% 17 votes
Vanguard 500 Index 20% 20 votes
Vanguard Total Stock Market Index 20% 20 votes
CalPERS 14% 14 votes
Vanguard Wellington 12% 16 votes
RiverSource S&P 500 Index Fund 10% 20 votes
RiverSource Diversified Equity Income Fund 9% 11 votes
Fidelity Growth Company Fund 7% 15 votes
Fidelity Equity-Income Fund 6% 17 votes
Fidelity Spartan 500 Index 0% 20 votes
Janus Growth and Income Fund 0% 4 votes
Fidelity Value Fund 0% 3 votes
Vanguard Primecap 0% 3 votes
Fidelity Blue Chip Growth Fund 0% 3 votes

There are 20 past proposals in this FocusList. "Environmental and Social" is the most common proposal category in this list. jmhumphreys's positions on these proposals are shown below, along with any relevant votes we have collected.


Comments

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The Milloy proposal at CONOCOPHILLIPS addressed a global warming report, not political contributions. The political contributions resolution was lead-filed by Nathan Cummings Foundation.

Check out the definitive proxy: http://sec.gov/Archives/edgar/data/1163165/000119312508073155/ddef14a.htm#toc70657_30

Posted over 5 years ago by jmhumphreys

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