The Calvert Social Index Committee (“Index
Committee”) met on March 19th
to review and approve changes to the Calvert Social Index®.
The Index Committee meets quarterly to review the component companies of
the Index for corporate actions (i.e., spin-offs, mergers and
acquisitions, bankruptcy) and for the recommendations made by the
Calvert Social Research Department that may affect their eligibility in
the Index. The Index Committee has reviewed and approved the following
additions and deletions to the Calvert Social Index, effective at market
open today.
ADDITIONS:
Tiffany & Company (NYSE:TIF), a company in the Calvert
Social Index Universe, was added to the Calvert Social Index as it now
meets Calvert's standards for environment and human rights. The company
has adopted a policy of refusing to sell gems and other products mined
in Burma. In addition, the company now discloses policies and programs
aimed at mitigating the environmental and social impacts of mines that
supply the industry with gems and metals. As a result of these new
initiatives, the company is positioned favorably amongst its industry
peers.
Calvert welcomes Tiffany & Company to the Calvert Social Index as a
sustainability leader in the jewelry industry, especially for its
willingness to address critical issues from “mine
to retail” through its global supply chain.
The glitter of jewels all too often obscures human tragedy and
environmental degradation. The illegal diamond trade has been linked to
violence, human rights abuses and civil conflict in Africa and beyond.
Gold, too, has been associated with similar conflicts, violations of
human rights as well as toxic pollution. Given the small size and high
value of these commodities, diamonds and gold have been easy for rebel
armies and warlords in various countries to sell in order to finance
their operations.
Tiffany & Co. has played a major role in establishing a system adhered
to by trading countries and the jewelry industry to keep conflict
diamonds out of the legitimate diamond supply. The system known as the
Kimberley Process (named after the South African city in which the
accord was signed) is an international, cooperative monitoring system
created to eliminate the flow of "conflict diamonds" and went into full
effect in July 2003. Tiffany & Co. purchases diamonds only in those
countries that are full participants in the Kimberley Process
Certification Scheme.
In 2004, Tiffany & Co. was the first jeweler to embrace the objectives
of the ‘No Dirty Gold’
campaign, which has established standards for the extraction of gold
that retail jewelers can use as they seek responsible mine sources.
Their willingness to work with leading advocacy, non-government
organizations such as Oxfam America and Earthworks has been especially
notable in connection with that campaign. Since 2005, as a founding
member of the Council for Responsible Jewelry, the company has played a
constructive and leading role in promoting responsible business
practices throughout the diamond and gold supply chain.
Tiffany’s position even extends beyond the
compliance required by U.S. export and trade laws. For instance, the
company does not sell gems or other products mined in Burma.
Furthermore, the company has publicly opposed the development of mines
in sensitive ecosystems. In March 2004, the company published an open
letter in national papers criticizing the U.S. government for its
reliance on antiquated laws to grant approval for the development of a
copper and silver mine in Montana's Kootenai National Forest. In
February 2008, the company was one of a group of jewelers that signed a
pledge opposing a planned Alaskan gold and copper mine near the site of
an extremely sensitive salmon run. These are highly unusual actions for
any company to take, and Calvert applauds Tiffany & Co. for its
leadership and the standard it has set for its industry.
Ann Taylor Stores Corporation (NYSE:ANN), a company in the
Calvert Social Index Universe, was added to the Calvert Social Index as
it now meets Calvert's standards for human rights. The company has
adopted a supplier code of conduct, in conjunction with a commitment to
a supplier monitoring program.
Campbell Soup Company (NYSE:CPB), a company in the Calvert
Social Index Universe, was added to the Calvert Social Index as it now
meets Calvert's standards for environment. The company has agreed to
improve environmental disclosure by publishing a sustainability report
in 2008.
Corning Incorporated (NYSE:GLW), a company in the Calvert Social
Index Universe, was added to the Calvert Social Index as it now meets
Calvert's standards for product safety. Corning has made significant
efforts to resolve product liability issues and has refocused its
strategy into innovative products and technologies.
International Flavors and Fragrances (NYSE:IFF), a company
in the Calvert Social Index Universe, was added to the Calvert Social
Index as it now meets Calvert's standards for animal welfare and product
safety.
Mohawk Industries, Inc. (NYSE:MHK), a company in the
Calvert Social Index Universe, was added to the Calvert Social Index as
it now meets Calvert's standards for workplace safety and environment.
Measurable improvement in performance and disclosure in these areas now
places Mohawk Industries favorably within its industry peers.
MeadWestvaco Corporation (NYSE:MWV), a company in the
Calvert Social Index Universe, was added to the Calvert Social Index as
it now meets Calvert's standards for environment. The company’s
improvement in compliance performance, its leadership in addressing
climate change and product innovation places it favorably amongst
industry peers.
The Clorox Company (NYSE:CLX), a company in the Calvert Social
Index Universe, was added to the Calvert Social Index as it now meets
Calvert's standards for environment. Measurable improvement in toxic
releases and overall disclosure, coupled with the company's
environmental management system and policies now places Clorox Co.
favorably within its industry peers.
USG Corporation (NYSE:USG), a company in the Calvert
Social Index Universe, was added to the Calvert Social Index as it now
meets Calvert's standards for product safety and impact. The company’s
resolution of previous product safety issues, coupled with the adoption
of strong environmental programs and green products, now places the
company favorably within its industry peers.
DELETIONS:
None
CORPORATE ACTIONS:
A.H. Belo Corporation Series A was added to the Calvert Social
Index, due to a spin-off by Belo Corporation.
Andrew Corporation was deleted from the Calvert Social Index, due
to its acquisition by CommScope, Inc.
Genlyte Group, Inc was deleted from the Calvert Social Index, due
to its acquisition by Royal Philips Electronics.
MGI Pharma, Inc. was deleted from the Calvert
Social Index, due to its acquisition by Eisai Co., Ltd.
Sierra Health Services, Inc. was deleted from the Calvert Social
Index, due to its acquisition by UnitedHealth Group, Inc.
What is the Calvert Social Index?
Calvert, a leader in socially responsible investing, has created the
Calvert Social Index, a broad-based, rigorously constructed benchmark
for measuring the performance of US-based socially responsible companies.
How is the Calvert Social Index constructed?
Calvert starts by taking the 1,000 largest companies in the US,
represented by stocks listed on the NYSE, NASDAQ, and AMEX (not
including closed-end mutual funds, ADRs, REITS and non-common shares).
Calvert's Social Research Department then analyzes each company. A
social audit is conducted in the following areas: governance and ethics;
environment; workplace; product safety and impact; community relations;
international operations and human rights; and indigenous peoples’
rights. The stocks that meet Calvert’s social
criteria make up the Calvert Social Index.
For more information on any Calvert fund, please contact Calvert at 800.368.2748
for a free prospectus. An investor should consider the investment
objectives, risks, charges, and expenses of an investment carefully
before investing. The prospectus contains this and other information.
Read it carefully before you invest or send money.
Calvert mutual funds are underwritten and distributed by Calvert
Distributors Inc., member FINRA, a subsidiary of Calvert Group, Ltd.
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