Date: Fri, 10 Mar 2000 22:52:11 -0400 To: "Progressive Librarians Around the World" From: mark rosenzweig Subject: Socially Responsible Investment ? Progressive Librarians Around the World - http://libr.org/international/
Dear International Colleagues, The progressives involved on the Council of the American Library Association (ALA) have been trying for some time to get the ALA to agree to practice a systematic policy of socially responsible investment with the Association's endowment funds. This initiative of ours, coming out of SRRT, has been fended off by the ALA Executive Board for several years now, for supposedly technical financial reasons which have proven to be spurious. Finally, they have been compelled to release information on their (our!) portfolio which they claim is "already" invested in a socially responsible manner. They refused to publicly post it, but only to make it available to individuals on request. We are, nonetheless, widely distributing it for comment. I would appreciate your examining it. We continue to maintain that only a systematic policy of consistent socially responsible investment (not one supposedly based exclusively on maximization of returns - which they haven't succeeded in anyway!) is in keeping with the values of librarianship as embodied in the various policies of the Association. I look forward to your comments on the social record of firms with which you may be familiar. The list follows. Mark Rosenzweig ALA Councilor at large (for ID purposes only) +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Date: Fri, 10 Mar 2000 11:04:19 -0500 From: Mark Rosenzweig Reply-To: srrtac Dear PLGers and SRRTers, Here's the ALA investment data I sent as an attachment in text form below (for those who were unable to open the attachment). As I said, the Executive Board of ALA claims, it doesn't need a Socially Responsible Investment plan because it "already" invests in a socially responsible manner. Please examine the portfolio and let me know what you think. Mark Rosenzweig ALA Councilor (for ID only) FROM: Gregory Calloway DATE: 2/15/00 Please find attached ALA's Long-Term Investment (Endowment) Fund holdings as of 2/14/00. In addition, fees paid to the investment advisors during FY 1998 and FY 1999 are also included per your request. The information provided is available upon request but does require coordination with our investment advisor to create a total list from each of the six ALA managers. You will find all equity and bond holdings including call letters for each. With regard to the fees paid to the investment manager* and the individual managers" for FY 1998 and FY 1999, they were $149,959 and $147,753 respectively. The fees are based on a flat rate charge to the portfolio that covers all of the managers. The rate is based on the size of the portfolio under management with fee discounts as the portfolio grows in size. The fees represented 1.7% of the portfolio ($8,788,588) in FY 1998 and 1.4% of the portfolio ($10,496,042) in FY 1999. Best regards, Greg Calloway * Merrill Lynch ** Lord Abbett, Gulf, Furman Selz, and Invesco - 1998 ** Gulf, Invesco (Lord Abbett, BEA, Provident and Merrill Lynch) *** New managers since Spring, 1999. AMERICAN LIBRARY ASSOCIATION Product Class by Security as of 02/14/00 Security Symbol Money Funds: CMA Government Sec. 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