Activists Score 1st Win in Sudan Divestment Campaign

An activist group that has spent five years urging mutual funds to shed stocks tied to Sudan won its first victory as investors in a fund operated by global bank ING voted to drop such holdings, says Reuters.

Investors Against Genocide, a nonprofit group, Although the resolution approved last month by investors in the ING Emerging Countries Fund is nonbinding, the result was hailed by Investors Against Genocide, the nonprofit group leading the campaign.

“We’re very excited and feel the results of this vote really validates what we’ve been saying all along,” said Eric Cohen, the organization’s chairman. “The shareholders really want this, that’s why the funds ought to be paying attention.”

Investors Against Genocide hopes to mobilize investors to put pressure on oil companies doing business with the government of Sudan, which has been accused of human-rights abuses in the Darfur region and in what is now independent South Sudan. The organization has backed similar efforts at more than 80 mutual funds.