SEC Division of Investment Management staff letter: Fidelity Value Fund

Jan. 30, 2020

January 30, 2020

Cynthia Lo Bessette, Esq.
Fidelity Management & Research Company
245 Summer Street
Boston, MA 02210

Re: Fidelity Value Fund, a series of Fidelity Capital Trust (File No. 811-02841) — Omission of Shareholder Proposals Pursuant to Rule 14a-8

Dear Ms. Lo Bessette:

In a letter dated December 20, 2019, you advised the staff of the Division of Investment Management (the “Division”) that Fidelity Value Fund (the “Fund”) plans to omit from proxy materials for the Fund’s upcoming shareholder meeting, scheduled to be held on or about May 20, 2020, shareholder proposals (the “Proposals”) submitted to the Fund.

The Proposals request that the Board of Trustees of the Fund implement certain procedures to prevent the Fund from holding investments in companies that, in the judgment of the Fund’s management, substantially contribute to genocide or crimes against humanity. The Fund argues that the Proposals may be excluded from the proxy statement, as permitted by Rule 14a-8(f)(1) under the Securities Exchange Act of 1934 (the “Exchange Act”), because the Fund is unable to confirm that the proponents (the “Proponents”) continue to be shareholders of the Fund and have continuously held the requisite amount of Fund shares since submitting the Proposals, as required by Rule 14a-8(b)(1) under the Exchange Act, and because the Proponents has not responded to the Fund’s requests to provide additional holdings information.

Based on the information you provided, there appears to be a basis for your view that the Proposals may be excluded in reliance on Rule 14a-8(b)(1).

Attached is a description of the informal procedures the Division follows in responding to shareholder proposals. If you have any questions or comments concerning this matter, please feel free to contact me at (202) 551-6959.

Sincerely,

/s/ Edward P. Bartz
Edward P. Bartz
Senior Counsel

cc: Deborah Jacobson and James Maisels
Margaret Anne Thompson

Last Reviewed or Updated: Jan. 30, 2020

Resources

• Incoming Letter

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FIDELITY CAPITAL TRUST
Fidelity Value Fund
VIA ELECTRONIC MAIL: imshareholderproposals@sec.gov December20, 20 I 9 U.S. Securities & Exchange Commission 100 F Street NE Washington, DC 20549 Attn: Office of Disclosure and Review Re: Shareholder Proposals for: Fidelity Value Fund, series of Fidelity Capital Trust File No. 811-02841 Ladies and Gentlemen! As indicated in the table below, .letters were received at the principal executive offices of Fidelity Value Fund (the "Fund"), requesting that a proposal be submitted to shareholders at the next scheduled meeting of the Fund. As detailed in the letters, copies of which are attached, the proposals request that the Boards of Trustees of the Fund implement certain procedures to prevent the Fund from holding investments in companies that, in management's judgment, substantially contribute to genocide or crimes against humanity. Shareholder (each, a "Proponent" and Defect Letter collectively the (the "Defect Letter") Proponents) Proposal Dated Dated Deborah Jacobson September 17, 2007 August 30, 2018 James Maisel October 9, 2018 Margaret Anne Thompson April 13, 2010 August 30, 2018 Marv Haskell* July 24, 2010 Pursuant to Rule 14a-8(b)(l), to be eligible to submit a proposal, a shareholder must have continuously held at least $2,000 in market value, or 1 %, of the company's securities entitled. to be voted on the proposal at the meeting for at least one year by the date the proposal is submitted, and must continue to hold those securities through the date of the meeting. Upon initial receipt ofthe letters, the Fund verified that each Proponent met the eligibility requirements to submit a proposal pursuant to Rule 14a-8(b)(l). In preparation for an upcoming shareholder meeting, the Fund attempted to verify that each Proponent continues to satisfy the eligibility requirements of Rule 14a-8(b )(1 ). The Fund determined that each Proponent was not a record owner of the Fund's shares. On the dates referred to above, we sent each Proponent a Defect

• Ms. Haskell actively confirmed redemption ofher shares on September 20, 2018.
  #2154609

December 20, 2019
Office of Disclosure and Review
Letter, copies of which are attached, requesting that the Proponent provide the information necessary to confirm that he or she continues to meet the requirements of Rule 14a-8(b)(l). To date, one Proponent confirmed their redemption of Fund shares and the remaining Proponents have not responded to the Fund's requests and have not provided the information necessary to permit the Fund to confirm that the requirements of Rule 14a-8(b)(1) continue to be satisfied. The next shareholder meeting for the Fund is scheduled to be held on or about May 20, 2020. Because the Fund is unable to confirm based on its records that any Proponent continues to be a shareholder of the Fund and has continuously held the requisite amount of that Fund's shares since the submission of the proposal as required by Rule I 4a-8(b )(I), and because neither Ms. Jacobson nor Ms. Thompson have responded to requests to provide additional holdings information, we intend to omit this proposal from the proxy statements for the Funds as permitted by Rule 14a-8(f)(l). If you have questions or comments concerning this matter, please contact Brian Blackbum at (617) 563-7121. Cynthia Lo Bessette Secretary of the Trust Enclosures:
Letters to Deborah Jacobson and James Maisels
Letter from Deborah Jacobson and James Maise ls Letter to Margaret Anne Thompson Letter from Margaret Anne Thompson cc: Deborah Jacobson and James Maisels Margaret Anne Thompson

FIDELITY CAPITAL TRUST
Fidelity Value Fund
VIA CERTIFIED MAIL,
RETURN RECEIPT REQUESTED
August 30, 2018
James Maisels
Deborah Jacobson
Dear Mr. Maisels and Ms. Jacobson:
Your shareholder proposals, dated September 17, 2007, were previously received in the principal executive offices ofFidelity Value Fund (the "Fund"), a se1ies of Fidelity Capital Tmst (the "Tmst"). Rule 14a-8(b)(l) provides that in order to be eligible to submit a proposal for inclusion in a proxy statement for a fund, a shareholder must have "continuously held at least $2,000 in market value, or 1%, of the company's secmities entitled to be voted on the proposal at the meeting for at least one year by the date [the shareholder] submit[s] the proposal and "must continue to hold those securities through the date of the meeting." As required by Rule l 4a-8(b )(2), you have provided a written statement that you "intend to meet Rule l 4a-8 requirements including the continuous ownership of the required stock value until after the date ofthe respective shareholder meeting." Based on a review of the Fund's records, we are unable to confnm that you continue to hold the amount of Fund shares required under Rule l 4a-8(b )(I). As provided in Rule l 4a-8(b)(2), we request that you provide us with information about your holdings so that we may verify your continued eligibility to submit a shareholder proposal for the Fund. By this letter we hereby provide you with the oppo1tunity to send us info1mation regarding your holdings with respect to shares of the Fund so that we may verify that you have continuously held the requisite amount ofFund shares and, thus, continue to be eligible to submit a shareholder proposal for the Fund. We request that your response be postmarked, or transmitted electronically, no later than 14 days from the date you receive this notification. Please direct all fmther con espondence with respect to this shareholder proposal to: Fund Shareholder Meetings, 245 Summer Street, Mailzone Vl0B, Boston, MA 02110 or (617) 385-2890 (fax). This letter shall not be deemed to waive any right ofthe Fund to omit any proposal from the proxy materials for the Fund's next shareholders' meeting for any other reason. Sincerely, Marc R. B1yant Secretaiy ofthe Tmst

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FIDELITY CAPITAL TRUST
Fidelity Value Fund
VIA CERTIFIED MAIL,
RETURN RECEIPT REQUESTED
October 9, 2018
James Maisels
Deborah Jacobson
Dear Mr. Maisels and Ms. Jacobson:
Your shareholder proposals, dated September 17, 2007, were previously received in the principal executive offices ofFidelity Value Fund (the ''Fund"), a series ofFidelity Capital Trust (the "Trust"). Rule l 4a-8(b )(I) provides that in order to be eligible to submit a proposal for inclusion in a proxy statement for a fund, a shareholder must have "continuously held at least $2,000 in market value, or I%, of the company's securities entitled to be voted on the proposal at the meeting for at least one year by the date [the shareholder] submit[s] the proposal and "must continue to hold those securities through the date ofthe meeting." As required by Rule 14a-8(b )(2), you have provided a written statement that you "intend to meet Rule l 4a-8 requirements including the continuous ownership ofthe required stock value until after the date ofthe respective shareholder meeting." Based on a review ofthe Fund's records, we are unable to confirm that you continue to hold the amount of Fund shares required under Rule l4a-8(b )(I ). As provided in Rule l 4a-8(b )(2), we request that you provide us with information about your holdings so that we may verify your continued eligibility to submit a shareholder proposal for the Fund. By this letter we hereby provide you with the opportunity to send us information regarding your holdings with respect to shares of the Fund so that we may verify that you have continuously held the requisite amount ofFund shares and, thus, continue to be eligible to submit a shareholder proposal for the Fund. We request that your response be postmarked, or transmitted electronically, no later than 14 days from the date you receive this notification. ln the interest of time, we have also sent a copy ofthis letter to addresses in Bloomfield Hills, Michigan and Delray Beach, Florida. The content ofthe two letters is identical and you need only respond to one copy for validation purposes. Please direct all further correspondence with respect to this shareholder proposal to: Fund Shareholder Meetings, 245 Summer Street, Mailzone Vl0B, Boston, MA 02110 or (617) 385-2890 (fax). This letter shall not bedeemed to waive any right ofthe Fund to omit any proposal from the proxy materials for the Fund's next shareholders' meeting for any other reason. Sincerely, 1 William C. Co Secretary ofthe Trust ..--, ,\ ~ ey 1

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FIDELITY CAPITAL TRUST
Fidelity Value Fund
VIA CERTIFIED MAIL,
RETURN RECEIPT REQUESTED
October 9, 2018
Deborah Jacobson
Dear Ms. Jacobson:
Your shareholder proposals, dated September 17, 2007, were previously received in the principal executive offices ofFidelity Value Fund (the "Fund"), a series ofFidelity Capital Trust (the 'Trust"). Rule l4a-8(b)(l) provides that in order to be eligible to submit a proposal for inclusion in a proxy statement for a fund, a shareholder must have "continuously held at least $2,000 in market value, or I%, of the company's securities entitled to be voted on the proposal at the meeting for at least one year by the date [the shareholder] submit[s] the proposal and "must continue to hold those securities through the date ofthe meeting." As required by Rule 14a-8(b )(2), you have provided a written statement that you "intend to meet Rule l 4a-8 requirements including the continuous ownership ofthe required stock value until after the date ofthe respective shareholder meeting." Based on a review ofthe Fund's records, we are unable to confirm that you continue to hold the amount of Fund shares required under Rule l4a-8(b )(I). As provided in Rule 14a-8(b )(2), we request that you provide us with information about your holdings so that we may verify your continued eligibility to submit a shareholder proposal for the Fund. By this letter we hereby provide you with the opportunity to send us information regarding your holdings with respect to shares of the Fund so that we may verify that you have continuously held the requisite amount of Fund shares and, thus, continue to be eligible to submit a shareholder proposal for the Fund. We request that your response be postmarked, or transmitted electronically, no later than 14 days from the date you receive this notification. Please direct all further correspondence with respect to this shareholder proposal to: Fund Shareholder Meetings, 245 Summer Street, Mailzone VIOB, Boston, MA 02110 or (617) 385-2890 (fax). This letter shall not be deemed to waive any right of the Fund to omit any proposal from the proxy materials for the Fund's next shareho ~ lders' meeting for any other reason. William C. Co(fe Secretary ofthe Trust

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FIDELITY CAPITAL TRUST
Fidelity Value Fund
VIA CERTIFIED MAIL,
RETURN RECEIPT REQUESTED
October 9, 2018
Dear Mr. Maisels:
Your shareholder proposals, dated September 17, 2007, were previously received in the principal executive offices ofFidelity Value Fund (the "Fund"), a series of Fidelity Capital Trust (the "Trust"). Rule l 4a-8(b )( I) provides that in order to be eligible to submit a proposal for inclusion in a proxy statement for a fund, a shareholder must have "continuously held at least $2,000 in market value, or 1 %, of the company's securities entitled to be voted on the proposal at the meeting for at least one year by the date [the shareholder] submit[s] the proposal and "must continue to hold those securities through the date ofthe meeting." As required by Rule I 4a-8(b )(2), you have provided a written statement that you "intend to meet Rule l 4a-8 requirements including the continuous ownership ofthe required stock value until after the date of the respective shareholder meeting." Based on a review ofthe Fund's records, we are unable to confirm that you continue to hold the amount of Fund shares required under Rule 14a-8(b)(l ). As provided in Rule l 4a-8(b)(2), we request that you provide us with information about your holdings so that we may verify your continued eligibility to submit a shareholder proposal for the Fund. By this letter we hereby provide you with the opportunity to send us information regarding your holdings with respect to shares of the Fund so that we may verify that you have continuously held the requisite amount ofFund shares and, thus, continue to be eligible to submit a shareholder proposal for the Fund. We request that your response be postmarked, or transmitted electronically, no later than 14 days from the date you receive this notification. Please direct all further correspondence with respect to this shareholder proposal to: Fund Shareholder Meetings, 245 Summer Street, Mailzone V 1 OB, Boston, MA 02110 or ( 617) 3 85-2890 (fax). This letter shall not be deemed to waive any right ofthe Fund to omit any proposal from the proxy materials for the Fund's next shareholders' meeting for any other reason. Sincerely, ""'- ~ ()fil(f)l William C. C~ Secretary ofthe Trust

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FEB-22-2008 02:31P FROM: T0:914012920088
(Page 2 of 5) i
Secretary ofthe Trust
Fidelity Value Fund
82 Devonshire Street
Boston, Massachusetts 02109
Dear Secretary:
I am writing to submit the attached shareholder resolution for inclusion in the fund's next proxy statement and for presentation at the next shareholder meeting. l hold l 51.051 shares ofFidelity Value Fund (Fidelity Account-. I have been a Fidelity Value Fund shareholder continuously for over one year. I am attaching n statement from Fidelity confirming my ownership of shares with a market value in excess of $2,000 over a year ago. I have continuously held at least $2,000 ofthe fund since that date and it Is my intention to continue to do so. Please confinn receipt ofthis letter. lffor any reason you choose to exclude this proposal from your proxy please notify me at the above address. Thank you for your consideration. Sincerely, Deborah Jacobson " 0 Ill N m 0 I " ~ q 1.1'1 t) 0 I (1) FIMS_RETAIL:363709,:fl2 ~ r-1
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09/28/07 09:39 FAX 617 476 3128 FIDELITY LEGAL ltlloo2 -------~---- Basie Principle for Ethical Investing Shareholder Resolution for Fidelity Value Fund WHEREAS:
Fidelity stated that "Fidelity portfolio managers make th~ir investme~t d~isions based on b_usin~s and finan?ial . considerations and take into account other issues only if they matenally_impact these considerations.or c;o~fh~ with applicable leg~! standards." Since Fidelity maintains this position, even m the fa~ of the most eg~eg1ous violations of human tighis, clearly no ethical guidelines regulate Fidelity investment manager's investment choices. Fidelity held 1,065,007,500 PetroChina shares in December 2~6 and 346,000,000 Sinopec s~are~. We ~elieve . Sinopec and PetroChina·s cJosely related parent, the China National Petroleum Company, are 1mpl1cated ,n supporting genocide by providing funding the Government of Sudan's military needs to conduct genocide in Darfur. Thus, ordinary investors. through their Fidelity mulual funds and pension plans, inadvertently i~vest in co~panies . funding genocide. Not every Fidelity fund holds these companies but many shareholders don t know which do. Smee no policy prevents these investments, holdings in these companies may increase or involve new funds in the future. In a 2007 study by KRC-Research, 71 % of-respcmdents said.companies.should take extreme cases .o.f huroao.rig~~- . abuses sueh as genocide into account rather than base investment decisions solely on economic criteria. In our opinion Fidelity has become a symbol of investor irresponsibility by refusing to consider even extreme ethical issues when making investment decisions. Fideli!,y's damaged reputation can impact employee morale, increase Fidelity's cost to acquire customers, reduce the shareholder base for distributing expenses, and diminish the value of shareholder investments. There is no compelling reason to invest in companies that fund genocide. There are ample alternative opportunities for investment and fund retums are more impacted by overall asset allocation, sector, and style choices than the individual companies selected. Repeated attempts to engage Fidelity on this issue have not resulted in policy changes or recognized standards of ethical responsibility. stock divestment has proven effective at modifying policies of foreign governments. For example, the campaign against Talisman Energy contributed to the January 2005 Comprehensive Peace Agreement between Khartoum and South Sudan. RESOLVED:
In order to ensure that Fidelity is an ethically managed company that respects the spirit of international law and is a responsible member of society, shareholders request that the fund's Board institute oversight procedures to screen out investments ;n companies that, in the judgment of the Board, substantially contribute to genocide, patterns of . _ ex!r~rdil)ary_ ~nd_ f.!!¼!"egious violations of hurnan rights, or crimes against humanity. ... - . -· . DISCUSSION:
This resolution requests establishing procedures to avoid future investment; in companies that contribute to genocide. Funds with existing investments in problem companies have two acceptable options. If the holding is substantial enough that the fund can effectively influence the problem company's management to work to end the genocide and the company is receptive to engagement, then this may be appropriate. If the holding is relatively small or the company does not respond adequately to engagement efforts, then the shares should be sold. September 17, 2007
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09128/ 07 09;39 FAX 617 47~ 3128 FIDELITY LEGAL ~ 001 Sp mI. If Secretary ofthe Trust Fidelity Value Fund ,. 82 Devonshire Street Boston, Massachusetts 02109 Dear Secretary:
I am vmting to submit the attached ~holderresolution for inclusion in the fund's next proxy statement and fur presentation at the next shareholder meeting. I hold 151.05l shares ofFidelity Value Fund (Fidelity Accow,t ). J have been a Fidelity Value Fund shareholder continuously for over one year. I am attaching a statement from Fidelity confirming my ownership ofshares with a market value in excess of $2,000 over a year ago. I have continuously held at least $2,000 ofthe fund since that date and it is my intention to continue to do so. · Please confum. receipt ofthis letter. Iffor any reason you choose to exclude this proposal from your proxy please notify me at the above address. Thank you for your consideration. Sincerely, James Maisels
PAGE f/3. RC'O AT 9/li/2007 9~5:37All ~astern Dayl/g/11 TimeJ. ~FAXBo'simonwN/3. DffiS:3152864. CSID:if1476 3118. 01/RATIOH (nlll,ssJ:00411

FEB-22-2008 02:31P FROM: T0:914012920088
(Page 3 of 5)
Basic Principle for ethical Investing
Shareholder Resolution for Fidelity Value Fund WHERE:AS:
Fidelity stated that "Fidelity portfolio managers make their investment decisions based on business and financial considerations, and take Into account other issues only If they materially Impact these considerations or conflict with applicable legal standards." Since Fidelity maintains this position, even In the face of the most egregious violations of human rights, clearly no ethical guidelines regulate Fidelity Investment manager's investment choices. Fidelity held 1,065,007,500 PetroChina shares In December 2006 and 346,000,000 Sinopec shares. We belleve Sinopec and PetroChina's closely related parent, the China National Petroleum Company, are implicated in supporting genocide by providing funding the Government of Sudan's military needs to conduct genocide In Darfur. Thus, ordinary Investors, through their Fidelity mutual funds and pension plans, inadvertently invest in companies funding genocide. Not every Fidelity fund holds these companies but many shareholders don't know which do. Since no policy prevents these investments. holdings in these companies may increase or involve new funds In the future. In a 2007 study by KRC Research, 71% of respondents said companies should take extreme cases of human rights abuses such as genocide into account rather than base investment decisions solely on economic Cfiteria. rn our opinion Fidelity has become a symbol of investor irresponsibility by refusing to consider even extreme ethical issues when making investment decisions. Fidelity's damaged reputation can impact employee morale, Increase Fidelity's cost to acquire customers, reduce the shareholder base for distributing expenses, and diminish the value of shareholder Investments. There is no compelling reason to invest in companies that fund genocide. There are ample alternative opportunities for investment and fUnd returns are more Impacted by overall asset allocation, sector, and style choices than the individual companies selected. Repeated attempts to engage Fidelity on this Issue have not resulted in policy changes or recognii;ed standards of I￾ethical responsibility. C w Stock divestment nas proven effective at modifying policies of foreign governments. For example, the campaign agains~ Talisman Energy contributed to the January 2095 Comprehensive Peace Agreement between Khartoum and South s~~- ~ t-.. RESOLVED: CD In order to ensure that Fidelity Is an ethically managed company that respects the spirit of international law and is a ~ responsible member of society, shareholders request that the Fund's Board Institute oversight procedures to screen outm investments in companies that, In the judgment of the Board, substantially contribute to genocide, patterns of (:) extraordinary and egregious violations of human rights, or crimes against humanity. DISCUSSION:
This resolution requests establishing procedures to avoid Mure investments in companies that contribute to genocide. r-.. Funds with existing investments in problem companies have two acceptable options. If the holding Is substantial enoug~ that the fund can effectively influence the problem company's management to work to end the genocide and the 1.1, company Is receptive to engagement, then this may be appropriate. If the holdIng is relatively small or the company doel'N not respond adequately to engagement efforts, then the shares should be sold. Ci> c-, (I) ""' it;i' bO (:) September 17, 200V I ¢0 FIMS_RETAJL.;363709~2 (ii I""!
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FIDELITY CAPITAL TRUST
Fidelity Value Fund
VIA CERTIFIED MAIL,
RETURN RECEIPT REQUESTED
August 30, 2018
Margaret Anne Thompson
Dear Ms. Thompson:
Your shareholder proposal, dated April 13, 2010, was previously received in the principal executive offices of Fidelity Value Fund (the “Fund”), a series of Fidelity Capital Trust (the “Trust”). Rule 14a-8(b)(1) provides that in order to be eligible to submit a proposal for inclusion in a proxy statement for a fund, a shareholder must have “continuously held at least $2,000 in market value, or 1%, of the company’s securities entitled to be voted on the proposal at the meeting for at least one year by the date [the shareholder] submit[s] the proposal and “must continue to hold those securities through the date of the meeting.” As required by Rule 14a-8(b)(2), you have provided a written statement that you “intend to meet Rule 14a-8 requirements including the continuous ownership of the required stock value until after the date of the respective shareholder meeting.” Based on a review of the Fund’s records, we are unable to confirm that you continue to hold the amount of Fund shares required under Rule 14a-8(b)(1). As provided in Rule 14a-8(b)(2), we request that you provide us with information about your holdings so that we may verify your continued eligibility to submit a shareholder proposal for the Fund. By this letter we hereby provide you with the opportunity to send us information regarding your holdings with respect to shares of the Fund so that we may verify that you have continuously held the requisite amount of Fund shares and, thus, continue to be eligible to submit a shareholder proposal for the Fund. We request that your response be postmarked, or transmitted electronically, no later than 14 days from the date you receive this notification. Please direct all further correspondence with respect to this shareholder proposal to: Fund Shareholder Meetings, 245 Summer Street, Mailzone V10B, Boston, MA 02110 or (617) 385-2890 (fax). This letter shall not be deemed to waive any right of the Fund to omit any proposal from the proxy materials for the Fund’s next shareholders’ meeting for any other reason. Sincerely, Marc R. Bryant Secretary of the Trust

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April 13, 2010
Fidelity Investments
Secretary of the Trust
Attention "Fund Shareholder Meetings"
82 Devonshire Street, Mailzone V1 0A
Boston, Massachusetts 02109
To the Secretary:
I am writing to submit the enclosed shareholder proposal to my Fidelity fund for inclusion in the next proxy statement and for presentation at the next shareholder meeting. I hope that once it is on the ballot, you will take a favorable, or at least neutral, stance with regard to the proposal. The fund and the number of shares I own is:
Fidelity Value Fund (FDVLX) One Hundred and Forty-three (143) shares am also enclosing a statement of my Fidelity account which confirms my ownership of said shares. I have continuously held at least $2,000 of the funds for over a year and it is my intention to continue to do so. Please confirm receipt of this cover letter and shareholder proposal. If for any reason you choose to exclude this proposal from your proxy please notify me at the above address. Other shareholders may have submitted this shareholder proposal in support of a campaign initiated by Investors Against Genocide. If another shareholder has already submitted the same proposal, please consider this a joint submission in support of his/her proposal. Thanks for your consideration. Sincerely, Margaret Anne Thompson

Genocide-free Investing
Shareholder Proposal for Fidelity Value Fund
WHEREAS:
Fidelity has released no genocide-free investing policy to prevent investments in companies that contribute to genocide. It may at any time increase such holdings or involve new mutual funds. As a result, individuals, through their mutual funds, may inadvertently invest in companies helping to fund genocide because of investment decisions made by Fidelity. We believe that:
1) Investors do not want their pensions and family savings connected to genocide.
a) Reasonable people may disagree about what constitutes socially responsible investing, but few people want their savings connected to genocide. b) In the face of the most extreme human rights crises investment companies share responsibility, along with government, to act. c) In KRC Research's 2007 study, 71 % of respondents said companies should consider extreme human rights abuses, such as genocide, when making investment decisions. Millions of people voted for similar shareholder proposals, submitted by supporters of Investors Against Genocide, despite active management opposition.
2) This problem is particularly important to shareholders because Fidelity:
a) Has, for years, been a large holder of PetroChina, which, through its closely related parent, China National Petroleum Company, is internationally recognized as the worst offender helping fund the Government of Sudan's genocide in Darfur. b) Actively opposed earlier shareholder requests for genocide-free investing. c) Continued to buy shares of problem companies even after becoming aware of the investment's connection to the Darfur genocide. d) Claimed to have a policy addressing extreme human rights issues, but has taken no action to avoid problem investments.
3) A policy against investments in genocide must:
a) Be clear and transparent. b) Apply today and to any future genocide. c) Prevent purchasing shares of companies known to substantially contribute to genocide. d) Require corrective action for existing problem investments. If the fund holds problem companies and can effectively influence their behavior, then time-limited engagement may be appropriate. If not, the problem investments should be sold.
4) There are no sound financial, fiduciary, or legal reasons that prevent the fund from having a policy
against investments in genocide, as TIAA-CREF demonstrated in 2009. a) Ample competitive investment choices exist, even with index funds. b) Avoiding a small number of problem companies need not have a significant effect on performance, as shown in Gary Brinson's classic asset allocation study. c) Even the most conservative legal concerns can be addressed by a small change to the prospectus. d} Management can easily obtain independent assessments of problem companies and their connection to genocide.
5) Investor pressure can help influence foreign governments, as in South Africa. Similarly, divestment
pressure on Talisman Energy helped end the conflict in South Sudan.
RESOLVED:
Shareholders request that the Board institute transparent procedures to prevent holding investments in companies that, in management's judgment, substantially contribute to genocide or crimes against humanity, the most egregious violations of human rights.