UPDATE 1-Divestment measure at Vanguard gets lower totals

Fri Jul 3, 2009 12:56am BST
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* Activist measure gets between 7 to 17 percent support

* Vanguard opposed resolutions targeting Sudan (Adds Vanguard spokeswoman)

NEW YORK, July 2 (Reuters) - Human-rights activists targeting 21 funds of Vanguard Group Inc said on Friday that between 7 to 17 percent of shares were voted in support of divestment resolutions, lower support than such measures have received elsewhere.

The resolutions, voted on at meetings on Friday, called for the sale of holdings that raise human-rights concerns.

Vanguard had opposed the resolutions, saying it already has similar policies in place.

A Vanguard spokeswoman said that across the various funds an average of 89 percent of shares voted were against the proposal.

"The vote demonstrates that Vanguard shareholders have confidence in the funds' board of trustees and their judgment in fulfilling their fiduciary and investment responsibilities," the spokeswoman said in an emailed statement.

The measures were aimed at pressuring the fund firm to sell shares in Chinese oil companies doing business with Sudan's government, widely criticized for abuses.

Last year similar resolutions received up to 31 percent support at meetings held by Fidelity Investments. The activists call Vanguard's current policies ineffective but said they likely lowered support for the resolutions.  Continued...

 
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