Calvert Surveys Shareholders and Advisors

As part of Calvert's strategy to gear up focus on climate change, Calvert invited SRI shareholders and advisor partners to participate in an on-line survey. Over 1,500 Calvert shareholders responded to this survey on Environment, Climate Change, and Energy Options open from the end of November 2006 until mid-January 2007. The survey probed shareholders about the environmental issues most important to them and confirmed that climate change is the primary issue of concern. In addition, we tested new environmental criteria language with a sharper focus on climate change. We also included questions about nuclear operations, to determine whether investors would be comfortable investing in companies that are leaders in developing alternative energy (such as wind and solar power) that may also have some existing involvement in nuclear power.  The full results of the survey can be found here. 

The survey uncovered a number of key findings about Calvert investor attitudes to SRI, the environment, and climate change.  For example:

• The number one reason why Calvert investors choose SRI is in order to invest in companies with good environmental records (97%), followed by investing in companies with good overall corporate responsibility practices (87%). 
• Traditional exclusionary screens rate much lower--gambling (34%) and alcohol (21%).
• Climate change tops the list of environmental concerns for SRI investors (91%).
• 90% of investors say their concern about climate change has increased over the last five years.
• Investors and advisors support updating Calvert's environmental criteria language to reflect 21st century concerns. 72% of investors prefer proposed criteria language that specifically focuses on climate change.
• While many shareholders expressed concerns about nuclear power, 87% were open to investing in a company that is a leader in alternative energy even if it has limited legacy nuclear power involvement.

Based on the survey results, Calvert has updated its environmental criteria language to include a sharper focus on climate change. Calvert's two newest funds, the Calvert Global Alternative Energy Fund and Calvert International Opportunities Fund, may in select cases invest in companies with limited existing nuclear power operations if 1) they demonstrate leadership in developing renewable energy and/or mitigating climate change; 2) they meet Calvert's stringent safety and security performance standards; and 3) do not own or operate new nuclear power plants. This refinement in policy provides an ability to consider companies similar to FPL and Iberdrola that are promoting the development of renewable energy, diversifying their energy portfolios, and managing their limited legacy nuclear exposures responsibly. Calvert believes we must pursue multiple strategies to address climate change, and while we do not view nuclear power as a viable option at this time, we do seek to support a broad spectrum of companies that are alternative energy leaders.