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Retirement Security:How Do Investment Managers Stack Up
A publication of the AFL-CIO
AFL-CIO Retirement Security Report
The Report Categories
The report categorizes investment managers on such factors as whether they have supported groups attacking Social Security, traditional pensions or corporate governance safeguards, how direct their contributions and involvement have been, and whether firms have been accountable for their leadership roles in industry associations that support pro-privatization groups. More information can be found at www.wallstreetgreed.org. Below is a summary of how firms are categorized.
Category 1 (Direct Links to Retirement Security Privatization)
This category is for companies and their senior executives that have either directly contributed to or participated in campaigns to privatize Social Security, eliminate defined benefit pensions, or weaken Sarbanes-Oxley, the crucial corporate governance law enacted in the wake of Enron & WorldCom. Companies and their managers with direct memberships or contributions to such lead organizations as the Alliance for Worker Retirement Security, CoMPASS, the Cato Institute or the Reason Foundation are included, as well as substantial funders of the anti-pension initiative campaign in California (Citizens to Save California and the California Recovery Team). Note that most companies on this list have joined or funded these groups even while stating that their firm has not taken a position on these issues. Failure to be honest and transparent when asked about these issues is seen as a factor causing more alarm about the role of the firm, and therefore influences the firm’s report rating.
Category 2 (Indirect Links to Retirement Security Privatization)
This category contains companies and their senior executives that have contributed to advocacy groups or think tanks that have promoted anti-retirement security initiatives, but are not known to have directly backed the lead anti-retirement security campaign organizations. This category includes companies and their managers that have leadership roles in industry associations that have backed privatization groups, if the firm has not made it clear in its leadership position that it dissents from the association’s involvement.
Category 3 (Neutral or Supportive) (- -)
A dashed line indicates companies which have publicly and credibly declared their neutrality, or who have been supportive of retirement security systems. Companies that have shown such positive support are noted by an asterisk in the accompanying chart. Note that a company’s neutrality statement is not treated as credible if it has contributed to or joined an anti-retirement security effort.
Category 1 (Direct Links to Retirement Security Privatization)
(See accompanying "thumbnail" descriptions of these companies known involvement in anti-retirement security initiatives.)
American Financial Group
Charles Schwab
Citigroup (Smith Barney)
Dimensional Fund Advisors
Dodge & Cox
Dunn Capital Management
Fidelity
JP Morgan Chase
Marsh & McLennan (Mercer)
Raymond James
Wachovia (Evergreen)
READ ALL ABOUT IT HERE.
AFL-CIO Retirement Security Report
The Report Categories
The report categorizes investment managers on such factors as whether they have supported groups attacking Social Security, traditional pensions or corporate governance safeguards, how direct their contributions and involvement have been, and whether firms have been accountable for their leadership roles in industry associations that support pro-privatization groups. More information can be found at www.wallstreetgreed.org. Below is a summary of how firms are categorized.
Category 1 (Direct Links to Retirement Security Privatization)
This category is for companies and their senior executives that have either directly contributed to or participated in campaigns to privatize Social Security, eliminate defined benefit pensions, or weaken Sarbanes-Oxley, the crucial corporate governance law enacted in the wake of Enron & WorldCom. Companies and their managers with direct memberships or contributions to such lead organizations as the Alliance for Worker Retirement Security, CoMPASS, the Cato Institute or the Reason Foundation are included, as well as substantial funders of the anti-pension initiative campaign in California (Citizens to Save California and the California Recovery Team). Note that most companies on this list have joined or funded these groups even while stating that their firm has not taken a position on these issues. Failure to be honest and transparent when asked about these issues is seen as a factor causing more alarm about the role of the firm, and therefore influences the firm’s report rating.
Category 2 (Indirect Links to Retirement Security Privatization)
This category contains companies and their senior executives that have contributed to advocacy groups or think tanks that have promoted anti-retirement security initiatives, but are not known to have directly backed the lead anti-retirement security campaign organizations. This category includes companies and their managers that have leadership roles in industry associations that have backed privatization groups, if the firm has not made it clear in its leadership position that it dissents from the association’s involvement.
Category 3 (Neutral or Supportive) (- -)
A dashed line indicates companies which have publicly and credibly declared their neutrality, or who have been supportive of retirement security systems. Companies that have shown such positive support are noted by an asterisk in the accompanying chart. Note that a company’s neutrality statement is not treated as credible if it has contributed to or joined an anti-retirement security effort.
Category 1 (Direct Links to Retirement Security Privatization)
(See accompanying "thumbnail" descriptions of these companies known involvement in anti-retirement security initiatives.)
American Financial Group
Charles Schwab
Citigroup (Smith Barney)
Dimensional Fund Advisors
Dodge & Cox
Dunn Capital Management
Fidelity
JP Morgan Chase
Marsh & McLennan (Mercer)
Raymond James
Wachovia (Evergreen)
READ ALL ABOUT IT HERE.
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