Following a Joint Shareholder Resolution, Netflix Adds Diversity Language to its Governance Charter, Names First Female Director
BETHESDA, Md., July 20 /PRNewswire/ -- Calvert Asset Management Company, Inc. and the Connecticut Retirement Plans and Trust Funds (CRPTF) today announced the successful resolution of their joint shareholder proposal on board diversity filed with Netflix (NFLX), the world's largest subscription entertainment service. The company has named its first female director Ann Mathers, an entertainment industry veteran who has served in senior finance roles at Pixar Animation Studios, The Walt Disney Company and Paramount Pictures. Ms. Mathers joined the Netflix Board on July 1, 2010.
Calvert and the CRPTF filed their resolution on December 1, 2009, asking Netflix to take every reasonable step to ensure that women and minority candidates are in the pool from which Board nominees are chosen and to publicly commit itself to a policy of board inclusiveness. In March 2010, Netflix incorporated language in its corporate governance and nominating committee charter making gender and race a factor in considering board candidates. The firm announced it would add Ms. Mathers to the board on June 16th.
"We applaud Netflix's decision to increase the diversity of its board and its discernment in naming such a strong, experienced director," said Barbara J. Krumsiek, President & CEO of Calvert Group, Ltd. "Netflix has affirmed Calvert's belief that shareholder value and corporate bottom lines are enhanced by an independent and diverse board."
Connecticut State Treasurer Denise L. Nappier, principal fiduciary of the $23 billion CRPTF, said, "In this economic climate, boards should take every reasonable step to preserve and enhance long-term financial performance. Given the compelling business case for board diversity, the addition of a woman to Netflix's board of directors is an important and strategically sound step in the right direction."
Both Calvert and the CRPTF have made significant commitments to shareholder advocacy on the issue of board diversity.
Calvert began its board diversity initiative in 2002, after new listing requirements mandated an increased number of independent directors. In 2003, Calvert introduced a model nominating committee charter for corporate boards as a means to institutionalize their commitment to a diverse and inclusive board. In December 2009, Calvert commented on and contributed to the Securities and Exchange Commission (SEC)'s new requirements for disclosing board diversity guidelines and procedures. Since 2002, Calvert has filed 51 shareholder resolutions related to diversity and successfully withdrawn 43 of them.
On behalf of the CRPTF, Connecticut State Treasurer Denise L. Nappier has spearheaded Connecticut's initiative to increase the participation of women and minorities as members of Boards of Directors of corporations in which the pension fund invests. Since 2001, Treasurer Nappier has filed over a dozen shareholder resolutions on corporate board diversity at a number of companies, including Danaher Corporation and Apple. In accordance with the State of Connecticut's investment policy and the recognition that companies and firms that demonstrate a commitment to diversity are more likely to succeed in an increasingly global marketplace, Treasurer Nappier also continues to support firms that demonstrate a commitment to diversity in the workplace and encourages providers of investment advisory services to utilize Connecticut-based, minority, women and emerging broker-dealers in trading of CRPTF's securities.
About Connecticut Retirement Plans and Trust Funds
As principal fiduciary for $23 billion Connecticut Retirement Plans and Trust Funds (CRPTF), which consists of six State pension plans and eight trust funds, Connecticut State Treasurer Denise L. Nappier is responsible for prudently managing the retirement funds for approximately 160,000 teachers, state, and municipal employees who are pension plan participants and beneficiaries. More information about the CRPTF can be found at www.state.ct.us/ott.
Calvert Investments is an investment management company that offers mutual funds and separate account strategies to institutional and retail investors, retirement plans, financial intermediaries and their clients. By combining rigorous analysis with independent thinking, our disciplined approach to money management goes beyond traditional factors in order to manage risk and to identify investment opportunities with greater long-term potential. We offer more than 50 equity, bond, cash, and asset allocation investment strategies, a number of which feature integrated corporate sustainability and responsibility research. Founded in 1976 and based in Bethesda, Maryland, Calvert Investments managed assets of more than $14 billion as of July 14, 2010.
A leader in Sustainable and Responsible Investments (SRI), Calvert Investments offers investors among the widest choice of SRI strategies of any investment management company in the United States. Each SRI strategy employs one of three proprietary approaches. Calvert Signature™ Strategies integrate two distinct research frameworks: a rigorous review of financial performance plus a thorough assessment of environmental, social and governance performance. Only when a company meets Calvert standards for both frameworks will we consider investing. Calvert Solution™ Strategies selectively invest in companies that produce products and services designed to solve some of today's most pressing sustainability challenges. Calvert SAGE™ Strategies emphasize strategic engagement to advance environmental, social and governance performance in companies that may not meet Calvert standards today, but have the potential to improve. More information on Calvert SRI strategies is available at www.Calvert.com/SRI.
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SOURCE Calvert, Bethesda, MD