INSPECTOR
The Securities and Exchange Commission order against Pax World Mutual Funds published on July 30,2008 states that after a three year investigation Pax World portfolio managers invested in 10 companies that failed Pax World SRI screens. According to the SEC, Pax World Mutual Funds held at least one prohibited security at all times from 2001 thru early 2006.
As of this posting neither the SEC nor Pax World has disclosed which companies were involved that resulted in a $500,000 fine against Pax World. In fact, in an article published by the New Hampshire Business Review on July 31,2008, Pax World CEO Joe Keefe claims that “no financial harm to shareholders” resulted from the trades. The same article states that Pax World did not return calls regarding the identification of the companies.
My question is shouldn’t the shareholders/public be the one to determine if there was financial harm done to them? What was the amount of shares bought by the funds? What was the buy price? What was the sell price? Which funds owned which companies?
According to Pax World’s Web Site under the heading SHAREOWNER ACTIVISM Pax World claims that it will:
• Support public policy initiatives that promote greater corporate transparency, accountability and social responsibility.
It appears to me that Pax World Mutual Funds believes that companies should do as Pax says not as Pax does.
As of this posting neither the SEC nor Pax World has disclosed which companies were involved that resulted in a $500,000 fine against Pax World. In fact, in an article published by the New Hampshire Business Review on July 31,2008, Pax World CEO Joe Keefe claims that “no financial harm to shareholders” resulted from the trades. The same article states that Pax World did not return calls regarding the identification of the companies.
My question is shouldn’t the shareholders/public be the one to determine if there was financial harm done to them? What was the amount of shares bought by the funds? What was the buy price? What was the sell price? Which funds owned which companies?
According to Pax World’s Web Site under the heading SHAREOWNER ACTIVISM Pax World claims that it will:
• Support public policy initiatives that promote greater corporate transparency, accountability and social responsibility.
It appears to me that Pax World Mutual Funds believes that companies should do as Pax says not as Pax does.