Fidelity Investments has generated an especially condescending “boiler-plate” response for those who have inquired critically about their massive shareholding in Talisman Energy (over 5 million shares, 3.7% of all shares outstanding). They need to hear that their smug indifference to the suffering in southern Sudan is not shared by a great many present or potential shareholders in Fidelity Investments mutual funds—people for whom suffering in Sudan is no merely “fiduciary” matter.
Eric Reeves [January 30, 2001]
Smith College
Northampton, MA 01063
413-585-3326
ereeves@smith.edu
Talisman Energy may be massively complicit in the oil-driven destruction of Sudan, but here’s all that Fidelity Investments management has to say about their huge investment in Talisman:
“Regarding the issue you wrote us about [civilian death, destruction, displacement, suffering in southern Sudan related to oil development], the appropriate authorities of the world have the responsibility to address such matters. And we would hope they would do so fairly and wisely on behalf of their citizens. Our responsibility is to weigh the impact of these issues on behalf of our customer.” [entire letter attached below, along with specific contact information for Fidelity Investments management]
This imperious and callous condescension from Jeffrey Hamilton,
assistant to the Fidelity Investments CEO Edward C. Johnson 3d, should receive an appropriate response, and it needn’t be long:
“Mr. Jeffrey Hamilton: You may be willing to dismiss Sudan’s agony, hoping that ‘the appropriate authorities of the world’ might respond at their convenience. But I can assure you that so long as Fidelity Investments adopts such a smug and indifferent attitude, I will neither own nor consider purchasing shares in any Fidelity Investments mutual fund. Indeed, as a ‘citizen of the world,’ I will work aggressively to see that others sell or refrain from purchasing Fidelity Investment mutual funds.
You speak of acting ‘fairly and wisely’: until Fidelity Investments divests from Talisman Energy and the oil-driven destruction of Sudan, ‘fairness and wisdom’ lie in steering clear of your mutual funds.
Sincerely, ”
*****************************************************
Mr. Edward Johnson III, Chief Executive Officer
Fidelity Investments
82 Devonshire Street
Boston, MA 02109
Mr. Jeffrey Hamilton,
assistant to CEO Edward Johnson
***Fax: 617-476-4164***
*Telephone numbers:
617-563-4200
617-563-5800
800-771-7213
*Their website is: www.fidelity.com
[the website lists branch offices of Fidelity in the US and Canada:
http://personal100.fidelity.com/gen/centers/invstctr.html.tvsr]
******************************************************
[standard letter from Fidelity Investments management to people inquiring about their Talisman Energy shareholding]
Dear Mr/Ms_______:
Mr. Johnson received your letter regarding Fidelity Investments
investment position in Talisman Energy, and asked me to respond. Thank you for taking the time to contact us.
Regarding the issue you wrote us about, the appropriate authorities of the world have the responsibility to address such matters. And we would hope they would do so fairly and wisely on behalf of their citizens. Our responsibility is to weigh the impact of these issues on behalf of our customer.
Millions of Americans saving for homes, retirement, and college place their trust in Fidelity to help them achieve their financial goals. We have an obligation and a fiduciary duty to make investment decisions that will assist you and all of our shareholders in meeting these objectives.
Again, thank you for writing and sharing your thoughts with us.
Sincerely,
Jeffrey Hamilton
Assistant to the Chairman
cc Edward C. Johnson 3d