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Summary of General Investment Guidelines
The William Bingham Foundation in accordance with law expends an amount
equal to at least 5% of average monthly market value (both principal and
income) for each calendar year. Accordingly, the Foundation's investment
goal is an annual return (earned income and changes in market value less
commissions and fees) equal to at least the sum of inflation and 5% over a
trailing five year period.
Mission-Based Investing
The William Bingham Foundation has adopted a mission statement explaining
that it "seeks to strengthen civil society and its institutions; works
for a world that is environmentally self-sustaining; educates family
members and others in the values and practice of philanthropy, community
service, and stewardship; and seeks to build a sense of community among
ourselves and with the world we share." This mission is reflected not
only in the Foundation's grantmaking activities, but in the management of
its assets as well. The Foundation's primary vehicle for reflecting its
mission in its investments is a screening process for the Foundation's
investment portfolio based on criteria defined by Prentiss Smith & Co.,
Inc., one of the Foundation's investment managers. The investment managers
have primary responsibility for determining whether an individual stock
meets these criteria, subject to review by the Board of Trustees:
Environment
- Avoid companies that
have demonstrated a consistent disregard for the environment
- Favor companies that
conduct business operations with respect for the environment and show
leadership in addressing environmental challenges faced by their
particular industries
Employee Relations
- Avoid companies
having a history of discrimination, anti-labor practices, or
violations of health and safety regulations
- Favor companies that
provide equal promotion opportunities for all employees, fair wages,
opportunities for professional development, and employee benefits
Human Rights
- Avoid companies that
contribute to repression of human rights through their business
relationships, operations, or products
Products and Services
- Avoid companies that
produce weapons or weapons systems, nuclear power or equipment, and
tobacco products
- Favor companies that
create products or provide services that enhance the quality of life
Proxy Voting
The Chair of The William Bingham Foundation's Investment Ethics Committee
votes on resolutions presented to the shareholders of companies comprising
its investment portfolio. This activity serves the dual purpose of alerting
Trustees to issues of concern to the companies or their shareholders, and
allowing the Foundation to consider and voice its opinions on these issues.
The Foundation monitors shareholder resolutions through its participation
in the Foundation Partnership on Corporate Responsibility (www.foundationpartnership.org).
Asset Managers
The William Bingham Foundation has engaged the following firms to manage
its assets:
Prentiss Smith & Co., Inc.
http://www.prentiss-smith.com/
376 Western Avenue
Brattleboro, Vermont 05301
Chase Investment Counsel Corporation
http://www.chaseinv.com/
300 Preston Avenue
Suite 403
Charlottesville, VA 22902-5091
The Foundation also receives brokerage services from Charles Schwab.
The William Bingham Foundation's 2006 Financial Statements are available for viewing online using Adobe's Acrobat Reader, which can be downloaded free of charge from the Adobe Web site. A printed copy of the Financial Statements is available upon written request.
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