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Pax World funds invest in defense contractor....
The following is an excerpt from the blog I recently created, SRIgreen.com, creating a forum and collaborative home base for the public scrutiny of green, socially responsible mutual funds.
Would you expect the defense contractor AECOM Technology to be one of the investments in the Pax World "peace" socially responsible mutual funds? I wouldn't, as an investment adviser working with clients for whom I formulate ethical standards for their investment policies. Of course, Pax World likes to say that Pax means peace and, in their prospectus, they say that they avoid investing in companies "significantly involved in the manufacture of weapons or weapons-related products." They state, "our Funds seek to promote peace, reconciliation and international understanding," and have self-prohibited even from investing in U.S. Treasury bonds. Moreover, Pax World's ads in publications such as E Magazine and Mother Jones declare: "No Weapons," "Promote Peace," "Take the high road" and "Green, Not Greed."
AECOM Technology is an engineering and defense contractor whose business ranges from managing the U.S. Army's Fort Polk, including its live-fire target ranges, to operating logistics, training and repair depots for the U.S. military in Iraq, Kuwait and Afghanistan, with more than 6,000 employees working for its CSA subsidiary in Kuwait alone. They are defense contractors repairing and maintaining everything from machine guns to computers to communications equipment to tanks, among other tasks. And, yes, the AECOM-CSA depot is the shipping point for ammunition into Iraq.
keywords: Pax World, mutual funds, green investing, ethical investing, socially responsible investing
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