Check out the Vermont delegation at the NEA convention

From John Curry, 07/07/07
Subject: From NEA's "Annual Meeting"..looks like they're pushing FOR divestment!
Wonder if they understand the terminology "losing money?

Check out item # 4 from the NEA website. These items are being discussed by NEA. I get a kick out of the statement in article #4...

http://www.nea.org/annualmeeting/raaction/0702nbi.html

"Rationale/Background
Since many states are already divesting from these companies, their stocks are losing value, so divestment is fiduciary prudent."

Now, for reality..."losing value???"....PetroChina (PTR) and Schlumberger (SLB), two "worst offenders" according to sudandivestment.org. These two companies are at a 52-week HIGH.

"fiduciary prudent" ????????

Whose side is the Jay Kaplan and the Vermont delegation on??? Maybe Jay and the Vermonters can afford to lose moneys in their retirement system or maybe they don't care!

John

"NEW BUSINESS ITEM 4

NEA utilize its influence to have retirement systems develop policies of targeted divestment from companies on the Sudan Divestment Task Force’s Worst Offenders list. Also that the NEA inform its members and affiliates about the genocide in the Darfur region of Sudan.

Rationale/Background
Since many states are already divesting from these companies, their stocks are losing value, so divestment is fiduciary prudent.

Submitted by
Majority vote at regularly called meeting of the state delegation in connection with the annual meeting.

Contact
Jay Kaplan, Vermont

Relevant Operational Service (OS) Area
OS-2 Member Advocacy

Cost Implications
Assuming NEA would use its influence by sending a communication on this subject to member trustees and that members would be educated through existing electronic means, this NBI can be accomplished within the proposed 2007-08 Strategic Plan and Budget at no additional cost."