“Pax World Funds” sold…
The socially conscious Pax World Funds, home to the United States” first socially and environmentally responsible mutual fund, sold its shares at the end of March 2005, worth about $ 23,5 million . In February Starbucks announced the collaboration with the famous whisky distiller Jim Beam and launched its first alcoholic drink. “Extending our brand into new channels outside of Starbucks stores is part of our long-term growth strategy,” said Jim Donald Starbucks chief executive officer designate, according to a February press release,. “The test market phase of this new product rollout confirmed what we already knew — Starbucks coffee lovers want this product. Starbucks Coffee Liqueur won”t be available in regular Starbucks stores but will instead be distributed by Jim Beam”s parent company, Fortune Brands to restaurants, bars, and liquor stores.” Pax World Funds Vice President of Social Research Anita Green said: “While we continue to admire and respect many aspects of Starbucks” business and corporate citizenship activities, the company essentially forced our hand in this matter. We have divested ourselves of these shares reluctantly and only after trying to get the company to reconsider its course of action. Investors in Pax World Funds expect us to do what we say we will do about avoiding companies that produce liquor.” The Pax World Funds family – including Pax World Balanced Fund, the Pax World Growth Fund and Pax World High Yield Fund – strives to enable persons of conscience to invest in keeping with their ethical values and to challenge corporations to establish and meet certain ethical standards. The Funds seek to invest in companies that produce goods and services that improve the quality of life such as health care, technology, housing, food, education, pollution control, utilities, and leisure-time activities and that are not engaged in the manufacture of defense or weapons-related products or that derive revenue from the manufacture of tobacco, liquor, or gambling products. Pax said Starbucks represented 1.6 percent of the Pax World Balanced Fund portfolio as of December 31, 2004
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. For its part, Starbucks said it was “disappointed” in the fund company”s decision. “However we acknowledge that Pax World Funds has a strict policy that it will not invest in companies that derive revenue from the manufacture of liquor,” Starbucks spokeswoman Audrey Lincoff said. “Starbucks Coffee Liqueur is intended for adults of legal purchase age seeking a premium quality liqueur beverage,” she added.
Source: Reuters, Dow Jones, CNN, Starbucks, Paxworld
