Administration September 2, 2004

Environmental, Diversity Issues Highlight Calvert's 2004 Proxy Lineup

February 9, 2004 (PLANSPONSOR.com) - Calvert Funds, a family of socially responsible investment offerings, has filed shareholder proxy resolutions with 33 companies covering issues such as environmental and social performance and greater diversity among corporate boards of directors.

Reported by

Fred Schneyer

“We believe that well-governed, socially responsible companies are better positioned to deliver long-term, sustainable value to their shareholders,” said Nikki Daruwala, Shareholder Advocacy Coordinator for Calvert, in a statement

According to a news release, Calvert’s 2004 shareholder issue scorecard includes:

Board Diversity

Calvert is asking FMC Technologies, Smith International, Grant Prideco, North Fork Bancorp, Kinder Morgan, Danaher, SkyWest, Zebra Technologies, Swift Transportation, along with the State of Connecticut and American Power Conversion to take reasonable steps to ensure that women and minority candidates are routinely included in every board search the company carries out to fill director positions.

Social Performance Reporting and Corporate Transparency

Calvert is requesting that Chesapeake Energy, EOG Resources, Cooper Cameron, Pioneer Natural Gas, XTO Energy, Genuine Parts, Visteon, MDC Holdings, The Ryland Group, NVR, AGCO, Terex, York International, and Masco issue sustainability reports based on Global Reporting Initiative (GRI) standards to measure the economic, environmental and social impacts of their operations.

Corporate Governance

Calvert, along with Christian Brothers Investment Services, Inc., is asking Time Warner to address executive compensation by conducting a study of the disparity between the total compensation of top executives and the company’s lowest paid workers.

Calvert, along with Walden Asset Management Company, is asking The Gillette Company to declassify its Board Directors to insure that all Directors are elected annually and not by classes over staggered terms, as is the current practice.

Equality

Calvert is requesting that The E.W. Scripps Company report to shareholders on the racial and gender composition of the newsrooms throughout the company; disclose corporate diversity policies and programs; and establish annual goals and benchmarks for attaining greater gender and racial parity and equality in the newsroom.

For the second year in a row, Calvert is co-sponsoring a shareholder resolution, along with Walden Asset Management Company, requesting that Alltel and Dover Corp amend their written equal employment opportunity policy to explicitly prohibit discrimination based on sexual orientation, and to substantially implement that policy.

A resolution with Calpine Corporation requests that the company cease development in the Medicine Lake Highlands and develop, implement and publish a written policy on the rights of indigenous peoples.

Environmental Impact

Calvert, along with Walden Asset Management Company, is asking American International Group to disclose greenhouse gas emissions and produce a comprehensive assessment of AIG’s strategies to address the impacts of climate change on its business.

A resolution with Weyerhaeuser requests the development and implementation of a policy prohibiting the harvest and trade in products from old growth and endangered forests.

A resolution with Pulte Homes asks the company to develop and adopt smart growth principles as an overall guide to the company’s home building operations.

Calvert has over $9.7 billion in assets under management among twenty-seven funds.