|NEW YORK - A new Web site aims to tell investors if their stock mutual funds own any companies that could depress returns because of their policies on global climate issues. The site www.CookingYourNestEgg.org is expected to go live on Wednesday.|
According to its backers, the site will include specific findings on how 71 companies held by the 24 largest U.S. stock funds are dealing with climate issues. The 71 companies were culled from a list of 224 top holdings in the funds, which collectively have assets of about $827 billion.
The information will show which fund holdings may put shareholder wealth in jeopardy as well as those companies that have taken what the backers call progressive actions to deal with climate change.
The Web site will use data from KLD Research & Analytics, a company that collects information on corporate activities for investors interested in various social issues.
The Web site is being launched by ResultsForAmerica, a project of the Civil Society Institute, which is a nonprofit group based in Newton, Massachusetts.
The group says it seeks to solve problems in the areas of environment, education, national security and health care by bringing together communities, government and business.
REUTERS NEWS SERVICE