April 9, 2012

Contact: Randy Rice, Trillium Asset Management, LLC – 617-423-6655

Shareholder Group: Vote Yes on Network Neutrality, for the Good of Investors, Telecom Companies and the Economy

Trillium Makes Case to Shareholders Before Landmark Votes

BOSTON, MA – As shareholders of AT&T (NYSE – T), Verizon (NYSE – VZ) and Sprint (NYSE – S) prepare to vote for the first time to uphold network neutrality policies on wireless networks, Trillium Asset Management, LLC (“Trillium”), an investment management firm, wrote an open letter to fellow Verizon shareholders today urging a yes vote on network neutrality to protect their investments, the economy, under-represented communities and the interests of all wireless consumers.

“In light of the huge financial and social benefits of an open Internet, we call on shareholders to tell these companies that providing preferential treatment for some content while discriminating against other content is unacceptable,” said Trillium Vice President Jonas Kron. “We believe the weight of the evidence clearly demonstrates that network neutrality is in the interests of the companies’ shareholders as well as the interests of all consumers.”

“Given this issue’s potential significance for the future of these companies, our economy and our society, we believe that investors should support these proposals” stated Laura Campos, director of shareholder activities at the Nathan Cummings Foundation, the lead filer of the Sprint proposal.  “America has long prospered when principles of freedom and liberty are honored, and for the sake of its reputation and long-term financial health, we hope that Sprint will now embrace these principles in the operation of its wireless broadband networks.”

Network neutrality is a core principle that has guided the Internet since its inception. This principle enables an open Internet by making sure that companies that provide Internet access treat all content equally—regardless of source, destination or ownership.  This prevents a handful of large companies from paying wireless providers premium rates in exchange for faster speeds on their sites than others receive. Without it, consumers risk experiencing a dramatically different Internet, where large corporate sites able to pay premium costs load and operate at fast speeds while smaller newer sites struggle to function and compete with slower  speeds. 

Today’s letter is in support of the shareholder proposal at Verizon that asks the company to publicly commit to operating its wireless broadband networks in a manner consistent with network neutrality principles. Trillium issued a similar letter to AT&T shareholders last week and a letter regarding a similar shareholder proposal filed at Sprint will be issued in the coming weeks.

Trillium’s letter cites economic studies from McKinsey, New York University, University of Florida and University of Notre Dame that suggest “enormous financial benefits” created by the current open Internet governed by network neutrality. It also expresses concern that AT&T, Verizon and Sprint will “tamper with this engine of economic growth” by creating “fast lanes” on their wireless networks for those willing and able to pay a premium.

These proposals come at a time of explosive growth of wireless Internet use. A recent study by Cisco concluded that from 2011 through 2016 global mobile data traffic will increase 18 times. Mobile Internet users will outnumber traditional wireline users in the United States by 2015, according to the research firm IDC.

Trillium Vice President, Jonas Kron will address AT&T shareholders, senior management and board members at the company’s annual meeting on April 27, 2012. Verizon’s annual shareholder meeting will be held on May 3, 2012 and Sprint’s on May 15, 2012.

The scheduled votes follow a significant victory for investors. In February 2012, the Securities and Exchange Commission rejected AT&T’s, Verizon’s and Sprint’s efforts to censor their shareholders by attempting to deny shareholders their right to put these matters on the companies’ proxies.

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 Trillium Asset Management, LLC is the oldest independent investment advisor devoted exclusively to sustainable and responsible investing.  With over $1 billion in assets under management, Trillium has been managing equity and fixed income investments for high net worth individuals, foundations, endowments, religious institutions, and other nonprofits, since 1982.  A leader in shareholder advocacy and public policy work, Trillium’s goal is to deliver both impact and performance to its investors.

The views expressed are those of the authors and Trillium Asset Management, LLC as of the date referenced and are subject to change at any time based on market or other conditions.  These views are not intended to be a forecast of future events or a guarantee of future results.  These views may not be relied upon as investment advice.  The information provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned.  It should not be assumed that investments in such securities have been or will be profitable.  To the extent specific securities are mentioned, they have been selected by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients.  The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data.  This piece is for informational purposes and should not be construed as a research report.

If you have specific questions regarding Trillium’s products or services please visit our website at www.trilliuminvest.com or call us at 617-423-6655.

Michelle is a managing partner. She joined Trillium in the Fall of 2010. Prior to Trillium, she was the Chief Operating Officer at Winslow Management, an investment firm focusing on green investing. At Winslow she oversaw all infracture activities for the firm, including coordinating multiple SEC audits. Michelle started her career at Adams Harkness & Hill in 1999, working on both the broker dealer and asset management division.

Michelle holds a B.A. from Salem State College. She is on the Board of the Young Entrepreneurs Alliance, an organization that helps low-income teens realize their economic potential by owning and running viable businesses.

“We’re delighted to have Paul join Trillium. His long history as an innovator in the field of SRI augments the deep talent already in place at Trillium,” commented Trillium CEO Matt Patsky.  Paul has worked with Trillium staff over the years on various projects, including the co-founding of SIRAN (Social Investment Research Analyst Network, a national group of analysts working to promote dialogue with companies about corporate responsibility). “Everyone looks forward to having him on the Trillium team,” Matt said.

Paul joins us at a very exciting time, as we are experiencing significant growth in institutional and individual assets in the past year. Our strong performance record and shareholder advocacy victories have been generating increasing demand for our services. “Having another experienced portfolio manager allows us to effectively manage this growth,” he added.

Paul told Investing for a Better World, “I am very excited to join the outstanding team of socially responsible investment (SRI) professionals at Trillium, to help further build the brand and expand our footprint into new channels. I also look forward to leveraging my experience integrating environment, social, and governance (ESG) research with financial analysis to continue to build strong portfolios for clients. Trillium is at the forefront of ESG integration, and I am thrilled to be a key member in helping to chart this evolving course.”

Prior to joining Trillium, Paul was a vice president for sustainable investment business strategy at Calvert Investments, leading SRI product and business development, with a particular focus on the institutional and international arenas. He also previously held senior positions within Calvert’s Equities and Marketing Departments. Prior to Calvert, Paul was a portfolio manager for SRI at The Dreyfus Corporation. At Dreyfus he was responsible for social research and advocacy for the Dreyfus Premier Third Century Fund and its variable annuity counterpart, the Dreyfus Socially Responsible Growth Fund. He also served as a research analyst in the Social Awareness Investment program at Smith Barney Asset Management, then a division of Citigroup. Paul started his career in the field as an analyst with the Council on Economic Priorities, a nonprofit known for the influential consumer guidebook Shopping for a Better World.

Paul is a former treasurer of the United Nations Environment Programme Finance Initiative (UNEP-FI) and a former co-chair of its Asset Management Working Group. In addition, Paul serves on the board of the Social Investment Forum. A Chartered Financial Analyst, he holds master’s degrees in anthropology and education from New York University and Roberts Wesleyan College, respectively.

Paul is a frequent commentator on SRI to the financial media. He was co-project lead on the influential UNEP-FI report of the Asset Management Working Group, Fiduciary Responsibility – Legal and Practical Aspects of Integrating Environmental, Social and Governance Issues into Institutional Investment.

Paul is a portfolio manager and director of business development.

Prior to joining Trillium, Paul was Vice President, Sustainable Investment Business Strategy at Calvert Investments, leading SRI product and business development, with a particular focus on the institutional and international arenas. He also previously held senior positions within Calvert’s Equities and Marketing Departments. Paul has also served as Portfolio Manager for Socially Responsible Investing at The Dreyfus Corporation, then a division of Mellon Bank, and as Research Analyst in the Social Awareness Investment (SAI) program at Smith Barney Asset Management, then a division of Citigroup. Paul started his career in the field of SRI as an analyst with the Council on Economic Priorities, a non-profit known for an influential consumer guidebook called “Shopping for a Better World.”

Paul serves as Vice Chair of the board of US SIF, the U.S. membership association for professionals, firms, institutions and organizations engaged in socially responsible and sustainable investing. Paul is also former Treasurer of the United Nations Environment Programme Finance Initiative (UNEP-FI). A Chartered Financial Analyst, he holds Master’s degrees in Anthropology from New York University and Education from Roberts Wesleyan College.

Paul is a frequent commentator on SRI to the news media, and has been quoted in Pensions & Investments, Investment News, Barron’s, Institutional Investor, The Wall Street Journal, The Financial Times, and The Village Voice. He was co-project lead on the influential UNEP-FI report of the Asset Management Working Group entitled: “Fiduciary Responsibility – Legal and Practical Aspects of Integrating Environmental, Social and Governance Issues into Institutional Investment.”

 Paul is a portfolio manager, joining Trillium in June 2011. He has been involved in sustainable and responsible investing for over 15 years, working on both the investment and sustainability research and advocacy sides.

Prior to joining Trillium, Paul was Vice President, Sustainable Investment Business Strategy at Calvert Investments, leading SRI product and business development, with a particular focus on the institutional and international arenas. He also previously held senior positions within Calvert’s Equities and Marketing Departments. Paul has also served as Portfolio Manager for Socially Responsible Investing at The Dreyfus Corporation, then a division of Mellon Bank, and as Research Analyst in the Social Awareness Investment (SAI) program at Smith Barney Asset Management, then a division of Citigroup. Paul started his career in the field of SRI as an analyst with the Council on Economic Priorities, a non-profit known for an influential consumer guidebook called “Shopping for a Better World.”

Paul serves as Vice Chair of the board of US SIF, the U.S. membership association for professionals, firms, institutions and organizations engaged in socially responsible and sustainable investing. Paul is also former Treasurer of the United Nations Environment Programme Finance Initiative (UNEP-FI). A Chartered Financial Analyst, he holds Master’s degrees in Anthropology from New York University and Education from Roberts Wesleyan College.

Paul is a frequent commentator on SRI to the news media, and has been quoted in Pensions & Investments, Investment News, Barron’s, Institutional Investor, The Wall Street Journal, The Financial Times, and The Village Voice. He was co-project lead on the influential UNEP-FI report of the Asset Management Working Group entitled: “Fiduciary Responsibility – Legal and Practical Aspects of Integrating Environmental, Social and Governance Issues into Institutional Investment.”

Stephanie is a senior vice president, portfolio manager and research analyst. Prior to joining Trillium in 1990 she was an Investment Officer at Sun Life of Canada and an analyst at Pioneering Management Corporation. She serves on the Indigenous Peoples’ Working Group of US SIF and has served on the Unitarian Universalist Association’s Committee on Socially Responsible Investing. Stephanie holds a B.A. from Bard College and an M.B.A. from Northeastern University. She is a past president of the New England Chapter of the Social Investment Forum. She is a member of the Boston Security Analysts Society and the CFA Institute. Stephanie is a Chartered Financial Analyst charterholder.

Keith is a senior vice president and head of research. He rejoined Trillium in 2009. In 1995, Keith completed a Master of Science in Finance (MSF) degree from Bentley University. While attending Bentley, he interned with Trillium focusing on both social and financial research. He also holds a Business Administration degree from Roger Williams University.  Keith is a 2012 Level II CFA candidate.  He began his financial analysis career on the sell side in 1995 working for PaineWebber’s Equity Research Department as an Associate Analyst covering the U.S. Lodging Industry. He was promoted to Lodging Analyst in 1997 while working with PaineWebber’s number one ranked Real Estate Research team. In 2000, PaineWebber was acquired by UBS Investment Bank where he continued coverage of the lodging industry. In 2003, he was promoted to Team Leader of UBS’s U.S. Real Estate and Lodging Research team.

Shelley serves on the steering committee of the Advocacy and Public Policy Committee of US SIF, and is a Board Member of the Center for Political Accountability and the Salem (Massachusetts) Alliance for the Environment.

In 1995, Keith completed a Master of Science in Finance (MSF) degree from Bentley University. While attending Bentley, he interned with Trillium focusing on both social (company vendor standards) and financial research. He also holds a Business Administration degree from Roger Williams University.  Keith is a 2011 Level II candidate in the Chartered Financial Analyst Program. 

He began his financial analysis career on the sell side in 1995 working for PaineWebber’s Equity Research Department as an Associate Analyst covering the U.S. Lodging Industry. He was promoted to Lodging Analyst in 1997 while working with PaineWebber’s number one ranked Real Estate Research team. In 2000, PaineWebber was acquired by UBS Investment Bank where he continued to focus on coverage of the lodging industry. In 2003, he was promoted to Team Leader of UBS’s U.S. Real Estate and Lodging Research team. He managed a team of nine covering nearly 50 U.S. companies in six real estate property sectors, as well as participating in the firm’s global coverage of the commercial real estate industry. In 2005, Keith left UBS and New York to move closer to family and friends in New England.

Matt began his career at Lehman Brothers in 1984 as a technology analyst. In 1989, while covering emerging growth companies for Lehman, he began to incorporate environmental, social and governance factors into his research, becoming the first sell side analyst in the United States to publish on the topic of socially responsible investing in 1994. As Director of Equity Research for Adams, Harkness & Hill, he built that firm’s powerful research capabilities in socially and environmentally responsible areas such as renewable energy, resource optimization, and organic and natural products. Matt was most recently at Winslow Management Company in Boston, where he served as director of research, chairman of the investment committee and portfolio manager for the Green Solutions Strategy and the Winslow Green Solutions Fund.

Matt is currently on the Boards of Environmental League of Massachusetts, Shared Interest, and Pro Mujer. He recently served on the Boards of US SIF and Root Capital. Matt is a member of the Social Venture Network (SVN). He is a Chartered Financial Analyst charterholder and a member of the CFA Institute. Matt holds a Bachelor of Science in Economics from Rensselaer Polytechnic Institute.