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Starbucks dropped from socially responsible list Original Source Link: (May no longer be active)    http://abcnews.go.com/Business/wireStory?id=608021 http://abcnews.go.com/Business/wireStory?id=608021 'Socially Responsible' Fund Cuts Starbucks 'Socially Responsible' Fund Drops Starbucks, Citing Whiskey Drink As Reason By ELIZABETH M. GILLESPIE Associated Press Writer The Associated Press Mar. 23, 2005 - A mutual fund company that invests only in businesses it deems socially responsible has dropped Starbucks Corp., citing the coffee giant's launch of a java liqueur with whiskey maker Jim Beam. Pax World Funds, a Portsmouth, N.H.-based fund family, steers clear of companies involved in defense or weapons, tobacco, liquor or gambling. It sold 375,000 shares of Starbucks worth an estimated $23.4 million, about 1.6 percent of its Pax World Balanced Fund portfolio, the fund said in a statement released Wednesday. "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," said Anita Green, Pax World Funds' vice president of social research. In a written response to the fund's announcement, Starbucks said it was disappointed but understood Pax World Fund's strict policy on not investing in companies that make money from the manufacture of liquor. "Starbucks is committed to responsible marketing, and proud of our history of corporate responsibility," the statement said. "Prior to the introduction of this product, Starbucks worked diligently to research and understand its potential impact." Pax World Funds said it sent Starbucks CEO Orin Smith a letter in mid-February urging the company to end its deal with Jim Beam, which was announced last year. "We have divested ourselves of these shares reluctantly and only after trying to get the company to reconsider its course of action," Green said. "Investors in Pax World Funds expect us to do what we say we will do about avoiding companies that produce liquor." Starbucks Coffee Liqueur is sold in restaurants, bars and stores licensed to sell liquor. It is not sold in any of the coffee chain's stores. In the statement it released Wednesday, Starbucks noted it is sponsoring a national program aimed at educating parents and children about the dangers of underage drinking. Shares of Starbucks fell 22 cents, or 0.4 percent, Wednesday, to close at $51.44 on the Nasdaq Stock Market. On the Net: http://www.starbucks.com Starbucks: http://www.paxworld.com Pax World Funds: Copyright 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Copyright © 2005 ABC News Internet Ventures

Big mergers have long history of failure and troubles { January 15 2004 } Church groups launch corporate code conduct { May 21 2003 } Corruption abroad Doubt self policing wallstreet { May 8 2003 } Foreign governments Global economy power balance { January 31 2001 } Goldman settles insider trading { September 4 2003 } Multinational companies attempt coup in guinea Poll want regulation { July 1 2002 } Sec examines stock pricing by big bokers { November 8 2004 } Starbucks dropped from socially responsible list Supermarket chains destroy central american farmers { December 28 2004 } US accuses big tobacco of fraud racketeering { June 8 2005 } US protects multinationals { August 29 2002 } Western companies fuel corruption abroad Whitehouse weakens whistle blower protection { August 1 2002 } Files Listed: 16

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