C.C. Walden manages approximately $1. Three Walden-led resolutions requesting that ALLTEL,
Gentex, and Carlisle adopt more inclusive employment nondiscrimination
policies were withdrawn after these companies added "sexual orientation" to
their policies.
In many cases, Walden 's engagement for the 2005 season builds on past
involvement with companies.

The phenomenon of increasing political and economic interdependence among the countries and regions of the world.

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D. For the second year, Walden leads a coalition of
investors seeking greater disclosure from Amgen, and is also reviving a
similar action this year with Home Depot after the company pulled back from an
earlier commitment to provide comprehensive EEO information to shareholders. Currently, shareholders are only able to vote in favor
of a director or to withhold their vote; there is no "against" vote.

correlates leitmotiv

The company's holdings include
two electric utilities serving approximately 3 million customers in North
Carolina, South Carolina, and Florida. Progress Energy also includes
nonregulated operations covering merchant generation, energy marketing and
natural gas exploration. Progress Energy was the 2005 recipient of the
prestigious J. For example, at TJX, Walden continues to address
supply chain management and labor standards. Also on
the horizon, building on its work regarding board independence, Walden plans
to advocate for the separation of the chair and CEO positions at a number of
companies.

reasoned decentralized

"We believe these
proposals are consistent with those same high standards.C.com. Walden had been
advocating for this governance reform through the proxy resolution process,
and the reform was supported by a majority vote of shareholders in 2003 and
2004.

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waldenassetmgmt.

The term has come to be used to describe an international regime encouraging free(r) trade, deregulation of markets and curtailment of the private sector.

Proponents argue that free trade and deregulation will result in an increased standard of living by stimulating the economy in developing countries.

correlates multijurisdictional

The final proxy will be filed and mailed
to shareholders in late March., 61, chairman, president and CEO of Sonoco Products
Company in Hartsville, S.

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globalisation correlates

, Progress Energy
(NYSE: PGN) today filed a preliminary proxy with the Securities + Exchange
Commission (SEC) that includes two management proposals regarding changes in
board governance rules.

BOSTON, Walden Asset Management announced today
its shareholder advocacy initiatives for 2005, covering a wide range of
social, environmental , and corporate governance issues. Walden also continues to be active on the issue of equal
employment opportunity (EEO) disclosure, believing that greater transparency
and accountability complements and strengthens a company's initiatives on
workforce diversity.
Walden Asset Management (http: //www.

hbs globalisation

The preliminary proxy filing was required by the SEC
due to the two management proposals.
Walden blends a disciplined investment style and expertise in social screening
with a commitment to using its leverage as an investor to improve corporate
social performance.

globalization linkages

Last month, Procter + Gamble , which has a classified board, agreed to
purchase Gillette.

Anti-globalization activists argue that this form of globalization accentuates the gap between rich and poor and punishes developing countries in particular.

regionalisation correlates

In the first management proposal, board members would stand for
re-election each year , as opposed to the current three-class staggered system.

Walden Asset Management Announces Shareholder Advocacy Actions for 2005

decentralized leitmotiv

Second, each member would need a majority of shareholder votes cast to be
elected to the board as opposed to the current plurality standard. For more information
about Progress Energy, visit the company's Web site at
http://www.

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RALEIGH, N."
Also in the preliminary proxy filed today, Progress Energy is nominating
Harris E. Coker and William O.com) is the socially
responsive investment division of Boston Trust + Investment Management
Company.

multijurisdictional industrialized

McCoy, will retire in
May.

globalization csis

Two Progress
Energy board members, Charles W. In addition, Walden is pressing for greater corporate
responsibility and investor rights through a number of different forums,
including lobbying the Securities Exchange Commission (SEC).
"One of the most powerful points of leverage for creating corporate
social change is ownership in a company. Many of the
companies have responded positively to dialogue or shareholder initiatives. In October, Gillette took steps to begin
electing its board annually to increase board accountability. There were positive developments
in 2004 when the company hired staff and retained outside counsel to further
explore the issue.
Walden has identified a number of new topic areas that it expects to
become increasingly involved with in 2005.

worldbank koningshof

Progress Energy Proposes Changes in Board Governance Policies in Preliminary Proxy Filing; New Board Member Nominated

Walden's efforts to encourage increased openness at these two companies do not
stem from any significant EEO concern, but instead reflects a desire to urge
increased leadership.

multijurisdictional unctad

contending hbs

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(Logo: http://www.
"Progress Energy has long been recognized as a leader in the areas of
corporate governance, transparency, board independence and accountability,"
said Bob McGehee, chairman and CEO, Progress Energy. DeLoach Jr. Walden filed or co-
filed 12 resolutions in 2005, and is engaged in on-going discussions with
dozens of companies.4
billion in assets for clients with investment objectives that, in addition to
competitive financial performance, include social, environmental and corporate
governance goals.

papp interdependence

newscom.progress-energy. Knowing this, concerned investors
are not only screening portfolios but also actively engaging with companies,
using their voice and votes as shareowners to influence company policies and
practices," stated Timothy Smith, Walden's Senior Vice President and Director
of Socially Responsive Investing. This includes proxy voting, filing shareholder
resolutions and communicating with management through letter writing,
telephone calls , and in-person meetings.
In November, Johnson + Johnson agreed to reduce and replace packaging
containing PVC, a difficult to recycle plastic that can contaminate the
recyclable plastic waste stream, stating that the company's goal is to avoid
PVC in consumer product packaging. These include supporting proxy
policies that require a director to receive a majority of the vote in order to
be elected to a board.

cafta kugler

correlates hbs

Progress Energy (NYSE: PGN), headquartered in Raleigh, N., is a Fortune
250 diversified energy company with more than 24,500 megawatts of generation
capacity and $10 billion in annual revenues. Walden has a multi-pronged approach to
company engagement.

contending leverhulme

Examples of Walden's involvement in dialogue and advocacy initiatives for
2005 include:

Environment
-- Climate Change: *Apache, American International Group, Biomet, *Exxon
Mobil
-- Recycling: Coca-Cola, Dell, Hewlett-Packard, *IBM, Johnson + Johnson,
*PepsiCo, Pfizer

Equality Issues
-- Equal Employment Opportunity Disclosure: *Amgen, First Midwest
Bancorp, *Home Depot, *Wal- Inclusive Non-Discrimination Policy: *ALLTEL, *Carlisle, Exxon Mobil,
*Gentex

International Labor/Human Rights
-- Vendor Standards: Dell , Federated Department Stores, Hershey's,
Hewlett-Packard, Home Depot, IBM, *TJX Companies
-- HIV/AIDS Health Pandemic: Colgate-Palmolive

Corporate Governance
-- Political Contributions: *BellSouth
-- * Walden has filed a shareholder resolution at this company

Walden's work has borne early fruit in the 2005 proxy season, which runs
primarily from the fall of 2004 through the spring of 2005.

correlates decentralized

com/cgi-bin/prnh/20020923/CHM008LOGO-c)
The proposed changes, which have been adopted by many other companies, are
designed to make boards of directors more responsive and accountable to
shareholders., to serve on its board of directors.

neoliberal regionalisation

Power and Associates Founder's Award for dedication,
commitment and sustained improvement in customer service. Founded in 1975, Walden has been a pioneer in socially responsive
portfolio management on behalf of individual and institutional clients.