<SEC-DOCUMENT>0001214659-11-001331.txt : 20110420
<SEC-HEADER>0001214659-11-001331.hdr.sgml : 20110420
<ACCEPTANCE-DATETIME>20110420161259
ACCESSION NUMBER:		0001214659-11-001331
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110420
DATE AS OF CHANGE:		20110420
EFFECTIVENESS DATE:		20110420

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENTEX CORP
		CENTRAL INDEX KEY:			0000355811
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				382030505
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10235
		FILM NUMBER:		11770767

	BUSINESS ADDRESS:	
		STREET 1:		600 N CENTENNIAL ST
		CITY:			ZEELAND
		STATE:			MI
		ZIP:			49464
		BUSINESS PHONE:		6167721800

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WALDEN ASSET MANAGEMENT
		CENTRAL INDEX KEY:			0001517194
		IRS NUMBER:				042273811
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		ONE BEACON STREET
		STREET 2:		33 FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02108
		BUSINESS PHONE:		617-726-7250

	MAIL ADDRESS:	
		STREET 1:		ONE BEACON STREET
		STREET 2:		33 FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02108
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>c420110px14a6g.htm
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Shareholder Rebuttal to the Gentex Corporation</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Opposition Statement Regarding Sustainability Reporting</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADDRESS OF PERSON RELYING ON EXEMPTION: 33 FL., ONE BEACON STREET, BOSTON, MA 02108</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proposal # 2 on Sustainability Reporting</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This proposal has been filed by Walden Asset Management, a division of Boston Trust &amp; Investment Management Company. It raises concern about the performance and adequacy of disclosure of Gentex Corporation&#8217;s environmental, social and governance (ESG) record. We believe that Gentex should join the increasing number of companies which report to their investors on their record and challenges in the area of environment, social and governance issues. This request for sustainability reporting echoes the appeal of Principles of Responsible Investing (PRI) signatories, who represent over 800 investors globally with a collective $25 trillion in assets under management.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">When requesting sustainability reporting, Walden is asking companies to measure, evaluate and disclose environmental, social and governance factors that are material to long-term business success.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executives in hundreds of companies have noted that the reporting process helps companies better integrate, and gain strategic value from, existing corporate responsibility efforts, as well as identify gaps and opportunities for improvement.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Comprehensive ESG reporting helps companies demonstrate that they have in place effective internal controls for anticipating, managing and reporting on operational, regulatory and reputational risks and opportunities.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We believe increased transparency helps to develop employee satisfaction and loyalty, build community support, and provide a venue for the company to publicize its best practices.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A recent study conducted by KPMG found that <font style="DISPLAY: inline">t</font>hree-quarters of the Global Fortune 250<font style="DISPLAY: inline"> companies have a corporate responsibility strategy that includes defined objectives.</font> One of the most significant findings of this 2008 survey is that corporate responsibility reporting has gone mainstream&#8211;nearly 80 percent of the largest 250 companies worldwide issued reports, up from about 50 percent in 2005.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Increasingly, small and medium-sized companies are participating in this trend.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">According to Bloomberg, currently some 10% of all assets under management, or approximately $5 trillion USD, are managed by professionals who use ESG data to execute their investment strategies.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company already has a long history of dedication to good corporate citizenship.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investors &#8220;never&#8221; contact the company to ask for disclosure of performance in environmental impact management, emissions reduction or workplace practices, or other ESG-related issues.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preparing the requested report would deplete human and financial resources without providing any meaningful or demonstrable benefit to our shareholders, our employees, or the communities in which we operate.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company's shareholders can access the Company's performance with respect to environmental matters &#8220;notwithstanding the proponent's incorrect claim to the contrary&#8221;.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The proposed Guidelines (Global Reporting Initiative) appear to be much more appropriate for global companies with multi-billions of dollars in annual revenues and significant global environmental footprints.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although the company reports it has had a &#8220;long history of dedication to good corporate citizenship&#8221;, there is little documentary evidence demonstrating how Gentex is working to improve its record on governance, diversity or supply chain management.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">More than 1,000 companies globally, large and small, now report regularly on ESG performance. They do so, ostensibly without exposing themselves to competitive harm. In fact, many believe it to be a competitive advantage.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although Gentex states it utilizes ISO 14001 standards, which provide the generic requirements for an environmental management system, the company does not describe to shareholders its achievements relative to those guidelines. The company also does not disclose the existence of or the results of any third-party audits to &#8220;minimize the creation of waste, pollution, and adverse impacts on the environment&#8221; or if it has met its own goals and targets.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During 2010 discussions Gentex provided a highly redacted environmental report with limited data available to readers. The company then stated in its proxy that the proponent (Walden) rejected the offer for a report deeming it &#8220;not satisfactory&#8221;. The report had been stripped of information preventing any meaningful level of analysis. Few investors would trust that a company&#8217;s finances are in order if asked to evaluate a redacted financial statement.<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>Similarly we and other investors follow a &#8220;trust but verify philosophy&#8221;.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gentex represents that it complies with relevant rules and regulations. As such it must already monitor compliance performance through management systems already in place and therefore we believe reporting should not be a burden.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although the company states &#8220;such a report would not change existing compliance practices&#8221;, Walden and other investors believe that transparency and accountability will help Gentex to preserve and enhance long-term shareowner value.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our proposal explicitly states that proprietary information may be omitted. Gentex can responsibly report to shareowners without releasing information that could be harmful competitively.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The call for reporting of sustainability issues is not only coming from investors but customers. Gentex customers such as Daimler, BMW and Ford Motor Company expect greater transparency from suppliers and reward that transparency. Ford is now surveying its top 35 global suppliers for disclosure on energy use and greenhouse gas emissions as part of its goal to reduce emissions 30 percent by 2020.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While large Gentex customers may have access to this information, shareholders have no meaningful way to gather information from which to commend the company, ask questions or express concerns.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gentex Corporation asserts that investors are not interested in reporting on ESG issues. Yet in 2010 <font style="DISPLAY: inline; FONT-WEIGHT: bold">32 percent</font> of shares were voted in favor of Walden Asset Management&#8217;s proposal encouraging sustainability reporting.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The company also minimizes the final vote by stating that the proposal &#8220;received support of only 23 percent of the Company's outstanding shares&#8221;. As the company knows, the calculation for votes on resolutions is based on total votes cast, not outstanding shares. The high level of abstentions was also notable, at approximately 17 percent of total shares voted.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Over 50 million shares voted for the resolution or abstained, declining for various reasons to support management and the Board&#8217;s recommendation to vote No. </font>Gentex seems to dismiss this indicator of lack of investor support for management&#8217;s position.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We believe this should lay to rest the belief within Gentex that investors do not care about ESG performance reporting.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Concerned investors should vote in favor of this stockholder resolution.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This is not a solicitation of authority to vote your proxy.&#160;&#160;Please DO NOT send us your proxy card; the proponent is not able to vote your proxies, nor does this communication contemplate such an event.&#160;&#160;The proponent urges shareholders to vote FOR question number #2 following the instruction provided on the management&#8217;s proxy mailing.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">For questions regarding <font style="DISPLAY: inline; FONT-WEIGHT: bold">Gentex Corporation Proposal # 2 on Sustainability Reporting</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Please contact Timothy Smith, Walden Asset Management, 617-726-7155 <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">tsmith@bostontrust.com</font></font></div>

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