ICCR Shareholders Confront Banks Over Recent Scandals
December 20th, 2013
The efforts of the Missionary Oblates and other ICCR faith-based shareholders to call the major banks to account in the wake of a flood of legal scandals and regulatory investigations, has won the attention of the media.
An article in the Wall Street Journal’s Market Watch, highlights the shareholder proposals filed by religious shareholder groups with J.P. Morgan Chase & Co. JPM , Bank of America Corp. BAC and Wells Fargo & Co. WFC asking for a report on “business standards”. The proposal says, “We believe shareholders deserve a full report on what the bank has done to end these unethical activities, to rebuild credibility and provide new strong, effective checks and balances within the bank,” the shareholders write in the Wells Fargo proposal, with similar language for the other two banks. “While press releases describe specific settlements or new reforms, the overall picture has not been reported adequately to shareholders.”
Father Seamus Finn, a board member of ICCR, and a shareholder lead with several of the banks, called the requests “a win-win” for the banks and shareholders, giving them an opportunity to showcase how they’re addressing “the many issues of the day.”