News Archives » Economic Justice
Filipino Oblate Reflects on Pope’s Visit in NCR Story January 28th, 2015
Fr Eliseo (Jun) Mercado, OMI, quoted in an article in the National Catholic Reporter about Pope Francis’ recent visit to the Philippines, said that the Pope “communicated very effectively” the theme of mercy and compassion and did not dwell on rituals, structures and “the many things we have accumulated over centuries about the Catholic church.” He commented on how Pope Francis would drop his prepared speeches to stress points, teach or to express his own personal feelings. “It’s very touching, especially for priests like me,” Fr. Jun said. He added that he thought the church had lost touch with the poor and was trying to re-engage them.
“The poor are the very heart of evangelization. Remove the poor from the message of Jesus, and there’s nothing there anymore,” he said. However, Francis focused on the poor in most of his speeches and drew many people from poor communities to his various activities.
Thanks to the National Catholic Reporter for their permission to the Oblates to use the article from which this information came. Read the article in full..
J.P. Morgan Chase Issues How we do Business Report in Response to Faith-based Shareholders December 19th, 2014
Members of the Interfaith Center on Corporate Responsibility welcomed today’s release of JP Morgan Chase’s (JPMC) How we do Business Report. The report was, in large part, issued in response to shareholder pressure as a result of the billions of dollars in fines and penalties the company has faced over the past several years.
The report was largely brought about by shareholders pressing for structural changes as a result of the multiple ethical lapses which resulted in billions of dollars in fines and penalties.
Rev. Séamus Finn, of the Missionary Oblates of Mary Immaculate and Board Chair of ICCR, said, “We welcome the report and look forward to the opportunity to review it in greater detail. The report appropriately acknowledges the lapses in ethical conduct that resulted in significant damage to the company’s reputation and details steps taken to reduce the possibility of such lapses in the future. That their actions have broader, societal repercussions beyond the scope of the company seems also to have been recognized. We are hopeful that management sees the value in this type of self-examination as a bridge to begin to restore trust and confidence between Main Street and Wall Street.”
Read the ICCR press release on the JP Morgan Chase report
Faith-Based Investors Get Better Governance at JP Morgan Chase December 17th, 2014
Fr. Seamus Finn, OMI and Sr. Barbara Aires, SC (Sisters of Charity of St. Elizabeth) at J.P. Morgan Chase where they have successfully engaged the bank on risk and governance issues.
The prestigious journal, American Banker, has reported on the success earned by faith-based groups, including the Missionary Oblates, in forcing J.P. Morgan Chase to improve its governance and increase transparency. An article published today reports that before the end of the year, “JPMorgan Chase will release a 100-page report in which it will provide a full accounting of recent legal settlements and matters under investigation and detail, among other things, clawback policies for executives whose business units engage in “unethical” activity. The New York bank will also describe in the report new structures for board accountability and oversight.”
The article adds that “The Interfaith Center on Corporate Responsibility [ICCR] says the report will go a long way toward restoring the bank’s credibility with shareholders following a string of legal skirmishes, including a $13 billion settlement with U.S regulators over the packaging and sale of shoddy mortgages, a $1 billion fine for manipulating the foreign exchange market, and a $920 million fine it paid to authorities for its failure to spot risky trades. As a condition of the report’s release, the faith-based group has agreed to back off from its campaign to split the chairman and CEO jobs.”
The Rev. Seamus Finn, OMI, ICCR Board Chair, was quoted as saying,”We asked [J.P. Morgan Chase] to address all of the issues under which their reputation had been tarnished since the financial crisis, and I think they’ve done a good job.” He added that “It doesn’t mean there won’t be another ‘London whale’ or foreign-exchange trading scandal. But they are putting in place some strong restrictions to make sure these things don’t happen again.”
Learn more about ICCR’s work with J.P. Morgan Chase
Fr. Seamus Finn, OMI on Ford Foundation Mining Panel December 17th, 2014
Peter Bryant, Senior Fellow, Kellogg Innovation Network (KIN) – Moderator; Mark Cutifani, CEP Anglo-American; Fr. Seamus Finn, OMI, Missionary Oblates JPIC Office Director; and Ray Offenheiser, President Oxfam America served as panelists at a recent forum on the Mining Company of the Future at the Ford Foundation in New York City
Learn more though the following links:
Mining Company of the Future; Anglo American CEO joins group to open discussion (Download PDF)
KIN CATALYST: MINING COMPANY OF THE FUTURE Development Partner Framework
Watch their video: A New Vision of the Mining Company of the Future, which explains the current problems with mining and efforts to engage stakeholders to create a new approach.
Chittagong Hill Tracts Accord Awaits Implementation After 17 Years December 2nd, 2014
It is difficult to believe that the government of Bangladesh continues its intransigence around the Chittagong Hill Tracts Accord. It seems like only yesterday when I had the opportunity and privilege to vista in Chittagong and meet with the indigenous who have been the victims of this ignored and broken agreement. The international community must continue to shine a spotlight of transparency and justice on this negligent behavior by the government. – Fr. Seamus Finn, OMI ………………………..Kapaeeng Foundation forwarded this statement of the Chittagong Hill Tracts Commission on the implementation of the CHT Accord (issued 2 December 2014)
CHTC concerns over the failure to fully implement the 1997 CHT Accord and calls for roadmap with clear milestones on full implementation
Dhaka: December 2, 2014. The International Chittagong Hill Tracts Commission (CHTC) has expressed concern over the Government’s lack of political will leading to the failure of full implementation of the CHT Accord 17 years after its signing. The CHTC has called upon the Government to urgently adopt and enforce a roadmap with clear milestones for implementation of the Accord ensuring full participation of all stakeholders.
The Awami League signed the Accord together with PCJSS on December 2, 1997 and the present Awami League government has repeatedly pledged to implement the Accord, both nationally through each of its election manifestos to date and internationally during the Universal Periodic Reviews in 2009 and 2013. Yet the state of peace and stability in the Chittagong Hill Tracts (CHT) has continued to deteriorate throughout the two terms the government has held office and there have been no efforts to strengthen local institutions and ensure end to land conflict which has led to the deterioration of the human rights situation in the area.
Amendment of the HDC Acts and failure to hold elections
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