RiskMetrics and Proxy Governance Support ICCR Shareholder Proposal on Derivatives
April 7th, 2010
RiskMetrics and Proxy Governance, respected proxy advisory services, in a significant move, have supported the Resolution on derivatives filed by religious investors, including the Oblates of Mary Immaculate. The Resolution filed by members of the Interfaith Center on Corporate Responsibility (ICCR) requests that the company provide greater disclosure regarding derivatives as a way to reduce systemic risk in the financial sector.
A lack of transparency in derivatives holdings was responsible in large part for destabilizing the financial system in 2008. Specifically, the shareholder proposal filed with Citibank requests the company to report to shareholders on the firm’s policy concerning the company’s derivative activities. The religious groups have expressed concerns for years about the risk inherent in derivatives trading, arguing that greater transparency is needed.
The full text of the shareholder proposal is available here…
Posted in: About, Economic Justice, Faith Responsible Investing, Global, Homepage News, Issues, Members, News, North America, Resources
Related keywords: corporate social responsibility, derivatives, Economic Justice, faith consistent investing, financial crisis, financial reform, oblates
