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JPIC Report Fall/Winter 2013 Issue Available October 24th, 2013
The Fall/Winter 2013 issue of JPIC Report is now available on line as a PDF. It is also available in print form. Please contact Mary O’Herron in the JPIC Office if you want to be added to the mailing list.
You can find all issues of JPIC Report on this website in the Resources section. (Download a PDF of the latest issue)
CEO Pay Goes Through the Roof October 23rd, 2013
The Guardian newspaper in London reported, “For the first time ever, the 10 highest-paid chief executives in the US received more than $100m in compensation last year, and two took home billion-dollar paychecks, according to a leading annual survey of executive pay.”
The studied showed that the top 10 CEOs in this year’s poll took home over $4.7bn between them, and “for the first time ever, none earned less than $100m.”
“I have never seen anything like that,” said Greg Ruel, GMI’s senior research consultant and author of the report. “Usually we have a few CEOs at the $100m-plus level but never the entire top 10.”
“Father Seamus Finn, a corporate governance expert at Missionary Oblates of Mary Immaculate, said the numbers were ‘ridiculous’.”
“It’s an amazing number. Who knows how compensation committees come up with them?”
Finn, who has campaigned against what he sees as excessive remuneration at companies including Goldman Sachs, said boards often argued that they would lose talent unless they paid top management huge sums.
“But I’ve seen no evidence of that,” he said. “These huge pay deals are seldom linked to shareholder returns.”
Nearly all the outsized gains came from stock options and other share-related compensation. The top 10 made $3.3bn in 2012 on stock option profits and the vesting of restricted stock. Cash bonuses totalled $16.2m.
See the full article at The Guardian Newspaper
San Fernando JPIC Group Active in Social Justice Ministry October 9th, 2013
The Social Justice Group from Mary Immaculate, Santa Rosa, and San Ferdinand Church participated in a large march for comprehensive immigration reform that was held in Los Angeles over the weekend. Three buses went from San Fernando Valley to Downtown LA.
The group walked together with more that 10,000 people. The march covered about two miles and finished in front of the Los Angeles City Hall.
The Social Justice group has also been offering citizenship classes every Thursday from 6:pm to 9:00pm. More than 40 students ranging from in their 40’s to 70 years old participate. The classes are free.
Thanks to Br Lucio Cruz OMI for this information!
Marching for Immigration Reform in San Antonio October 9th, 2013
The immigration march last weekend in San Antonio went well despite a lot of competition from other good causes!! About 300 people turned out to call on Congress to pass a Comprehensive Immigration Reform bill. An interesting march is planned for San Antonio on October 16 and 17. People will walk 30 miles through Rep. Lamar Smith’s district, taking in some of the small rural areas, to try to influence his position on immigration. Other advocacy actions are also being planned.
Thanks to OMI JPIC Committee Member, Patti Radle, for this information!
Mea Minima Culpa October 2nd, 2013
Rev. Seamus P. Finn, OMI has written a new blog on Huffington Post, called Mea Minima Culpa.
“There is more than a little irony in the long list of stories about the major CEOs of banks negotiating settlements with government regulators and agreeing to fines before going to court to settle…” Read more….
