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ICCR Calls on Companies to Adopt Vigorous Policies to Protect Against Human Trafficking May 22nd, 2011
Formal Human Rights Policies Incorporating Increased Vigilance and Training Viewed as Essential to Guard Against Material and Reputational Risk.
The Oblates of Mary Immaculate have joined a coalition of institutional investors from the Interfaith Center on Corporate Responsibility (ICCR), in sending a statement to 25 target companies asking them to make eradicating human trafficking and modern day slavery in their supply chains a top priority.
According to the UN Palermo Protocol of 2000, human trafficking involves the recruitment, transportation, transfer, harboring and/or receipt of a person for the exploitative purposes of prostitution, forced labor, slavery or servitude.
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Vatican Meeting Calls for Guidance on Environmental, Corporate Ethics May 18th, 2011
Catholics are looking for guidance and a larger voice from the Vatican on ethical principles for the world of finance and the environment, according to a number of participants attending a Vatican meeting on social justice in a globalized world.
Some 200 people involved in social justice issues for the church gathered May 16-18 for an international conference sponsored by the Pontifical Council for Justice and Peace. The meeting celebrated the 50th anniversary of Blessed Pope John XXIII’s social encyclical, “Mater et Magistra.” It was designed to find ways to use the church’s social teaching, including Pope Benedict XVI’s 2009 social encyclical “Caritas in Veritate,” to bring greater justice to a globalized world.
The Oblates were represented by Fr. Seamus Finn, OMI, US JPIC Director. Fr. Seamus, a leader in the faith-responsible investment movement said, “Individual Catholics are looking for guidance” in how to connect their concern for corporate responsibility and the environment to their faith and Christian spirituality.
Christians cannot be motivated solely by utilitarian arguments that natural resources should be protected so that they will not run out or poison future generations, he said, adding that “Environmental and corporate ethics needs to be based on the Christian sense of stewardship, of care, respect and appreciation for God’s gifts.”
Read the Catholic News Service article…
Faith-Based Community Organizers Confront Bank of America at Annual Meeting May 13th, 2011
Representatives of the community organizing group, Washington Interfaith Network (WIN), attended the Bank of America Annual Meeting last Wednesday thanks to proxies from the Oblates of Mary Immaculate and the Tri-State Coalition for Responsible Investment. The Rev. Clyde Ellis spoke in support of a shareholder proposal to asking for a third-party review of the bank’s troubled mortgage business.
“The mortgage modification process is broken,” said Rev Ellis. “I work with people every day [who are] hurting because they can’t get support from the broken modification process.”
Despite support from large pension funds, the proposal failed, but BOA CEO Brian Moynihan committed to have his top executives meet with WIN representatives about foreclosures in Prince William County, VA. The presence of demonstrators outside, and questions raised inside the meeting were instrumental in getting this promise of dialog.
Religious Investors Challenge Goldman Sachs on Excessive Pay May 10th, 2011
Faith-based investors challenged Wall Street’s most powerful investment bank – Goldman Sachs – as it hosted shareholders at its building in Jersey City. The Goldman Sachs AGM was held outside Manhattan for the first time in history as the investment bank sought to head off anger about the fortunes it pays its top people and its role in the financial crisis.
Members of the Interfaith Center on Corporate Responsibility (ICCR) pressed Goldman Sachs at its Annual General Meeting last week on the sensitive subjects of executive compensation and pay disparity. Goldman CEO Lloyd Blankfein had no choice but to listen.
Religious investors introduced a shareholder resolution that asked the investment bank to evaluate whether its compensation packages for senior executives are excessive and should be modified. The resolution garnered just 4% of the vote, but raised uncomfortable questions for the well-paid executives, and won the attention of the Press.
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Sri Lankan Christians Call for Genuine Reconciliation May 2nd, 2011
Mullivaikkal Hospital Shelled on 30 May 2009
Twenty-five Sri Lankan Christians, including two Oblate priests, issued a statement that is believed to have prompted the recent release of the report of the UN Secretary General’s panel of experts on the war in Sri Lanka. The group has called for open discussion of what happened in the final months of the war, and the current situation in the north where the majority of Tamils live.
According to their letter:
We believe that it is left to us Sri Lankans to establish and acknowledge the truth, apologize for wrongs done, ensure justice and accountability, and through measures such as reparations, show our care and support towards those who have suffered such as families of those killed and disappeared, those who have been injured during war and due to torture, those who continue to be detained without charges and without due process, those who had been displaced and lost properties etc. It is our contention that truth, justice, accountability together with care and reparation for victims are essential ingredients for progress, development of a post war Sri Lanka, along with a longer term political solution that addresses grievances of Tamil community that led to the birth of the LTTE and full scale war.
But it is our assessment that we have been unable to make significant progress on any of the above fronts within Sri Lanka, particularly in the last two years since the end of the war. The process of LLRC [Lessons Learnt and Reconciliation Commission] had not given us much confidence though we still hope for positive outcomes from the LLRC, particularly the publication of it’s final report, conclusions and recommendations as soon as possible, which would have the potential to serve as a valuable resource for our reconciliation efforts. In this context we believe international assistance can also be crucial in our post war rebuilding and reconciliation efforts. Thus, we find it encouraging that establishment of the truth, apology for wrongs done, justice, accountability and reparation for victims is reflected in the conclusions and recommendations of the panel of experts appointed by the UNSG.
