News Archives » North America
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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Vatican Issues Major Report on Science of Climate Change May 6th, 2011
Thanks to the Catholic Climate Covenant campaign for the information in this post.
A working group of the Pontifical Academy of Sciences, one of the oldest scientific institutes in the world, has issued a sobering report on the implications for humankind of the melting of glaciers from human-induced climate change. In their declaration, the working group calls, “on all people and nations to recognize the serious and potentially irreversible impacts of global warming caused by the anthropogenic emissions of greenhouse gases and other pollutants, and by changes in forests, wetlands, grasslands, and other land uses.” They echoed Pope Benedict XVI’s 2010 World Day of Peace Message saying, “…if we want justice and peace, we must protect the habitat that sustains us.”
The report, which now brings the moral authority of the Vatican to bear on this important debate, focuses on the global retreat of mountain glaciers which results from human activity and warns that, “Failure to mitigate climate change will violate our duty to the vulnerable of the Earth, including those dependent on the water supply of mountain glaciers, and those facing rising sea level and stronger storm surges. Our duty includes the duty to help vulnerable communities adapt to changes that cannot be mitigated. All nations must ensure that their actions are strong enough and prompt enough to address the increasing impacts and growing risk of climate change and to avoid catastrophic irreversible consequences.” (Emphasis added.)
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Recipes for Non-Toxic Cleaning May 6th, 2011
Concerned about chemicals in the cleaners you use? Do you want to save money as well as protect our environment? Try these recipes for non-toxic cleansers, and let us know what you think.
Recipes for Non-Toxic Cleaning (Download PDF)
Available also on this website in Spanish
Thanks to the Oblate Ecological Initiative for these suggestions.
Interfaith Investor Group Urges Fed and Top Banks to Restore Public Confidence in Financial System April 20th, 2011
Citing Widespread Confidence Loss in U.S. Banks, Members of the Interfaith Center on Corporate Responsibility Advance Shareholder Proposals at Citigroup and Other Top Banks.New York, NY
Today, a task force from the Interfaith Center on Corporate Responsibility (ICCR) meets with representatives from the Federal Reserve to discuss its progress implementing regulation passed as part of the Dodd-Frank Bill last July. At issue are structures created by the Operations Management Group to monitor the global trading of derivatives in an effort to limit the excessive risk-taking that nearly toppled the financial system in 2008, left millions jobless and homeless, and shook global confidence in the markets to its core.
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