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Oblates Press Citigroup in Shareholder Meeting on Political Contributions and Executive Compensation April 25th, 2013
The Missionary Oblates is currently leading dialogs with Citigroup on political contributions and executive compensation. A shareholder resolution filed with the company on political lobbying disclosure garnered some 25% of votes at the Citi AGM on April 24th, a strong showing. At that meeting, Mariela Vargova, Ph. D. (a Senior Sustainability Analyst with Rockefeller Financial Asset Management) presented a statement on behalf of the Financial Services Team of the Interfaith Center for Corporate Responsibility. (Read the statement here)
The political lobbying disclosure proposal reportedly inspired several comments about the bank not being very transparent in the way they spend corporate assets to lobby on public policy, with a particular focus on Citi’s participation in trade associations. The CEO was said not to have given a very satisfactory answer as to why the firm does not disclose its membership in trade associations, which dissatisfaction generated further discussion.
Faith, Business Leaders Encouraged by Immigration Bill April 25th, 2013
The Rev. Kevin Collins, pastor of Immaculate Conception Catholic Church, shows support for Gabriela Nieto and her dreams.
Houston’s faith and business leaders held a press conference to signal their support for immigration reform legislation introduced last week in Congress. The Rev. Kevin Collins, OMI pastor of Immaculate Conception Catholic Church, joined other members of TMO (The Metropolitan Organization) in calling for support for the bill. TMO is a faith-based community organization in Houston that has been actively pressing for a solution to the broken immigration system.
The legislation, an initiative of a bipartisan group of senators, is the first major overhaul of U.S. immigration policy since 1986.
Urgent! Tell Congress, COSPONSOR the Stop Tax Haven Abuse Act (H.R.1554) April 24th, 2013
This legislation addresses a systemic cause of poverty – the fact that many multinational corporations don’t pay taxes to the developing governments that need the revenue most. Between 2000 and 2008, 6.5 trillion dollars left the developing world completely untaxed. If this money had been taxed modestly, we wouldn’t be facing a global debt crisis and there would be better access to food in the poorest countries. A key way this legislation curbs tax dodging is by requiring country-by-country reporting of corporate payments to governments.
This is good legislation that also has positive impacts for us in the United States, curbs corruption globally and gives us the information we need to start addressing global corporate tax avoidance.
Photo: The building is a well-known tax haven called the Ugland House in the Cayman Islands that houses 18,857 registered businesses.
Thanks to Jubilee USA for the information in this Action Alert!
Argentina Takes on Vulture Funds in “Debt Trial of the Century” April 23rd, 2013
For years, “vulture funds” have preyed on struggling nations by purchasing their debt for a pittance. Could an upcoming U.S. court decision put an end to the extortion of poor countries?
Read the article in Sojourner’s Magazine by Jubilee USA Director Eric LeCompte:
Last October, soldiers from the West African nation of Ghana boarded an Argentine naval ship called the Libertad. They overtook the crew and brought the ship to port in the town of Tema. This was not an act of piracy, at least not in the sense we normally understand it. The detaining of the Libertad took place after hedge fund NML Capital convinced a Ghanaian court that the ship, which was sailing in Ghanaian jurisdiction, should be held ransom for a debt the hedge funds claimed Argentina owed them.
The saga began in 2001, when Argentina was thrown into economic crisis and defaulted on its loans. Hedge funds swooped in and bought Argentine debt for almost nothing and circled until the country was in recovery to collect the debt in full.
Immigration Reform Legislation Introduced April 18th, 2013
Senators introduced, late on Tuesday, an 844-page immigration reform bill in Congress called the “Border Security, Economic Opportunity and Immigration Modernization Act.” The bill aims to make the most substantive changes to immigration laws in nearly three decades.
The bi-partisan “Gang of Eight” Senators and staff have been working tirelessly to create a bi-partisan solution that attempts to fix the broken immigration system in the United States. Read the bill here…
In the coming weeks the bill will be analyzed, and the JPIC Office will share opportunities to get involved.
Thanks to the Senators involved, who should be commended for having the courage to tackle this difficult issue.
