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Top US Banks Disappoint in Investor Study November 22nd, 2013
Five years after the crisis that rocked the financial world, seven leading U.S. banks scored a disappointing 60 or fewer out of 100 possible points in a benchmarking study released today by the Interfaith Center on Corporate Responsibility (ICCR), which represents 300 faith-based and socially responsible institutional investors with $100 billion in assets under management. The top banks were evaluated in terms of four key shareholder concerns: executive compensation, risk management, responsible lending and investing, and political contributions.
The financial institutions included in the ICCR report are: Goldman Sachs (60, which scored highest on responsible lending and investment and tied for highest on political contribution practices); Bank of New York (59.02, which scored highest on risk management and tied for highest on political contribution practices); JP Morgan Chase (56.5, which tied for highest on political contribution practices); Morgan Stanley (55.40); Bank of America (55.35); Citi (54.90, which tied for highest on political contribution practices): and Wells Fargo (50.73, which scored highest on executive compensation practices.).
You can find the full report on the ICCR website or download directly here.
Rev. Séamus Finn, director, Justice, Peace and Integrity of Creation for the Missionary Oblates of Mary Immaculate and ICCR board vice chair, said: “Five years after the U.S. financial meltdown, some of the banks are beginning to address their risk management protocols, but have much more work to do when it comes to responsible lending and investment. Overall disclosures are also weak, particularly related to both executive compensation and political contributions. What we see in these findings is a somewhat timid group of banks clustered in the average-to-below-average range with no single institution distinguishing itself as a leader for shareholders in the post-financial crisis era.”
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Vatican Seminar on Human Trafficking November 15th, 2013
The following is taken, with our thanks, from the Stop Trafficking!, the newsletter opposed to human slavery supported by a broad coalition of organizations of Catholic Sisters.
Following a wish expressed by Pope Francis, the Pontifical Academies of Sciences and of Social Sciences (PASS) and the World Federation of Catholic Medical Associations (FIAMC), organized a seminar entitled, “Trafficking in Human Beings: Modern Slavery. Destitute Peoples and the Message of Jesus Christ”.
The November 2-3, 2013 seminar, held in Vatican City, brought together some seventy delegates from Argentina, Australia, Austria, Belgium, Brazil, England, France, Guatemala, Ireland, Mexico, Nicaragua, Nigeria, Singapore, Spain, Switzerland, and the USA. The UN Special Rapporteur on Trafficking in Persons, especially Women and Children, Joy Ngozi Ezeilo from Nigeria, was among the twenty-two speakers.
The sixty observers in attendance were asked to contribute concrete proposals through which the global Church could better respond to the plight of millions of enslaved peoples.
Pope Francis was directly involved in combating modern day slavery in Buenos Aires, where he actively supported the work of the Fundacion Alameda, an Argentinian organization headed by Gustavo Vera, another of the speakers. The Pope’s first trip after his election was to Lampedusa to pay tribute to the hundreds who had recently died at sea, trying to reach this island half-way between Sicily and Tunisia where many victims of human trafficking end up.
Read more about this conference and efforts to stop human trafficking in the November issue of Stop Trafficking!
Right to Food Pursued at the United Nations November 4th, 2013
United Nations Special Rapporteur on the right to food, Olivier De Schutter, has submitted his final report to the United Nations. In the speech that accompanied this action, he welcomed “the rights resurgence” that he has seen across the world in the past decade.
“At a time when multiple, conflicting visions for food security have been put on the table, it is impressive to see so many States adopting laws, policies and strategies to realize the right to food, and so many people driving forward what is now a global right to food movement,” he stressed.
Mr. De Schutter said: “Treating food as a human right brings coherence and accountability. It helps to close the gaps by putting food security of all citizens at the top of the decision-making hierarchy, and making these decision-making processes participatory and accountable.”
He noted the importance of non-governmental actors, including religious organizations, saying,“Civil society has an indispensable role to play at every level: driving forward right to food movements, participating in the design of policies, taking part in monitoring, and developing new forms of accountability.”
Isaiah Fund Certified as a Community Development Financial Institution October 31st, 2013
Low-income housing in New Orleans built through the Isaiah Fund
The Isaiah Fund recently became a certified Community Development Financial Institution (CDFI), an important milestone for the interfaith initiative. The Isaiah Fund is a multi-faith-based permanent disaster response loan fund that provides long-term investment in the revitalization of disaster-torn communities.
The OMI USP is an investor in the Isaiah Fund, which targets rebuilding in low-income communities. The Oblate US Province Sharing Fund has also supported their work.
With CDFI certification, the Fund should be able to grow, attracting new investors, which will enable it to broaden its reach to the poor and marginalized, who suffer most when natural disasters occur.
Certification by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is an important milestone for the fund and has been many years in the making. It will now make Isaiah eligible to apply for competitive Financial Assistance funds from the CDFI Fund as well as investments and equity from banks, insurance companies, and other investors.
The need for rebuilding after major disasters continues – in New Orleans, more than eight years following Hurricane Katrina, and in New Jersey and New York one year following the destruction caused by Hurricane Sandy. The Isaiah Fund continues its work to deploy loans and mission deposits where they are needed most in these communities.
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)
