News Archives » Faith Responsible Investing
Missionary Oblates Join Other Institutional Investors in Calling for Comprehensive Immigration Reform May 1st, 2013
Missionary Oblates joined more than 70 institutional investors in a letter calling on Congress to take immediate action and pass common-sense immigration reform. The organizations consist of investors representing $890.5 billion in assets on behalf of major pension funds, non-profit organizations and socially conscious and faith-based investors.
The investors’ letter says, “We believe comprehensive reform must be developed and implemented consistent with the human rights of all concerned, must value the integrity of families and must prevent immigrant workers be they temporary or permanent from being subjected to second-class employment standards.”
Read the letter (Download PDF)
Lives Destroyed, Dreams Crushed and Cheap Clothes April 29th, 2013
The collapse of a large eight-story garment factory in Savar on the outskirts of Dhaka a few days ago has resulted in numerous images, stories and reports. The loss of more that 300 lives, most of them young parents, alongside the countless number that have suffered serious injuries, has resulted in immeasurable pain, suffering and anger.
Unfortunately, this is not the first time that the spotlight has been directed on the garment industry in Bangladesh.
Read Fr. Finn’s latest blog on Huffington Post…
Dupont, eBay Asked to Report on Lobbying Expenditures and Activities April 25th, 2013
ICCR shareholders, led by the Missionary Oblates of Mary Immaculate, filed shareholder proposals at DuPont and eBay, asking that they report on their comprehensive lobbying activities, policies, and oversight mechanisms. The vote garnered 34% at Dupont and 24% at eBay, higher than usual figures.
In 2012, activist investors, coordinated by the Association of Federal, State, County and Municipal Employees (AFSCME) and Walden Asset Management in Boston, fostered a campaign calling for disclosure on lobbying activities and policies. Resolutions were submitted at 40 companies, 20 of which came to a vote, averaging 24% shareholder support. This 2013 shareholder proposal is the first time that a shareholder resolution on lobbying activities and policies has been filed at DuPont. The proposal at eBay was apparently irregular, but Management allowed a vote on it.
The proposals were non-binding and requested of the company that it annually report on its lobbying-related activities, policies, and oversight mechanisms. The Dupont proposal called on the company to report on:
Click here to read more »
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.
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!
