News Archives » Faith Responsible Investing
Isle of Man enacts legislation to outlaw vulture funds December 12th, 2012
Legislation to prevent the Isle of Man being used by ‘vulture funds’ to exploit the debts of some of the world’s poorest countries has this week received Royal Assent. The Isle of Man is known as a tax haven, but deserves recognition for this move toward greater transparency and ‘best practice’ regulation.
The Heavily Indebted Poor Countries (Limitation on Debt Recovery) Act 2012 outlaws a practice that undermines international debt relief efforts.
The legislation prevents vulture funds from buying up poor nations’ debts for a fraction of their original amount and then using the courts to sue for the full value, plus interest and penalty charges.
Treasury Minister Eddie Teare MHK said the move was designed to send a clear message that the Isle of Man was a well-regulated, transparent and co-operative country.
Click here to read more »
First Step to Avoid the Fiscal Cliff: Close Offshore Tax Loopholes December 6th, 2012
Offshore Tax Dodging Costs U.S. $150 Billion Annually; U.S. PIRG Illustrates Impact with 16 Dramatic Ways Lost Revenue Could Be Used
With Congress scrambling to agree on ways to reduce the deficit, U.S. Public Interest Research Group (U.S. PIRG) released a new analysis pointing out a clear first step to avoid the “fiscal cliff”: closing offshore tax loopholes. Many of America’s largest corporations and wealthiest individuals use accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes. This tax avoidance costs the federal government an estimated $150 billion in tax revenue each year. U.S. PIRG’s new data illustrates the size of this loss with 16 dramatic ways $150 billion could be spent.
“When corporations skip out on their taxes, the rest of us are left to pick up their tab,” said Dan Smith, Tax and Budget Advocate for U.S. PIRG. “Right now, this kind of tax dodging is perfectly legal, but it’s not fair and it’s time to put an end to it.”
At least 83 of the top 100 publicly traded corporations in the U.S. make use of tax havens, according to the GAO. American companies like Wal-Mart, Coca Cola, and Pfizer – which benefit from our educated workforce, infrastructure, and security – keep more than 70% of their cash offshore. Thirty of America’s largest, most profitable corporations actually made money off our tax code between 2008 and 2010 by avoiding taxes altogether and receiving tax rebates from the government. By using offshore tax havens, corporations and wealthy individuals shift their tax burden to ordinary Americans and small businesses, forcing us make up the difference through cuts to public services, a bigger deficit, or higher taxes for everyday citizens.
Click here to read more »
Corporate Responsibility and the ‘Fiscal Cliff’ December 3rd, 2012
In this latest Huffington Post blog, Fr. Seamus Finn OMI argues that corporations benefit from the social and physical infrastructure for which we collectively pay. Hence, their tax contribution, or lack therof, needs to be part of the conversation. Read this timely and interesting post…
Oblates Join Multi-Stakeholder Group Opposing Industry Challenge to Conflict Minerals Rule November 19th, 2012
The Missionary Oblates JPIC office joined a multi-stakeholder group (MSG) in a statement regarding the recent challenge to Section 1502 of the Dodd-Frank bill that focuses on conflict minerals.
The organizations in the MSG consist of faith based investors, asset management groups, large corporations, and NGOs. The objective is to reiterate the commitment to eliminating the link between violence and human rights abuses in the Democratic Republic of the Congo, in the face of the petition recently filed by three trade associations in Washington, DC.
The MSG agrees that an important part of the solution to ending violence in the region is a responsible mineral sourcing process, and pledges to continue to work toward this goal.
Multi-stakeholder statement here.
UN Update: Fall 2012 November 18th, 2012
POST-2015 AGENDA: THE WORLD WE WANT
In 2000 the United Nations agreed on eight Millennium Development Goals (MDGs) to address the needs of the worlds poorest by 2015. While efforts to achieve the original MDGs continue, the UN has launched a global conversation to determine steps after 2015. An Inter-Governmental Working Group is preparing Sustainable Development Goals, and a High Level Panel of twenty-six members of government, civil society and the private sector is working on a Post-2015 Development Agenda. Beyond2015, a coalition of 400+ organizations, is also addressing this issue. UN Agencies are leading nine thematic consultations and more than fifty national discussions. Countries participating in consultations include Brazil, Peru, Congo, Kenya, Nigeria, and South Africa; plans are in place to add more countries to the list. For an overview of the entire Post-2015 process, go to www.beyond2015.org (in English, French, and Spanish).
There is a good opportunity for participation in a collaborative effort between the United Nations and civil society: The World We Want Campaign invites people around the world to share their visions for the post-2015 world. Materials are accessible in multiple languages.
Go to www.worldwewant2015.org/ and click on your language.
___________________________________________________________________
