News Archives » Faith Responsible Investing
Oblate JPIC Signs Letter to US Congress Opposing Fast Track Authority for Trade Agreement March 2nd, 2015
On February 17, Missionary Oblates JPIC office joined in an interfaith letter signed by nearly three-dozen faith communities to oppose fast-track authority for the passage of an upcoming international trade agreement by Congress. The letter has been sent to all Members of the US Congress. Fast-Track authority paves the way for Congressional approval of trade agreements such as the looming Trans-Pacific Partnership (TPP) with little or no debate, and with no changes possible to the agreement that has been negotiated by the US Trade Representative, largely behind closed doors. This is an undemocratic process, which potentially denies a comprehensive analysis of the impacts of trade agreement provisions on vulnerable communities, workers and the environment, and which does not provide for detailed public hearings, despite the potential for significant public impacts.
Members of the Interfaith Working Group on Trade and Investments who signed the letter write, “Our faith traditions call for community participation in the democratic process because we believe this is the only way to ensure all people have a meaningful opportunity to participate in the creation of good policies. “Fast track” is a broken and undemocratic process because it privileges the views of powerful global corporations in defining the terms of trade agreements, while excluding voices of those adversely impacted. This impedes progress towards a more just world.”
Full text of the letter with signatories (Download PDF)
Engaging for Impact March 2nd, 2015
Why Do Faith-based Shareholders Engage Mining Companies?
The Rev. Seamus Finn, OMI was interviewed recently by SUSTAIN, a publication of the International Finance Corporation, a lending arm of the World Bank that focuses exclusively on the private sector. The IFC is interested in how the Church has engaged in recent years with the extractives industry. Fr. Finn has been centrally involved in high-level meetings called by the Vatican and the Archbishop of Canterbury with mining CEOs and faith-based representatives to discuss ways to increase respect for the rights of, and lessen the impact of mining operations, on local communities. He is Director of Faith-Based Investing for the Oblate International Pastoral (OIP) Investment Trust, and Executive Director of the International Interfaith Investment Group (3iG)
Some of the questions asked in the interview are: “Why should the church care about extractives?”, “Why social justice through investment?”, and “Is there a way to secure societal fairness? Is it always a dynamic or is there a sweet spot?”
Walmart Announces Increases in Wages/Opportunities for Walmart Associates February 20th, 2015
The Missionary Oblates JPIC USA and the OIP Trust have been a part of the ongoing conversation that shareholders have sustained with Walmart over many years. In a meeting with Walmart CEO Doug McMillion in 2014, the need to deal with income inequality and the inadequacy of minimum wage levels was on the agenda and openly debated. He listened attentively and participated. Fr. Seamus Finn, OMI, who participated in these dialogs, said: “We are pleased by the announcement that the company has made, because it will make a real difference in the lives of so many individuals and families and hopefully press other companies and the Congress of the United States to address these issues that are real challenges for our society and the future wellbeing of so many families.”
Members of the Interfaith Center on Corporate Responsibility (ICCR) and shareholders of Walmart were heartened by Walmart’s announcement on February 19th, of measures it is taking to improve both wages and opportunities for advancement for its 1.3 million U.S. employees.
ICCR members who have long engaged the company on employee wage and benefit issues are hopeful that, as the world’s largest employer, Walmart’s announcement will send a strong signal of the importance of raising wages for U.S. workers. The shareholder coalition has engaged companies in a range of sectors, including agriculture, apparel, consumer goods, restaurant, and technology on similar issues throughout their global supply chains. According to the package of changes the company announced today, Walmart has committed to increasing its base pay rate to $9/hr. in all markets and to raising its current associates’ wages to $10 an hour or higher by early next year. For reference, the current federal minimum wage is $7.25/hr. In addition the company is reforming how schedules are developed for its Associates and investing in capacity-building programs that will provide internal advancement opportunities.
Read the full ICCR press release for more on the Walmart announcement…
See the Walmart video announcement to its employees on the recent changes…
A See, Judge, Act Reflection on the Impacts of Mining from Rome February 2nd, 2015
Chuquicamata Copper Mine, Chile
We all use things that are made with minerals drawn from the earth – from cell phones and computers to automobiles and airplanes. But the mining often happens in places far from our own communities, so we don’t experience the impacts of mining operations personally. Concerned about the information they collected in a 2013 survey on the impacts of mining, the Rome-based Integrity of Creation Working Group of the USG-UISG’s Commission on Justice, Peace and Integrity of Creation (JPIC) has created a powerful resource to share this. The booklet created y the group is intended to serve as a general introduction to understanding the impact of mining industries on the community and the environment.
Using the Pastoral Cycle or the See-Judge-Act Process model, the booklet is divided into three main sections: Part One (“See”) provides an overview of some features of mining industries, as seen through the lens of equity; Part Two (“Judge”) presents theological, scriptural and ethical reflections; and Part Three (“Act”) offers practical suggestions for changing personal and communal behavior, which include ways of working for appropriate national and international legal frameworks, and implementation to ensure a sustainable future for the Earth Community. The booklet also suggests resources, experiences and prayers, including questions for you and your community.
Read: A See, Judge, Act Reflection on the Impacts of Mining (Download PDF)
J.P. Morgan Chase Issues How we do Business Report in Response to Faith-based Shareholders December 19th, 2014
Members of the Interfaith Center on Corporate Responsibility welcomed today’s release of JP Morgan Chase’s (JPMC) How we do Business Report. The report was, in large part, issued in response to shareholder pressure as a result of the billions of dollars in fines and penalties the company has faced over the past several years.
The report was largely brought about by shareholders pressing for structural changes as a result of the multiple ethical lapses which resulted in billions of dollars in fines and penalties.
Rev. Séamus Finn, of the Missionary Oblates of Mary Immaculate and Board Chair of ICCR, said, “We welcome the report and look forward to the opportunity to review it in greater detail. The report appropriately acknowledges the lapses in ethical conduct that resulted in significant damage to the company’s reputation and details steps taken to reduce the possibility of such lapses in the future. That their actions have broader, societal repercussions beyond the scope of the company seems also to have been recognized. We are hopeful that management sees the value in this type of self-examination as a bridge to begin to restore trust and confidence between Main Street and Wall Street.”
Read the ICCR press release on the JP Morgan Chase report
