News Archives » Faith Responsible Investing
Explore Tax Justice in the Movie “We’re Not Broke” June 14th, 2012
The FACT Coalition (a campaign of the Tax justice Network USA) in raising questions about the real causes of the financial crisis. According to the movie We’re Not Broke, “conservative pundits and politicians continue to push a false narrative. America hasn’t gone broke, we’ve been robbed. Corporations have spent years dodging their responsibilities and not paying their fair share.”
Locate a screening of the film We’re Not Broke accompanied by an in-depth discussion of the real cause of our financial crisis on the website of The Fair Share Tour.
Missionary Oblates in Solidarity with Homeowners Facing Foreclosures June 14th, 2012
The Missionary Oblates have been working in solidarity with homeowners in Prince William County VA on the mortgage foreclosure issue. On June 3rd Virginians Organized for Interfaith Community Engagement (VOICE) gathered more than 400 people at the First Baptist Church in Manassas to negotiate commitments on foreclosures and community restoration from GE, Bank of America and Chase. The Oblates and other members of the Interfaith Center on Corporate Responsibility were instrumental in advancing their agenda. Fr. Séamus P. Finn OMI addressed the assembly.
Watch the video:
At the June 3rd action, GE Capital’s General Counsel represented GE CEO Jeffry Immelt, with whom VOICE had met on May 14th. These meetings came about as a result of coordinated action by the interfaith advocacy organization and religious shareholders who gave the group leverage with the company.
The company committed to negotiate with VOICE on their $300-$500 million Reinvestment agenda and restated Mr. Immelt’s commitment to meet with VOICE again in August/early September.
According to VOICE organizers, “All this would not have been possible without the steadfast support of ICCR”. Father Seamus Finn, OMI pledged ICCR’s continuing support for VOICE’s $300-$500 million reinvestment campaign.
Top executives from Bank of America & JP Morgan also came to the June 3rd action. They committed to implementation accountability on the National Mortgage Settlement in a local place, Prince William County – the first time this is known to have been done in the country. They committed to:
- $60 Million in principal write down in PWCO
- 1,000 Loan Modifications in PWCO
- Negotiate and Sign Reinvestment Deal ($300-$500 Million VOICE proposal) at VOICE October 2012 Action during the heat of the elections.
Learn more about this unique and powerful campaign to help people crushed by the mortgage crisis. Read William Greider’s article in the Nation (published April 27, 2012): http://www.thenation.com/blog/167625/predator-ge-we-bring-bad-things-life
Oblates Active in ICCR AGM in Boston June 10th, 2012
Simmons College, Boston, MA
The Oblates participated in the Annual General Meeting of the Interfaith Center on Corporate Responsibility (ICCR) that met at Simmons College in Boston from June 4-8. The corporate engagements over the last proxy season were evaluated – with successes celebrated, and plans laid for the 2012-2013 season. Areas in which the Oblates are active include: access to finance, extractives, global access to health, water, human trafficking, toxic chemicals, corporate governance and supply chain (labor) issues. John Ruggie, Professor at Harvard’s Kennedy School and the UN Special Rapporteur behind the UN Guiding Principles on Human Rights and Business was honored at a reception Wednesday evening.
The work on the financial services sector continues to be a high priority for ICCR members and has generated significant media attention. Resolutions and statements by religious investors continue to draw attention to the extensive moral and ethical responsibilities that corporate actors in this space assume. The enduring impact of the destruction of nearly 17 trillion dollars of wealth since the near financial meltdown of September 2008 is a clear justification of the need for such vigilance. This work by ICCR members has strongly supported the efforts of numerous homeowners in places like the San Fernando Valley CA and Prince William County in VA to stay in their homes and restore their communities.
Fr. Seamus Finn, OMI and Sr. Judy Byron, OP at ICCR
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World Bank Increases Transparency June 1st, 2012
The Jubilee USA Network, of which the Missionary Oblates is a member, commends the World Bank for promoting an anti-corruption and anti-fraud position.
WASHINGTON, DC – The World Bank made an important move to promote transparency as they released this week’s sanctions board decisions on fraud, corruption and collusion cases. Jubilee USA commends the World Bank’s policy change to publicly disclose why they decide to sanction companies and individuals for corruption and fraud.
“This is a great move by the World Bank and everyone wins with this decision,” noted Eric LeCompte, Executive Director of Jubilee USA Network. “NGOs, businesses and governments can now better monitor patterns of fraud and corruption. Most importantly, the poor will benefit as this reporting further helps curb this behavior and ensures that resources are not stolen from the developing world.”
The sanctions board is an independent tribunal led by mainly external members and acts as the final decision-maker in all contested cases of World Bank funded projects. Historically, the World Bank only disclosed summaries of past board decisions but this new change in policy will give an in-depth review of every appeal and the logic behind deciding where misconduct occurred and what sanctions should be administered.
Rio+20 – the 2012 UN Conference on Sustainable Development May 25th, 2012
The United Nations Conference on Sustainable Development, also known as Rio+20, is to be held in Rio de Janeiro, Brazil from 20 to 22 June 2012. This also mark the 20th anniversary of the 1992 United Nations Conference on Environment and Development, in Rio de Janeiro, and the 10th anniversary of the 2002 World Summit on Sustainable Development in Johannesburg.
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