News Archives » Faith Responsible Investing
Spring/Summer Issue of JPIC Report now available! April 26th, 2012
The Spring/Summer Issue of our bi-annual print newsletter is now available on-line. (Download the PDF…)
This issue includes articles on Global HIV/AIDS funding, a new organic farm at Oblate headquarters in Washington, the human reality at the US/Mexican border, shareholder advocacy in the financial sector, human trafficking and environmental issues: from biodiversity loss and climate change to OMI JPIC work in solidarity with Bangladeshi colleagues and new solar panels on an Oblate church in California.
Shareholders, NGOs, raise questions about Newmont Mining’s social and environmental risks at company’s Annual General Meeting April 26th, 2012
Shareholders and NGOs at the Newmont Mining annual meeting in Wilmington, DE on Tuesday, April 24, questioned company senior management and the Board of Directors about the operational and reputational risks Newmont faces in Peru, and emphasized the need for the Free, Prior and Informed Consent (FPIC) of local communities where Newmont operates. In addition, the group strongly encouraged additional disclosure by the company on its environmental and social guidelines and practices, including Board oversight of these issues. The Missionary Oblates are involved in the dialog with Newmont, with particular concerns about the company’s operations in Peru, the Congo and Indonesia.
In 2007, in response to a shareholder proposal filed by members of The Interfaith Center on Corporate Responsibility (ICCR), Newmont agreed to conduct a global review of its policies and practices related to community opposition in its mining operations. At this year’s annual shareholder meeting, the lead proponent of that proposal, Julie Tanner, Assistant Director of Socially Responsible Investing at Christian Brothers Investment Services (CBIS), expressed frustration over Newmont’s lack of disclosure on the implementation its Community Relations Review (CRR).
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Walmart Investors Voice Deep Concerns over Bribery Allegations April 24th, 2012
Shareholders Identified Company’s “Aggressive and Competitive” Growth Strategies as Lacking Ethical Standards in a 1999 Letter to Management
Members of the Interfaith Center on Corporate Responsibility (ICCR) , a coalition of faith-based and responsible institutional investors that have been actively engaging Walmart on social environmental, and governance issues are dismayed by recent reports in the NY Times alleging systematic bribery and corruption beginning in 2005 to facilitate the rapid expansion of their retail operations in Mexico. The Missionary Oblates is an active member of ICCR and engaged in the dialog with Walmart.
Said Sr. Barbara Aires of the Sisters of Charity of Saint Elizabeth, New Jersey who has led the Walmart engagement for over 20 years, “We have a tremendous investment in this company in terms of our time, expertise and yes, capital, and find these allegations deeply disturbing on so many levels. Should these reports be confirmed, we deem this a significant breach of trust and loss of management credibility.”
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Socially Responsible Investment Coalition Celebrates 30th Anniversary! April 20th, 2012
The Socially Responsible Investment Coalition (SRIC) celebrated its 30th anniversary in the new Whitley Theological Center Facility on the campus on the Oblate School of Theology in San Antonio recently. Seamus Finn, OMI presented, using a video and powerpoint presentation in a panel titled “Impacting Investments in a Sustainable World.”
SRIC is a non-profit religiously sponsored organization headquartered in San Antonio, Texas. Institutions and individuals belonging to SRIC work to balance their economic policies and practices with their fair and social concerns. As investors and shareholders, members act to influence corporations toward social responsibilty.
Oblates Participate in 10th Harvard University Forum on Islamic Finance April 20th, 2012
Fr. Séamus Finn, OMI participated in the 10th Harvard University Forum on Islamic Finance held in Cambridge, Massachusetts on March 24-25, 2012. He was a panelist in the plenary session on Faith-Based Investment and Social Responsibility.
The Forum brochure offered this summary of the proceedings:
The Tenth Forum features three main parallel sessions, which reflect three major themes within the topic of economic development. These include the Islamic financial sector’s contribution to global economic development, Islamic finance and the development of Small and Medium-sized Enterprises (SMEs), and faith-based investment and social responsibility. Apart from these three main sessions, there are also parallel sessions on Islamic finance and the Arab Spring movements, global perspectives on Islamic finance, Islamic finance and alternative economic thinking, and current academic research on product development in the Islamic finance industry. With over 50 speakers and 30 nationalities represented, the forum attracts the leading practitioners from academia and the industry to critically discuss the issues highlighted above with a view to proposing sustainable developmental plans for the Islamic finance industry in general. There is no doubt that this rapidly developing field of the global financial system requires a close scrutiny to maximally harness it for the development of the global economy.