News Archives » Faith Responsible Investing
Faith-Based Shareholders Call for News Corp Board Shakeup March 1st, 2012
The Interfaith Center for Corporate Responsibility and Christian Brothers Investment Services are calling once again for a shakeup of the Board of Directors of News Corp and the resignation of James Murdoch, son of newspaper magnate Rupert Murdoch. The faith-based groups were part of an investor revolt , calling for reform of the News Corporation board at last year’s annual general meeting. Thirty five per cent of shareholders voted against James Murdoch’s re-election then, and the ICCR members are calling again for major changes on the Board.
Fr. Seamus Finn, OMI was quoted in several press stories about the need for James Murdoch’s resignation and a Board shakeup after it was announced that Murdoch was giving up his position as executive chairman of News International – the British publishing division hit by the phone-hacking scandal – and returning to New York. ” It seems to me that … either [the] Leveson enquiry or the internal enquiry from the company [may have] … turned over some new thing that has made James decide he is going to step down.” “This raises further concerns about the way this company is governed. … It is clear to us that there are too many conflicts of interest in the way this company is run.”
The shareholder campaign at NewsCorp is in keeping with investor campaigns for better governance, one element of which is separation of the Board Chair and CEO. Best practices, according to Julie Tanner of Christian Brothers, which is drafting a shareholder resolution against News Corp, is that 2/3 of Board Directors should be independent (not related by family or personal ties). Rupert Murdoch currently owns 40% of the company and is Board Chair and CEO.
Learn more…
Article in the Guardian Newspaper…
Interview on ABC News show “The World Today”…
Act to Stop Usurious Payday Lending! February 23rd, 2012
US Regulators receive letter from over 250 organizations and individuals on usurious loans.
Over 250 organizations and individual advocates – including the Oblates and other faith-based groups – have joined the call to stop banks from extending predatory payday loans. These loans carry triple-digit annual interest rates of as much as 400 percent.
Consumers can join the call for regulators to stop bank payday lending by signing a petition at: http://rspnsb.li/vZb3iH
Learn about the problem of predatory payday lending in this video from Center for Responsible Lending.
Click here to read more »
OMI JPIC Immigration and Human Trafficking Flyers Now Available February 17th, 2012
The OMI JPIC Office has produced some wonderful new materials on Immigration and Human Trafficking. Click on the hyperlinked text below to access the documents.
We have crafted a two-page flyer on Immigration emphasizing the five principles articulated by the US Catholic bishops in their 20003 Pastoral Letter on Immigration, a short prayer, and suggested resources.
A one-page flyer on Human Trafficking talks briefly about the issue, includes a brief prayer, and lists organizations working to prevent this scourge. This flyer is also formatted as a half-size 2-page resource that may be easier to distribute.
We encourage you to print these and distribute them widely. Both are available in the Resources section of this website, under Parish Resources. Oblates can contact the JPIC Office by phone or email if they would like printed versions for distribution. Our contact information is in the About Us section of this website.
Reflections from a Recent Trip to Asia February 14th, 2012
Seamus Finn, OMI reflects on his experiences and observations during a recent trip to Asia and the implications for the Oblate work with corporations. He looks at questions raised by the realities of life experienced by ordinary people, from Bangladeshi tea plantation and garment workers, to Burmese refugees in Thailand, and Cambodians dealing with the long-term impacts of land mines.
Read Fr. Finn’s latest blog on Huffington Post…
CNBC Follows the Trail of International Corruption and Money Laundering to a Shocking Tax Haven… the United States February 13th, 2012
The Oblates have been working with other members of the Interfaith Center on Corporate Responsibility (ICCR) to counter tax havens through dialogs with international financial institutions. OMI is also a member of FACT coalition (Financial Accountability and Corporate Transparency Campaign) and Tax Justice Network USA. A new one-hour documentary by CNBC Investigations, Inc., reported by CNBC Senior Correspondent Scott Cohn, focuses on the issue.White tigers, private jets, multi-million dollar mansions in the most luxurious spots on earth – all paid for with money that critics say was stolen by the ruling families of oil-rich nations. There are estimates that corruption worldwide costs as much as $1.5 trillion a year. In many countries, the ruling families simply take what they want, living lives of luxury while their people face poverty and oppression.
On Thursday, February 23rd at 9PM ET/PT, CNBC will present “Filthy Rich,” a one-hour original documentary reported by award-winning Senior Correspondent Scott Cohn and the CNBC Investigations Inc. team. They follow the money around the globe to Dubai, London, Paris and the United States, which is fast becoming a place for the Filthy Rich to hide their wealth.
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