News Archives » Faith Responsible Investing
Voting Your Proxy May 17th, 2010
Do you hold stock in publicly owned corporations? If so, you should receive information from those companies prior to their Annual General Meetings (AGM) with a proxy ballot enclosed. Bolster democracy in the Boardroom – join with others and support corporate change you care about.
Learn more in the Faith Responsible Investment section of this website…
Goldman CEO Calls for Internal Review; ICCR Derivatives Resolution Garnered 33.7% of Shareholder Vote! May 9th, 2010
ICCR Members Sr. Barbara Aires (Sisters of Charity of Saint Elizabeth, NJ), Seamus Finn, OMI, Cathy Rowan (Maryknoll) and Kate Walsh (Tri-State Coalition of Responsible Investors) head to the Goldman Sachs AGM, May 7, 2010
The head of Goldman Sachs, Lloyd Blankfein, at the company’s Annual Meeting last Friday, promised to conduct an internal review of the company’s business practices to make sure it was serving its customers and the public interest. The government has accused the bank of defrauding some clients in a derivatives deal.
The Missionary Oblates, along with other faith-based shareholders, filed a Resolution calling for greater transparency on derivatives trading, which captured 33.7% of the shareholder vote, a significant amount. Similar resolutions filed with Citigroup and Bank of America have won 30% and 39% of the shareholder vote, respectively, despite company opposition.
Alberta Tar Sands: Dirty Oil May 9th, 2010
The recent oil-related ecological disaster in the Gulf of Mexico raises questions about the sources of the energy on which we are so dependent. An increasingly important source of oil for the United States is the tar sands of Alberta, Canada.
The Alberta Tar sands, an extremely dense and viscous form of petroleum called bitumen, have been referred to as the most damaging project on the planet. According to Greenpeace, emissions from tar sands extraction could grow to between 127 and 140m tonnes by 2020, exceeding the current emissions of Austria, Portugal, Ireland and Denmark. If proposed expansion proceeds,it will result in the loss of vast tracts of boreal forest and peat bogs of a territory the size of England.
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Faith Groups Work to Prevent Human Trafficking During the 2010 World Cup Events in South Africa May 7th, 2010
The Oblate JPIC Office is working in solidarity with the efforts of the Southern African Catholic Bishops Conference (Church on the Ball), and local initiatives by the Leaders of Consecrated Religious Life (SA) and the South African Council of Churches to counter human trafficking in South Africa during the 2010 FIFA World Cup.
For multinational corporations who are long time sponsors of the FIFA World Cup, this event could be an opportunity to move beyond the usual sponsorship efforts of selling brands and expanding their markets. Official corporate sponsors of the FIFA World Cup are being asked to use the occasion of the World Cup 2010 to be part of the solution to eliminate human trafficking.
Christian Brothers Investment Services has initiated a shareholder advocacy campaign, supported by the Oblate JPIC Office, to engage multinational corporations on the issue of human trafficking during the 2010 Soccer World Cup events in South Africa.
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Fr. Seamus Finn Speaks at Socially Responsible Investment Coalition April 29th, 2010
On April 28, Fr. Seamus Finn was a panelist at the annual Socially Responsible Investments Coalition Annual Event held at the Oblate Grotto Ministries Center in San Antonio, Texas. The discussion panel on current events was titled “Care, Climate and Cash.” It included Alyssa Burgin, founder of the Texas Drought Project, who spoke about specific consequences of climate change in Texas and around the world, as well as Donna Meyer of CHRISTUS Health who spoke about the recently passed health care bill.
Fr. Seamus spoke of the progress made recently by ICCR in pressing for socially responsible investment policies with corporations. He highlighted the much-higher-than expected 39 percent vote at Bank of America earlier in the day in support of the religious shareholders’ proxy resolution on derivatives filed by the Missionary Oblates. The Resolution calls for greater disclosure on derivatives trading on Wall Street. This surprising response from Bank of America shareholders and those of Citicorp, where a strong vote of support was also registered for a similar Resolution led to invitations from EWTN and the Daily Show. (Learn more)
Fr. Seamus also talked about responsible investment in the light of Pope Benedict XVI’s encyclical “Caritas in Veritate”. As most of the 100 plus members of the audience were members of Catholic religious orders and church activists, the articulation of the moral, spiritual foundation of work for financial reform and other socially responsible investment work was much appreciated. Fr. Seamus ended with a plea to broaden our thinking and awareness so we see that actions taken in the world of finances and investments have implications not only for people in the United States, but consequences for the entire world.
Thanks to Patti Radle who supplied the material for this report.
