News Archives » Faith Responsible Investing
Wal-Mart to Measure Sustainability of its Products July 18th, 2009
Wal-Mart is known for its rock-bottom prices, but customers soon will also be able to choose what products to buy on the basis of their social and environmental impacts – or at least that is the idea, according to the company. Wal-Mart announced today that it is launching a Sustainability Index – an electronic indexing system that will provide information about a product’s carbon footprint, the gallons of water used to create it, the air pollution left in its wake and social impacts related to production.
The company has recruited scholars, suppliers, and environmental groups to help it create the index – a universal rating system that scores products based on how environmentally and socially sustainable they are over the course of their lives. The goal is to have other retailers adopt the indexing system, which will be created over the next five years.
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Chevron Human Rights Resolution Supported by Oblates June 18th, 2009
Using a proxy from the Missionary Oblates, Michael Eisenscher of U.S. Labor Against the War addressed the Annual General Meeting of the Chevron Corporation on May about the company’s efforts to profit from Iraqi oil. The company profited, in particular, from a widely-opposed oil law that would give foreign corporations like Chevron almost complete control of Iraq’s oil industry, to the detriment of the rights of ordinary Iraqis.
Members of the True Cost of Chevron coalition presented their alternative annual report directly to Chevron management and CEO David O’Reilly (who disparagingly responded during the meeting that it “deserves the trash can”). Edited and painstakingly researched by Antonia Juhasz, with help from a coalition of over a dozen groups, “The True Cost of Chevron” highlights the tragic human consequences that are the flip side of the record profits Chevron collected in 2008. It can be downloaded for free at http://truecostofchevron.com/report.html
Chevron is finding itself increasingly in the spotlight over the harmful consequences of its operations, and shareholders are deeply concerned, as evidenced by the 28% support yet again this year for the resolution calling for a clear human rights policy. 28% is considered extremely good performance for a shareholder resolution of this type. Investors representing billions of dollars in Chevron stock have spoken up in support of greater social responsibility, and although the True Cost of Chevron’s coalition’s speakers inside the meeting were treated dismissively by CEO O’Reilly, Chevron is taking notice.
Companies, Communities and Religious Investors – a conference on socially responsible investment June 8th, 2009
A conference on Companies, Communities and Religious Investors, jointly organized by eight church- and faith-based bodies, was held in Dublin on 5 March 2009. The conference brought together more than 80 participants representing ecumenical organizations, Christian denominations, religious orders, non-governmental organizations and the responsible investment sector.
The conference explored the impact of business on human communities and the natural world, concomitant theological and moral issues, and the role of religious investors in promoting greater corporate and investor responsibility. The conference was designed to enable a sharing of perspectives and experience, leading to a deepened understanding and the development of broad agreement on the types of changes needed. This was coupled with practical knowledge and ideas to help faith-based investors engage with the critical issues facing the world. The context of an unprecedented financial – and sustainability – crisis gave added salience to the subject of the conference.
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Conference Report available (Download PDF)
SRIC is inspired by faith and committed to action May 10th, 2009
The financial crisis, health care and the urgency of responding to global warming were three criticial issues discussed at a recent panel organized by the Socially Responsible Investment Coalition (SRIC). The current crises were examined by a panel with varied expertise. Fr. Seamus Finn, OMI discussed the financial crisis, emphasizing its impact on the poor.
Congo Conflict Mineral Disclosure Act Introduced May 8th, 2009
Companies registered in the US that sell products using columbite-tantalite (also known as coltan), cassiterite or derivatives from minerals from Democratic Republic of Congo or neighboring countries will be required to annually disclose to the Securities and Exchange Commission the origin of those minerals. This provision is contained in new legislation called the Congo Conflict Mineral Act 2009 (S.891) introduced on April 23 the by Senators Sam Brownback (R-KS), Dick Durbin (D-IL) and Russ Feingold (D-WI).
The sale of minerals is linked to the funding of killings, atrocities and rapes crimes committed by armed groups in Democratic Republic of Congo. The Congo Conflict Mineral Act brings accountability and transparency to the importation and sale of mineral products from Congo by disclosure of their origin. Cassiterite, Colton and tantalite are minerals commonly used in cell phones, laptop computers and other electronic products used by millions of people in the United States and other developed countries.
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