News Archives » Members
Faith-Based Investors Get Better Governance at JP Morgan Chase December 17th, 2014
Fr. Seamus Finn, OMI and Sr. Barbara Aires, SC (Sisters of Charity of St. Elizabeth) at J.P. Morgan Chase where they have successfully engaged the bank on risk and governance issues.
The prestigious journal, American Banker, has reported on the success earned by faith-based groups, including the Missionary Oblates, in forcing J.P. Morgan Chase to improve its governance and increase transparency. An article published today reports that before the end of the year, “JPMorgan Chase will release a 100-page report in which it will provide a full accounting of recent legal settlements and matters under investigation and detail, among other things, clawback policies for executives whose business units engage in “unethical” activity. The New York bank will also describe in the report new structures for board accountability and oversight.”
The article adds that “The Interfaith Center on Corporate Responsibility [ICCR] says the report will go a long way toward restoring the bank’s credibility with shareholders following a string of legal skirmishes, including a $13 billion settlement with U.S regulators over the packaging and sale of shoddy mortgages, a $1 billion fine for manipulating the foreign exchange market, and a $920 million fine it paid to authorities for its failure to spot risky trades. As a condition of the report’s release, the faith-based group has agreed to back off from its campaign to split the chairman and CEO jobs.”
The Rev. Seamus Finn, OMI, ICCR Board Chair, was quoted as saying,”We asked [J.P. Morgan Chase] to address all of the issues under which their reputation had been tarnished since the financial crisis, and I think they’ve done a good job.” He added that “It doesn’t mean there won’t be another ‘London whale’ or foreign-exchange trading scandal. But they are putting in place some strong restrictions to make sure these things don’t happen again.”
Learn more about ICCR’s work with J.P. Morgan Chase
Fr. Seamus Finn, OMI on Ford Foundation Mining Panel December 17th, 2014
Peter Bryant, Senior Fellow, Kellogg Innovation Network (KIN) – Moderator; Mark Cutifani, CEP Anglo-American; Fr. Seamus Finn, OMI, Missionary Oblates JPIC Office Director; and Ray Offenheiser, President Oxfam America served as panelists at a recent forum on the Mining Company of the Future at the Ford Foundation in New York City
Learn more though the following links:
Mining Company of the Future; Anglo American CEO joins group to open discussion (Download PDF)
KIN CATALYST: MINING COMPANY OF THE FUTURE Development Partner Framework
Watch their video: A New Vision of the Mining Company of the Future, which explains the current problems with mining and efforts to engage stakeholders to create a new approach.
Church representatives vow to defend Latin American areas with mines December 11th, 2014
Thanks to Catholic New Service for this article, which was written by Lise Alves
SAO PAULO (CNS) — Christian leaders from 14 Latin American countries gathered in Brasilia in early December to discuss ways to reduce the impact of mining activities in their communities, especially the contamination of rivers and lakes.
“There is no large-scale industrial mining without water,” said Bishop Guilherme Werlang of Ipameri, president of the Brazilian bishops’ social justice and charity commission. But the bishops say materials used in mineral extraction contaminate groundwater, rivers and lakes in mining regions.
“It has been proven that these toxic materials will remain in the soil and in the water during many centuries,” said Bishop Werlang.
A three-day conference dubbed “Church and Mining: An Option in Defense of Communities and Territories,” was the first of its kind in the region. The conference had the support of the Brazilian bishops’ conference and the participation of the Latin American Council of Churches as about 90 participants tried to define strategies and alliances to reduce the impact of mining activities.
“We discussed the threats, challenges and insecurities that local and indigenous communities throughout Latin America are experiencing where mining companies are operating,” said Oblate Father Seamus Finn of the Oblates’ Washington-based Justice, Peace and Integrity of Creation Ministry.
Click here to read more »
UN Human Rights Day – December 10th! December 5th, 2014
Human Rights Day is December 10th, and we all need to spread the word!
The UN OHCHR is launching a social media initiative to stress that every day is Human Rights Day. We are all invited to record 6-second video messages (Vine) saying “Human rights matter 365 because…..” or “Human Rights matter every day because…” filling in the blanks with your own creative message. Tag your Vine with #rights365 and the OHCHR will collect them in their Storify. The video will be distributed through the UN Human Rights Office social media platforms (Facebook, Twitter, Google+, Vine and Storify). Please also sign up for a Thunderclap.
Check the High Commissioner’s statement and video statement – The statement of the High Commissioner is also available in the Human Rights Day page in all six UN official languages and the video statement –in English and Arabic– will be available in their site as of next week.
For any queries or clarifications, please contact humanrightsday@ohchr.org.
Pope Francis Takes Strong Action to End Slavery December 3rd, 2014
VATICAN CITY As Pope Francis and leaders of other churches and religions signed a declaration pledging to work together to help end modern slavery in the world by 2020, he urged governments, businesses and all people of good will to join forces against this “crime against humanity.”
Tens of millions of people are “in chains” because of human trafficking and forced labor, and it is leading to their “dehumanization and humiliation,” the pope said at the ceremony Dec. 2, the U.N. Day for the Abolition of Slavery.
Every human person is born with the same dignity and freedom, and any form of discrimination that does not respect this truth “is a crime and very often an abhorrent crime,” the pope said.
Inspired by their religious beliefs and a desire “to take practical action,” the pope and 11 leaders representing the Muslim, Jewish, Orthodox, Anglican, Buddhist and Hindu faiths made a united commitment to help eradicate slavery worldwide.
Read the full article at National Catholic Reporter online
And here is something to put on your calendar:
February 8th, 2015
National Day of Prayer for Victims and Survivors of Human Trafficking
On February 8th, 2015 the USCCB will observe the National Day of Prayer for Victims and Survivors of Human Trafficking. February 8 is the feast day of St. Josephine Bakhita, who was kidnapped as a child and sold into slavery in Sudan and Italy. Once Josephine was freed, she dedicated her life to sharing her testament of deliverance from slavery and comforting the poor and suffering.
Last February, Catholics throughout the country observed the national day of prayer through Masses, prayer vigils, and other events to raise awareness about human trafficking in their parishes and communities. This coming February, we encourage you to do the same. Through prayer, we not only reflect on the experiences of those that have suffered through this affront to human dignity, but also comfort, strengthen, and help empower survivors.
Please visit www.usccb.org/shepherd to download prayers, intercessions, a toolkit and other resources to help you host a human trafficking event locally. Visit www.usccb.org/stopslavery for more information about human trafficking and to download flyers for the National Day of Prayer including a Mass that will be held on Sunday, February 8th at the Basilica of the National Shrine of the Immaculate Conception in Washington, DC.
In the words of our Holy Father Pope Francis, may we be “slaves no more, but brothers and sisters.”
