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Chilean Bishop at Enel’s Annual General Meeting to Argue Against Big Dams in Patagonia April 28th, 2010
“No to new big dams in Patagonia; Water should be public again”
The Bishop of Aysén Luis Infanti De La Mora
Luis Infanti De La Mora, Bishop of Aysén region (Chile), will attend Enel’s Annual General Meeting today to say “no” to a project for the construction of five big dams on the rivers Baker and Pascua, and to get Chilean water back in public hands. The Bishop will be delegated to attend the meeting by the Missionary Oblates of Mary Immaculate, by initiative of Fondazione Culturale Responsabilità Etica. The Oblates are shareholders in Etica.
“We wanted to involve the international network of religious investors”, explains Ugo Biggeri, the Foundation’s Chairman. “The Oblates are part of Interfaith Center for Corporate Responsibility (ICCR), a coalition of more than 275 religious orders, based in New York, that submit over 200 shareholders resolutions each year to the AGM’s of US most important companies and they are founding members of the International Interfaith Investment Group (3iG).”
Enel has inherited the big dams projects in Patagonia by Spanish utility Endesa, acquired by Enel in 2009. It’s a project with devastating impacts on a real natural paradise that poses serious risks on the security of dams, since Aysén is a seismic region.
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Vatican Radio Interviews Fr. Seamus Finn, OMI Interviewed on Bringing Faith Values to the Financial Sector April 26th, 2010
Putting faith principles back into the world of finance and business is not usually the business of priests, but it is for Oblate Seamus Finn, Director of the Justice, Peace/Integrity of Creation Office of the Missionary Oblates of Mary Immaculate in Washington, DC. Past President of the Interfaith Center on Corporate Responsibility and Executive Committee member of 3iG (the International Interfaith Investment Group), Fr. Seamus has worked for two decades to encourage faith institutions to bring their values to bear on corporate decision making.
Fr. Seamus explains why people of faith can and should bring their values to bear on the financial sector in particular in an interview with Vatican Radio. What is the economy for? What does it do to people and how do we participate in it? Is it helpful to local communities? What impacts are the economic structures in which we participate having on people and on the earth? How do we account for the damage done to the environment? Many would say that this system is built on the basis of continual growth and consumption without always taking into account the fact that natural resources are limited.
Learn more – listen to the broadcast…
Senate Urged to Include Derivatives Regulation in Financial Reform Bill April 25th, 2010
The Oblates joined a broad array of groups concerned about commodity speculation in urging the inclusion of a bill regulating derivatives in the larger Senate financial reform legislation being debated this week. Specifically, the groups are asking that the “Wall Street Transparency and Accountability Act” (reported out of the Agriculture Committee on Wednesday by a bipartisan vote), be incorporated into the “American Financial Stability Act” (S.3217) – otherwise known as the comprehensive “Wall Street Reform” bill.
The Missionary Oblates signed a letter generated by the Commodity Markets Oversight Coalition, an informal alliance of industry groups, consumer advocates and academics, representing commodity producers, processors, distributors, retailers, and residential, commercial and industrial end-users. The signatories believe that policy in the commodity trading markets should aim to strengthen oversight, transparency and stability, and to address inadequacies in the existing derivatives markets, both regulated and over-the-counter. As faith-based shareholders, the Missionary Oblates have been pressing for better management of derivatives in discussions with the financial services sector for a number of years.
Read the letter… (Download PDF)
Citigroup Faith-Based Shareholders Call on US Government to Vote Its Shares in Favor of Derivatives Reform April 17th, 2010
Faith-based institutional investors are urging the Obama Administration to send the same message to Wall Street that it is sending to Congress on financial reform. The United States government controls 27 percent of outstanding Citigroup shares, and faith-based shareholders say the US should support their Resolution urging the company to provide more disclosure about its derivatives trading. Voting will take place Tuesday morning at the Citigroup Annual Meeting in New York. The groups, which include the Missionary Oblates of Mary Immaculate, are members of the 300-member Interfaith Center on Corporate Responsibility (ICCR).
Rev. Seamus Finn, OMI, actively engaged in pressing financial institutions for greater transparency and accountability and an ICCR board member, said, “The U.S. government controls over a quarter of outstanding Citigroup shares today. It has an extraordinary opportunity here to send a clear message to Wall Street that more derivatives disclosure is vital. Even more to the point, the Treasury Department really has no choice other than to support our resolution since a failure to do so would directly undercut its campaign for critical financial reform.”
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RiskMetrics and Proxy Governance Support ICCR Shareholder Proposal on Derivatives April 7th, 2010
RiskMetrics and Proxy Governance, respected proxy advisory services, in a significant move, have supported the Resolution on derivatives filed by religious investors, including the Oblates of Mary Immaculate. The Resolution filed by members of the Interfaith Center on Corporate Responsibility (ICCR) requests that the company provide greater disclosure regarding derivatives as a way to reduce systemic risk in the financial sector.
A lack of transparency in derivatives holdings was responsible in large part for destabilizing the financial system in 2008. Specifically, the shareholder proposal filed with Citibank requests the company to report to shareholders on the firm’s policy concerning the company’s derivative activities. The religious groups have expressed concerns for years about the risk inherent in derivatives trading, arguing that greater transparency is needed.
The full text of the shareholder proposal is available here…
