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Show Us the Money September 12th, 2012
The conventions of the two dominant political parties at the end of the summer have unleashed a torrent of mass media, social media and traditional coverage of the major personalities and agendas…
In his latest blog on Huffington Post, Fr. Seamus Finn, OMI discusses the influence of the vast amounts of corporate money unleashed by the Supreme Court decision, Citizens United, and the efforts by faith-based and socially responsible shareholders to press for greater transparency of corporate political contributions.
New SEC Rules to Reduce the Use of Conflict Minerals August 29th, 2012
The Missionary Oblate JPIC Office applauds the final rules adopted by the Securities and Exchange Commission (SEC) to restrict the use of Congo conflict minerals and increase transparency in extractives-related payments.
On August 22, the Securities and Exchange Commission, in a 3-2 vote, adopted a rule requiring public companies to disclose information about their use of minerals from the Democratic Republic of Congo where militias linked to atrocities have profited from mining minerals. Conflict minerals mined in war-torn Congo are essential to the manufacture of high-tech electronics, jewelry and other goods. The rule is know as Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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Oblates Active in ICCR AGM in Boston June 10th, 2012
Simmons College, Boston, MA
The Oblates participated in the Annual General Meeting of the Interfaith Center on Corporate Responsibility (ICCR) that met at Simmons College in Boston from June 4-8. The corporate engagements over the last proxy season were evaluated – with successes celebrated, and plans laid for the 2012-2013 season. Areas in which the Oblates are active include: access to finance, extractives, global access to health, water, human trafficking, toxic chemicals, corporate governance and supply chain (labor) issues. John Ruggie, Professor at Harvard’s Kennedy School and the UN Special Rapporteur behind the UN Guiding Principles on Human Rights and Business was honored at a reception Wednesday evening.
The work on the financial services sector continues to be a high priority for ICCR members and has generated significant media attention. Resolutions and statements by religious investors continue to draw attention to the extensive moral and ethical responsibilities that corporate actors in this space assume. The enduring impact of the destruction of nearly 17 trillion dollars of wealth since the near financial meltdown of September 2008 is a clear justification of the need for such vigilance. This work by ICCR members has strongly supported the efforts of numerous homeowners in places like the San Fernando Valley CA and Prince William County in VA to stay in their homes and restore their communities.
Fr. Seamus Finn, OMI and Sr. Judy Byron, OP at ICCR
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Banks Targeted in Divestment Campaign and by Faith-Based Shareholder Activism April 29th, 2012
Churches and faith-based shareholders alike have been taking action against big banks that have failed to respond to the plight of homeowners and others seriously affected by the financial crisis. The Missionary Oblates have been actively engaging the big banks and financial institutions in an effort to deal with some of the underlying problems that have caused so much pain to so many.
Recently, members of the Interfaith Center on Corporate Responsibility (ICCR) facilitated the participation of VOICE (Virginians Organized for Interfaith Community Engagement) in the Detroit AGM of GE Capital. VOICE is a faith-based community organization representing people who have lost their homes or whose houses are threatened by the on-going foreclosure crisis. GE Capital holds some of these mortgages and has been resistant to negotiation of the mortgage terms.
See our related post on the demonstrations outside the recent Well Fargo AGM in San Francisco.
Angry Homeowners, Community Groups Protested at Wells Fargo AGM April 29th, 2012
Thousands of angry homeowners, immigrants, union members, Occupiers and community groups converged on the annual shareholders meeting of Wells Fargo Bank. In a carefully choreographed protest, simultaneous marches left Justin Herman Plaza on the city’s waterfront, site of the Occupy San Francisco encampment last fall. Demonstrators walked up parallel streets into the financial district, where they encircled the block in which the meeting was set to take place, in the Julia Morgan ballroom of the Merchant’s Exchange Building.
A group of religious, union and community representatives had purchased shares of stock in the bank beforehand, supposedly allowing them to attend the shareholders meeting. Some even held proxies, allowing them to vote the stock belonging to others. As the rally swirled outside, and speeches and songs filled the streets now vacant of their normal traffic, the police closed off the building and refused to let the shareholders inside:
Wells Fargo blocked over a hundred legitimate shareholders from entering the meeting, saying that the room had reached maximum capacity. About 20 shareholders inside took turns interrupting the CEO while he tried to give his speech. They were escorted out of the meeting. The meeting ended in 37 minutes (compared to 2.5 hours in previous years), with not a single question, largely due to the turmoil both outside and inside the meeting and the fact that Wells packed the room with their own employees.
While the media coverage portrayed the events as part of the Occupy movement, PICO groups in the Bay Area, SEIU, NPA, ACCE, AJS, NBL and other organizing groups provided the core leadership for the event.
