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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 Elected Chair of ICCR Governing Board September 2nd, 2014
Fr. Seamus Finn, OMI and Sr. Judy Byron, OP
at ICCR meetings in NY
Our own Seamus Finn, OMI has been elected Chair of the Governing Board of the Interfaith Center on Corporate Responsibility. This is an acknowledgement not only of his substantial experience in the field of faith constant and socially responsible investing, but also of the value of his strategic thinking in this area, for ICCR and other faith-based investing initiatives.
Oblates and ICCR Meet with Walmart CEO August 30th, 2014
Oblates and ICCR meet with new Walmart CEO Doug MacMillan at company headquarters in Bentonville AK in July
Pope Francis Encourages Attendees at Impact Investment Conference June 20th, 2014
The Holy Father met with participants of a Vatican-sponsored conference on impact investing – investments designed to serve the common good. The Pontifical Council on Justice and Peace organized a two-day sharing of strategies around impact investing – what is it, how it can help the poor and how to develop it further. Fr. Seamus Finn, OMI spoke at the conference on Tuesday.
The Pope said: “It is important that ethics once again play its due part in the world of finance and that markets serve the interests of peoples and the common good of humanity. It is increasingly intolerable that financial markets are shaping the destiny of peoples rather than serving their needs, or that the few derive immense wealth from financial speculation while the many are deeply burdened by the consequences.” His remarks reportedly offered a good summary of the issues, opportunities and challenges involved in impact investing.
Read Pope Francis’ address to conference participants here…
“Investing for the Poor: How Impact Investing Can Serve the Common Good in the Light of Evangelii Gaudium” June 16th, 2014
The Vatican is convening a two-day conference on of impact investing – investments that directly benefit the poor. Fr. Seamus Finn, OMI is one of the conference speakers.
Read the Impact Investment Conference Program
See who is speaking at the conference…
