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NEW YORK, NY — The International Labor Organization (ILO) issued its Blue Report last week, which is a draft Convention and Recommendations related to decent work in the platform economy. As investors, we (members of Interfaith Center on Corporate Responsibility – ICCR) believe the goal of negotiations should be clear: to adopt a Convention and Recommendation that protects workers, and thus helps mitigate operational, legal, and reputational risks, which helps investors, fulfill their fiduciary duty to manage long-term value and protect assets.
…Following this release, ICCR issued an Investor Statement in Support of a Binding Convention on Decent Work in the Platform Economy, supported by 200 investors representing over $2.3 trillion in assets under management and advisement.
Fr Seamus Finn, Missionary Oblates of Mary Immaculate of the U.S. Province
“Respect for human dignity in work contributes to a successful economic system. Pope Leo himself has placed a strong emphasis on the ‘defense of human dignity, justice and labor’ and has been open about his concerns about the impacts that modern technologies can have on the lives and safety of workers around the world. These concerns will only grow more pressing as technologies that impact the workforce proliferate and platform workers become an ever-increasing share of the global workforce. It is essential global organizations meant to protect the rights and dignity of workers keep these concerns in mind.”
Keep the Fire Going
(By Matthew Illian, Director of Responsible Investing, United Church Funds)
As we gathered at the Interfaith Center “God Box” for February’s
Interfaith Center on Corporate Responsibility’s (ICCR) conference, many of us carried a troubled spirit. You didn’t hear any lamenting, but you could sense our weariness in the way we greeted one another. Whether with words, a smile, or a hug, our interactions were more heartfelt than usual. We weren’t just saying hello; we also came seeking something – perhaps reassurance.
We were two months into rapid-fire Executive Orders from the Trump Administration, and many were witnessing their efforts to uphold a more just and equitable society being dismantled nearly overnight. In planning this conference, we determined that it was essential to turn to the elders of the ICCR community. We were eager to know how they kept the fire going through distressing times. How had they persevered through the ups and downs of political regime changes?
The session was dubbed a “Fireside Chat with ICCR Elders”. As it began, Sister Barbara Aires, Steven Heim, Fr Séamus Finn, OMI and Bill Somplatsky-Jarman (SJ), who had collectively served the ICCR community for over 140 years, started sharing their stories.
One of the recurring themes was about the power of persistence. Both Steven and Sister Barbara shared stories of their unwavering determination, such as calling corporate offices on a daily or weekly basis.
By. Fr. Séamus Finn, OMI, Director, JPIC & Chief Faith Consistent Investing – OIP Trust
[On October 28th, OMI USA JPIC Director, Fr. Séamus Finn, OMI lectured students on ethics and finance during a course at Stanford University, Palo Alto, CA]
The course- MS&E 148: Ethics of Finance – Explores the ethical reasoning needed to make banking, insurance and financial services safer, fairer and more positively impactful and fit for purpose in the 21st Century. This also follows the movement from shareholder to stakeholder capitalism.
The presentation explored the religious and philosophical roots of ethical practice in finance and banking and discussed particular challenges that individual countries and other major institutions operating in a global financial system face.
In addition, the presentation focused on responsibilities of shareholders in a capitalist system and how that has evolved in recent years to discussions about stakeholder capitalism and the absence of environment, workers and local communities as major stakeholders in the system.
The presentation concluded with a robust discussion on how corporate retail shareholders can be more active in exercising their ownership and integrating their beliefs and values into the decision-making process. This, of course, includes engaging corporate leaders either through proxy votes or attending their annual general meetings.
The 50-year Legacy of the Interfaith Center on Corporate Responsibility (ICCR) in this arena was an important part of my presentation.
On September 19, Frs. Daniel LeBlanc, OMI and Valentine Talang, OMI joined stakeholders and thought leaders in New York City at Interfaith Center on Corporate Responsibility’s (ICCR) Annual Conference Event – “Navigating Troubled Waters.”
Corporations play an important role in supporting the resilient and vibrant democracy needed to sustain healthy civic engagement, accountable governance, and a stable economy where business can thrive. However, in today’s politically charged landscape, corporations often face significant challenges navigating their support for democratic values without appearing partisan or becoming entangled in controversy.
In the lead-up to the U.S. elections, the group convened to discuss how corporations can best exemplify good corporate citizenship without furthering the divisiveness of our national discourse.
Visit ICCR’s website to learn more about their work
Recently, I had the honor to represent SGI at the Mensuram Bonam (For Good Measure, Luke 6:38) Conference hosted by the Pontifical Academy of Social Sciences in Rome. The conference drew about 120 people from around the globe to reflect upon the document and the state of faith-consistent investing. Participants included clergy and religious and lay persons who serve within religious congregations, archdioceses and dioceses, asset advisors and managers, banks, foundations, and faith-based investor coalitions.
The conference gathered us a few days after the Vatican’s
Synod on Synodality concluded, and so we dialogued, in the synod’s spirit, with deep listening to others alongside a commitment to co-responsibility. The conference aimed to to prompt collaborative learning and reflection on Catholic Social Thought, using
Mensuram Bonam as a source and guide in faith-consistent investing. We shared lessons, ongoing questions, best-practices, and dreams. Practically, the conference identified certain future collaborations to advance the faith-consistent investing movement.
Interfaith Center on Corporate Responsibility (ICCR) members had a significant role in the conference. Fr. Séamus Finn O.M.I. was one of the organizers.
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