News Archives » missionary oblates of mary immaculate
J.P. Morgan Chase Issues How we do Business Report in Response to Faith-based Shareholders December 19th, 2014
Members of the Interfaith Center on Corporate Responsibility welcomed today’s release of JP Morgan Chase’s (JPMC) How we do Business Report. The report was, in large part, issued in response to shareholder pressure as a result of the billions of dollars in fines and penalties the company has faced over the past several years.
The report was largely brought about by shareholders pressing for structural changes as a result of the multiple ethical lapses which resulted in billions of dollars in fines and penalties.
Rev. Séamus Finn, of the Missionary Oblates of Mary Immaculate and Board Chair of ICCR, said, “We welcome the report and look forward to the opportunity to review it in greater detail. The report appropriately acknowledges the lapses in ethical conduct that resulted in significant damage to the company’s reputation and details steps taken to reduce the possibility of such lapses in the future. That their actions have broader, societal repercussions beyond the scope of the company seems also to have been recognized. We are hopeful that management sees the value in this type of self-examination as a bridge to begin to restore trust and confidence between Main Street and Wall Street.”
Read the ICCR press release on the JP Morgan Chase report
Faith-Based Shareholders Pushes Bank of America to Reverse Poor Governance Decision November 26th, 2014
Activists protest BofA in Charlotte, NC in 2012;
Credit: photo from Flickr JedBrandt@gmail.com;
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The Missionary Oblates have joined other Faith-based investors in asking Bank of America to require the Chair of the Board to remain independent. BOA recently decided to give the title of Chairman to the Bank’s CEO, Brian Moynihan.
BOA’s action rolls back a bylaw change approved by shareholders in 2009 to separate the titles. Faith-based and other large institutional investors, including the California State Teacher’s Retirement System and the New York City Pension Funds, have called for a shareholder vote on the issue. Continuing fines and settlement payments involving the bank since the financial crisis have shareholders arguing for greater oversight of management by the Board. Giving the CEO the additional authority of Board Chair weakens the independence of the Board.
Fr Seamus Finn, OMI who is Board Chair of the Interfaith Center on Corporate Responsibility, said the bank’s ongoing fines and settlements show that it needs “to take a serious look at the culture of the institution.” He said it would be better if the two roles were separated.
The Oblates have joined the New Jersey-based Sisters of Charity in co-filing a resolution on this issue, and other faith-based institutional investors plan to do the same. Press coverage in the Wall Street Journal and other newspapers has analysts predicting that the bank will put the issue on the ballot for a vote by shareholders.
Midwest Oblates join Faith-Based Community Organizing Coalition November 20th, 2014
The Missionary Oblates of the Midwest Area are now official members of United Congregations of Metro East. This ecumenical faith based organization provides a cooperative forum for member congregations in promoting issues of Social Justice, and offers social organizing training on behalf of the poor. They already have been working informally with the Ecological Learning Center in Godfrey, and look forward to partnering with the Hispanic Ministry at the National Shrine of Our Lady of the Snows in order to have greater influence in the surrounding Latino community.
UCM was established in early 2000 with six churches. With technical assistance and training from the Gamaliel Foundation, they have grown to represent over 34 congregations with approximately 27,000 members. Member congregations represent the full range of communities in southwestern Illinois: older urban communities and new suburban areas, white, African-American and Hispanic, wealthy and impoverished.
For more information visit: www.ucmetroeast.org/
Fall Harvest Feast: 39I Michigan Vegetable Garden October 30th, 2014
Volunteers plant garlic in the grade at 391 Michigan Ave, across from the USCCB headquarters in Washington, DC.
The abundance of the 391 Michigan Avenue Vegetable Garden was celebrated in a Fall Harvest party last Saturday, 25 October at the garden itself. The pictures below say it all beautifully and thoroughly! The weather was perfect. There were about 65 people in attendance, who prayed, did a little Tai Chi, and feasted on a scrumptious four-course farm fresh vegan menu prepared by Tambra from NativeSol Kitchen, with a variety of libations.
We were blessed with a live jazz performance organized by Violet Marley that featured some familiar Bob Marley tunes as well as some original pieces from the performers themselves. Garlic was planted in abundance and some general preparations for winter were made easier by volunteering hands.
Click here to read more »
Angry Mob Invades Assembly of Families of Disappeared at Oblate Center in Sri Lanka August 12th, 2014
On the afternoon of August 4th, a group of Buddhist monks with a large number of civilians and media personnel forced their way into a meeting being hosted by the Oblate Centre for Peace and Justice in Colombo, Sri Lanka. The mob was intent on disrupting a meeting of families of the disappeared that were meeting in the place to tell their stories to an assembled group of priests, nuns, human rights activists, and representatives of civil society organizations as well as of diplomatic missions. The aim of the meeting was to pinpoint methods and strategies for helping the families of missing people locate their loved ones. The center, which is currently led by Oblate priest, Fr. Ashok Stephen, has been helping civil war victims for years.
Read more at: http://www.ucanews.com/news/sri-lankan-buddhists-up-in-arms-over-papal-visit/71654
Despite repeated requests from the organizers and the diplomatic corp present, the police failed to disperse the mob, but suggested rather that the meeting be disbanded and representatives from both parties attend an inquiry at the police station. Fr. Ashok Stephen, OMI, Director of the CPJ, filed a complaint of criminal trespass against the one Buddhist whose name he was able to determine, but does not think anything will come of it. The families present, which included children, were frightened but the mob, which shouted abuse and took photographs of those present.
Statements on the incident from Fr Ashok Stephen, OMI and Fr Rohan Silva, OMI are available on the website of the Colombo Province.
The Conference of Major Religious Superiors of Sri Lanka have also issued a statement condemning the incident. (Download PDF here)
