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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…

Faith Groups Join March for Immigration Reform March 23rd, 2010

Fr. Fernando Velazquez OMI from Houston and George K. Ngolwe, Oblate JPIC staff, march for immigration reform

On Sunday, March 22, over 200,000 people from around the country rallied on the National Mall in Washington, D.C to pressure the United State Congress and President Obama to work to reform the broken immigration system. The faith community was joined by tens of thousands of people from civil rights, immigrant, family and labor groups.

The March for America targeted the Democratic majority in Congress and the Obama Administration with a simple message saying that comprehensive immigration reform needs to be a priority now. “If it is not, don’t count on us to turn out for the November 2010 congressional elections,” warned the activists.

Cardinal Roger Mahony of the Los Angeles Archdiocese told the crowd that the Catholic Church stands with immigrants and is in this fight until the end. Cardinal Mahony denounced the continuing immigration raids and decried the fact that children continue to be separated from their parents. He said the rally would force leaders in Congress to hear the stories of immigrants’ daily struggles.

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Protection of Khasi Villages Overturned by Court Order March 19th, 2010

A January victory by the Khasi people in stopping logging on their lands has been overturned by a High Court decision issued in late February. Four indigenous villages in Bangladesh, with their 500 Khasi residents, will be destroyed if logging by a local tea estate owner is allowed to continue.

An Oblate priest, Fr. Joseph Gomes, OMI, along with other colleagues from the environmental community have been working with the Khasi people to protect the forest and their villages. We urge all parties in a position to do so, to raise serious concerns with the Government of Bangladesh regarding this situation.

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Earthquake in Chile March 3rd, 2010

Oscar Gonzales OMI in Chile writes of the destruction in the country from the recent earthquake. He reports that the Oblates have suffered no major harm, except perhaps some damage to the Provincial House. They are working hard to help those who have been affected, especially the impoverished families with whom they work.