Likely, we all thought the pandemic would be over sometime in 2021, and our hopes rose and fell with the daily infection counts. The vaccines worked better than expected, restrictions were relaxed, and things started to return to normal. Then came the COVID variants, which threw a wrench into our hopes for a swift recovery, and Omicron raises the specter of a deadly winter.
While the year had its joys, we would be remiss if we neglected to recall that, in our personal lives, SGI members and staff also mourned losses, including one who endured the loss of a daughter, and weathered storms.
The great problems that we face, such as racism, poverty and the climate crisis, are structural in nature. With long histories, they are embedded socially in ways that are often masked in day-to-day life.
Sadly, we learned on January 6th that the U.S., like so many places around the globe, is an all-too-fragile democracy, vulnerable to demagoguery and the exploitation of populist sentiment. Aware that corporate donations contributed to the chaos, shareholder calls for greater corporate political spending and lobbying disclosure garnered higher support than usual.
This year we saw what is possible as the 2021 Proxy Season provided a watershed moment in shareholder advocacy with record-breaking support for environmental proposals (Exxon Mobil being a case in point). SGI members drove a series of significant corporate engagements including Walmart, Merck, Restaurant Brands International, Wendy’s, Yum! Brands, and Kraft Heinz.
After President Biden’s increased the 2030 NDC to reduce GHG by 50%, the 26th meeting of the UN Conference of the Parties (COP26) fell short of expectations. However, important pledges on deforestation and methane and the phase down of coal and fossil fuel subsidies were steps forward. Senator Joe Manchin’s declaration that he opposes the Build Back Better reconciliation bill makes the administration’s task of meeting its climate goals far more difficult. As corporations and asset managers make net-zero commitments, Milton Friedman is turning in his grave; but it would be unwise to trust that companies will deliver on their promises, without investor pressure and third-party verification.
As we wrap up 2021, we look back at an amazing year. SGI has grown to 36 institutional members, elected a new board president and added new board members, including at-large members. We refreshed our strategic plan and hosted a great conference on Resilience: Building a Just & Equitable Economy for All. Our mission to build a more just and sustainable world for those most vulnerable continues in 2022. In the New Year, SGI will be hosting events to better understand the revised U.S. Catholic Conference of Bishops Guidelines for Socially Responsible Investment. We will advocate for the critical components of the Build Back Better plan. And we will work with companies to live out their societal purpose. As we end another year marked by both pain and hope, we want to thank you, our members, for your contributions to our ministry. Shareholder advocacy works. May the holiday season refresh all of us for our important work for people and planet in the New Year.