What’s all the Fuss about Exxon Mobil and Investors lately?

By Sr. Barbara Jennings, CSJ

On May 26, 2021, a little known investment company called Engine No. 1 challenged and won a proxy battle with one of the world’s largest public oil and gas companies, Exxon Mobil.  Three of Engine No. 1’s four proposed Board Members who have qualified energy industry experience were elected to the board. They will challenge company management to transform their business model for a low carbon economy, which will benefit all stakeholders including workers and shareholders alike. 

Shareholder elected Greg Goff, former CEO of Andeavor and EVP of Marathon Petroleum who thinks that mitigating climate change is part of corporate responsibility; Kaisa Hietala, a former VP of Finnish renewable energy company, Neste Oyi; and Alexander Karsner, a strategist at Alphabet, Inc.  These three candidates beat out three of Exxon Mobil’s current, reelected board members. 

Shareholders proposals co-filed by members of the Seventh Generation Interfaith also received majority votes at the Exxon Mobil AGM. Dana Investments, the Capuchins, and the School Sisters of Notre Dame, Central Province co-filed a proposal asking for a report on climate lobbying (64% vote). The Sisters of St. Agnes co-filed the proposal asking for broader lobbying disclosure (55% vote). The Dubuque Franciscan’s co-filed the separate chair proposal (22% vote). Members of SGI and ICCR also co-filed successful climate proposals at Chevron, ConocoPhillips and Phillips66. 

Members of ICCR have dialogued and filed shareholder resolutions at Exxon Mobil since the early 1990’s. The company always responded with platitudes about their amoeba studies for alternative fuels, but refused to set targets or goals.  What has changed?

Here are my educated guesses:

  1. The Time has come! Finally, extreme weather events and consistent calls from scientists have increased public awareness of climate change, although a decreasing percentage remain climate deniers. Climate Activists like Greta Thunberg are finally getting through to all of us, especially to young people.
  2. It is irrefutable that drilling, and burning petroleum produces is a major cause of climate change as well as of human rights abuses. The latest IPCC report removed any uncertainty: “It is unequivocal that human influence has warmed the atmosphere, ocean and land.” 
  3. There is growing popularity of ESG strategies. It has become easier to invest sustainably through many asset managers. Bloomberg projects ESG assets may hit $53 trillion by 2025, a third of global AUM.
  4. The International Energy Agency (IEA) Net Zero by 2050: a Roadmap for the Global Energy Sector report published shortly before the Exxon Mobil AGM called on governments and companies to stop investment in new fossil fuel supply projects or coal plants; no sales of new internal combustion engine passenger cars after 2035; and net-zero emissions in the global electricity sector by 2040.
  5. Pope Francis continues to remind us to care for our common home. The Vatican released 14 recommended actions in June 2020, including ‘ethical responsible and integral criteria for investment decision making.” The Vatican Dicastery for Promoting Integral Human Development urges that Church divestment from fossil fuels and reinvestment in renewables is a moral imperative.
  6. The U. S. Catholic Bishops are reviewing their Socially Responsible Investment Guidelines for the first time in 20 years. Bishop Gregory Parkes, USCCB Treasurer, who worked in the banking industry before entering the priesthood, is seeing the “financial writing on the wall” for fossil fuel companies who will not or cannot diversify. 
  7. A U. S. House subcommittee is “demanding that Exxon Mobil, Shell, Chevron testify before Congress about the industry’s decades-long effort to wage disinformation campaigns around climate change.” (St. Louis PostDispach, July 3, 2021 and New York Times, June 16, 2021) 

The majority votes at Exxon Mobile indicate a tipping point in pushing fossil fuel companies to transition to low-carbon business models. SGI and ICCR members have persisted and led the way with corporate engagements…and are continuing to see success. 

Do You Know Where Your Asset Manager Is (on climate)?

By Frank Sherman

This article augments an earlier blog by John Mueller of Dana Investment Advisors on Questions to Ask Your Money Manager.

There is a growing recognition within the financial sector of its responsibility, as well as its power, to transition the economy to a low carbon future.  The Glasgow Financial Alliance for Net Zero (GFANZ), representing $70tn in assets, is committed to achieving the objective of the Paris Agreement to limit global temperature increases to 1.5°C. Combined with Net Zero commitments from countries representing approximately 70% of global GDP, it sounds like the world has turned the corner on climate change. However, there is a gap between these long term ambitions and short term actions. The latest round of UN Nationally Determined Contributions (NDC) put the world on track for less than a 1% reduction in emissions by 2030 vs. 45% called for by the Intergovernmental Panel on Climate Change (see Responsible Investor, Aug 17, 2021).

As a small asset owner, what can an SGI member do to ensure they are part of the solution rather than contributing to the problem? One easy strategy is to ask your asset manager about their climate stewardship activities, including proxy voting. The UN-convened Net-Zero Asset Owner Alliance, part of the GFANZ composed of over 40 institutional investors (including some ICCR members), recently released a new resource designed to help asset owners set expectations for, evaluate, and engage with asset managers on their climate-related proxy voting activities. As well, the resource is useful to asset owners who retain the right to vote their shares or to those asset owners with internally managed portfolios by integrating the principles into their own proxy voting and asset manager selection, appointment, and monitoring processes. These foundational guidelines are centered on four themes: governance, interest alignment, merit-based evaluation, and transparency. They help asset owners construct their own expectations of their asset managers’ proxy voting approaches.

Many asset managers have already made the commitment to align their portfolios with net-zero as part of the Net-Zero Asset Manager Initiative (NZAMI), which is also part of the GFANZ. Among the 128 signatories with $43tn in assets under management have already signed on to this Initiative are some of the biggies like Blackrock, Vanguard, and State Street. If you find your asset managers are part of NZAMI, you have the opportunity as a client to ask about how they are actualizing this goal within their management of their portfolio. If your asset managers have not yet signed on to NZAMI, you should ask them “why not?” I suggest you share this resource with your Investment Committee with a recommendation to review your own proxy voting guidelines and your expectations set with your asset management service providers. At the same time, you may want to challenge your Investment Committee to consider signing on to the Net-Zero Asset Owner Alliance themselves. As Blackrock’s Larry Fink has made clear, “climate risk is investment risk.”

Questions to Ask Your Money Manager

By John Mueller of Dana Investment Advisors

For over twenty years, Dana has been managing ESG portfolios for clients. During this time, we’ve participated in countless meetings and been asked a wide array of questions. While the old adage, ”There is no such thing as a dumb question” holds true, there are usually questions that are more effective than others to help you find the right solution for your investment portfolio. Below is a list of questions we’ve faced over the years that we think can help investors determine the appropriate partner in their search.

What does ESG mean to you and your firm? We believe the most important, and perhaps the simplest, question is often the most overlooked. During meetings, many words or terms are generally used, and everyone nods in agreement, assuming they understand the definition of that word or term. However, one of the greatest missteps in these meetings is not asking for clarification or a better understanding. Often, there will be many different answers as to a particular definition, and that can be good. Yet, instead of trying to have the investment manager convince you that their method/approach is the best, simply ask yourself if their definition fits what you and/or your group is trying to achieve.

How long is your history with ESG investing? As time goes on, this question perhaps becomes less relevant, yet with the increase in asset flows and countless new product launches for ESG strategies, this question will perhaps give you clarity on the manger’s intentions. While time alone is not a determinant of qualification, it should provide another check box for you to determine if this investment manager is the right solution.

Does your firm rely on external ESG ratings, internal, or a combination of both? ESG research providers have grown exponentially in recent years. While many managers have internal methods, there are a number of researchers that specialize in ESG data. Neither answer is wrong, but there is such rapid growth of data that finding external sources can help form a more complete picture of a company’s policies or changes in policies. Both internal and external methods can have biases; therefore, understanding and partnering with multiple can help in eliminating some of these biases.

How does your firm handle companies with recent controversies or catastrophic events? Missteps and unfortunate events happen, but how the aftermath of such an event was dealt with is generally more telling. While catastrophic events are hard to predict, an investment manager’s response in the following days or weeks is of great importance. If they own shares, do they sell right away on headlines, do they seek to understand more before making a portfolio decision, or do they hold the position? These questions will give you more insights into their process. Controversies are generally more difficult and often have a less clear path to their solution. While investment managers may look at the issue differently from clients, their willingness to listen and discuss, or lack thereof, should be key in your evaluation, as these discussions can be vital in adding to the knowledge base for both the client and investment manager.

How do you approach corporate engagement and proxy voting? This question will help in determining the level of commitment the firm has to this space. While some may not currently be active in engagement, their answers will likely reveal their level of willingness to take on that role at a later date. Recent history has taught us that these actions can be impactful and look to be a greater piece of the puzzle going forward.

While this is only a sampling of questions, there are likely more that will be important to each individual organization. Some of the best questions we’ve been asked over the years don’t pertain to any investment strategy or philosophy. At the end of the day, you are choosing to invest with a person or a team, and asking questions about current events or personal backgrounds can be ways for you to better understand the driving force behind a firm’s ESG investing and other principles and characteristics, which is likely the best way to find a long-lasting partnership that will benefit all involved.

A Legal Framework for Impact

By Frank Sherman

Sustainable investing has not only become mainstream in recent years; it is now recognized as a mark of prudent investment practice. US-SIF reported last year that sustainable investing in the US increased 42% over the previous two years and now represents one in three dollars of the $51 trillion in total assets under professional management. A Morgan Stanley study found that, while the market experienced extreme volatility and recession in 2020, funds focused on “on environmental, social and governance (ESG) factors, across both stocks and bonds, weathered the year better than non-ESG portfolios.” Yet there are still those who challenge the legal basis for and prudence of incorporating ESG investment strategies.

SGI members who are institutional investors, pension fund trustees, asset managers, or      investment advisors must put their clients’ or beneficiaries’ interests before their own. Despite having been debunked many times, the myth that the fiduciary duty to act in the best interest of a client excludes ESG and socially responsible investing still exits. In a 2019 SGI webinar, Frank Coleman of Christian Brothers Investment Services (CBIS), referenced a 2005 study by law firm Freshfields, Bruckhaus, Deringer LLP which found investors could incorporate financially material ESG issues as part of their fiduciary duties. The Freshfields report contributed to the launch of the Principles for Responsible Investment (PRI). Frank also described a 2015 Freshfields report, Fiduciary Duty in the 21st Century, which clarified that ESG integration is not just permissible but required for many fiduciaries. Since its publication, financial regulators in Brazil, France, EU, Ontario, South Africa and UK have clarified ESG requirements in legislation.

However, these studies found that a fiduciary’s duty to account for the sustainability impact of their investment activity is limited to the extent that it impacted the financial performance of the assets. In other words, their fiduciary duty requires consideration of how sustainability issues affect the investment decision, but not how their investment decisions affect sustainability issues. Too many investors still approach ESG investing from a defensive posture, considering risk management alone.

Since the publication of the 2015 Freshfields report, the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement have significantly raised awareness within the investment community of global sustainability challenges. The third generation of responsible investors are beginning to measure, account for, and integrate the real-world sustainability impact of their investment activity. A third Freshfields report issued last week, The Legal Framework for Impact, considers the role of the investor as an active agent in shaping the world around us, rather than as a spectator betting on the side lines. This detailed, global, legal analysis demonstrates that investors should feel empowered to set impact goals and measure progress against them. It also highlights what must change to ensure that the rules that govern our financial system foster a truly sustainable economy.

SGI members have always considered the positive and negative impacts of their investments on people and the planet. We have been exposing tools to our members to help them assess these impacts. Investors, like all business actors, are expected to respect human rights as outlined by UN Guiding Principles on Business in Human Rights. Last year, the Investor Alliance for Human Rights published an Investor Toolkit on Human Rights for asset owners and managers to address risks to people posed by their investments. This spring, Ceres joined a number of other investor coalitions to launch the Paris Aligned Investment Initiative providing recommendations on key actions and methodologies for asset owners and managers to achieve net zero GHG emissions by 2050 across their portfolio.

So it is now clear that investors must look beyond the financial returns to understand the ESG impacts of their portfolios have on the real world around them—the world their beneficiaries live in.

Sisters of St. Francis of Assisi Rejoin SGI

SGI is in the midst of welcoming new members. We will features some brief profiles of them so that the broader membership has an opportunity to welcome them. Our first new member is really a member who rejoins us. The Sisters of Sr. Francis of Assisi have been members of SGI through many years. The membership lapsed a few years back, and, now, we are delighted to renew our collaboration!

Jill & Steven Haberman, the community’s Justice and Peace Animators, share the following:

The Sisters of St. Francis of Assisi is a community of women religious with a 172-year history of acting on Franciscan Christian values in the world. Trusting in God’s providence, the sisters strive to live the Gospel by nurturing a deep sense of the worth of every person and of all creation. They have a longstanding commitment to social justice action and socially responsible investing. Their relationship with SGI has its roots in Irene Senn’s work with Fr. Mike Crosby. We are delighted to rejoin this collaboration!

As the current Justice and Peace Animators, we are the SGI member contacts for our congregation. We are new to the role, having spent years as middle and high school Catholic educators, including mission teaching on the Texas/Mexico border and in Appalachian Kentucky. Steven also worked for three years against the death penalty in Texas. Social justice is always close to our hearts.

Areas of action we would like to focus include anti-racism, human trafficking, care of creation, and immigration. Thank you for making us feel so welcome; we look forward to working with this dynamic group.

We offer a hearty welcome to the Sisters of St. Francis as we continue our collaboration in building a more just and sustainable world!

Pay and Wealth Disparity: Still our greatest social challenge

By Frank Sherman

Sister Sue Ernster’s (Franciscan Sisters of Perpetual Adoration) proposal on racial equity & starting pay at the Walmart AGM earlier this week obtained strong shareholder support for a first-time resolution (12.5% of total shares or 27% of independent shares voted). Congratulations to Sue and the many ICCR co-filers.

I’m reminded of Father Mike Crosby’s 2015 campaign on income disparity. At that time, President Obama called the growing pay & wealth gap in our country “the greatest social challenge of our time“…. and it hasn’t gotten better since then. We didn’t get very far back then after the SEC’s sided with the companies, permitting them to omit our proposal from the proxy based on the “ordinary business” exclusion.

Starting in 2011, the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 required companies to include disclosure of the total compensation of the top 5 paid executives in their annual proxy statements. Shareholders are allowed to cast a non-binding advisory vote for or against these pay packages (“say-on-pay”). Very few companies “failed” their say-on-pay vote in recent years. A failure occurs if the company does not obtain majority support from shareholders for the executive compensation proposal.

The tide may be shifting. Twice as many say-on-pay proposals failed this year as in previous years, including some companies that had never had a failure in these resolutions. As You Sow’s Rosanna Landis Weaver does great work digging through the fine print of the “Compensation Discussion and Analysis” section of each company’s proxy statement with an annual report on the 100 Most Overpaid CEOs. A recent NEI article on CEO compensation (A Promising Start To The Challenge Of Excessive CEO Pay) notes that support for pay packages among S&P 500 firms fell to an average of 87%, down 3 percentage points from 2020 and 2019, and down 4 points from 2016 to 2018. It references a report from the Institute for Policy Studies (Pandemic Pay Plunder: Low-Wage Workers Lost Hours, Jobs, and Lives. Their Employers Bent the Rules – to Pump up CEO Paychecks) which found that 51 of the S&P 500 firms with the lowest median worker wage revised their pay rules in 2020, so that median worker pay fell 2%, while CEO pay rose—by 29%.

Investors pushed corporations to tie their pay packages to stock performance (…to better align management pay with investor returns) in the early ’90s. Little did they know that this would be used by companies to successively ratchet up CEO, and as a result, the rest of management’s, comp packages every year to a level that makes U.S. CEOs stand out on the global stage.

The Dodd–Frank Act also required companies to disclose the ratio of CEO compensation to the median compensation of their employees. The rule has only been in effect since 2017, but the SEC allows companies “substantial flexibility” in the calculation of the ratio, making it difficult for investors and society to make meaningful comparisons.

Of course, CEO’s know that their pay relative to the median pay of their workers is out of control. But even if they wanted to change this (and I’m not sure many “want” to do so), they are reluctant to be a first mover on restructuring pay because it would “negatively impact retention and make them less competitive”.

As we complete the next draft of SGI’s strategic plan and think about our engagement focus for the 2022 season (which starts this summer), I believe pay disparity has to be high on our list. I hope you concur.

FSPA begins compensation project as it joins the Fight for $15

By Sister Sue Ernster, Vice President & Treasurer/CFO, FSPA


In appreciation of our valued partners in mission and in support of the actions of ICCR, SGI and Raise the Wage Act of 2021, FSPA has partnered with Wipfli consultants to begin a compensation project that will ultimately raise our organization’s minimum wage to $15 in 2021. 

According to the Franciscan Sisters of Perpetual Adoration (FSPA) Leadership Team, “This isn’t just about economic justice. We recognize our partners in mission serving on staff are gold. We’re advocating for livable wages and we want it to start at home. We’re investing in our partners as they help us carry forward our mission.” The FSPA Merged HR Team note that all wages are evaluated annually, which will continue after the new minimum wage is in place.

FSPA stands with ICCR calling on the federal government to “implement a mandatory minimum wage of at least $15 per hour as a floor, with an eye towards establishing a living wage standard.” ICCR’s 300-plus faith and values-based institutional investors view the management of their investments as a catalyst for social change. In addition, the Leadership Conference of Women Religious Region 9, of which FSPA is a part of, is also advocating for living wages. This is in line with Pope Francis’ Easter message of solidarity with movements that support workers’ dignity through changing economic structures, including consideration of a universal basic wage.  

As our compensation project and advocacy for a living wage intersects with our commitment to unveil our white privilege. Throughout 2021, guided by our Dismantling FSPA Racism Team, we will work to raise awareness of our participation in systemic racism, analyze our congregation’s anti-racist vision and act authentically for racial equity.

FSPA recently took the lead in advocating for racial and economic justice by filing a shareholder resolution (see our exempt solicitation) with Walmart, calling for a higher starting wage — intersecting our compensation project and advocacy with our 2018 commitment to unveil white privilege. Walmart’s low starting wages are not aligned with the its professed values of respect for the individual and promoting healthy communities or its commitment to sustainability. Boosting wages for the lowest paid employees, which are disproportionately people of color, would advance Walmart’s stated commitment to racial justice. Remedying systemic racism provides everyone with tangible benefits. Wages are the most important element of employee compensation, according to Walmart Associates, and the negative effects of lower wages undermine their ability to serve the customer.

Our community is also growing our impact investing. Our 2020 Seeding a Legacy of Healing initiative will usher in a second round of seeding grants including the Apis & Heritage Capital Partners, whose mission  is to attack the racial wealth gap to restore dignity and status to the American Worker. A second investment in the Religious Communities Impact Fund will benefit the economically poor, especially women and children, concentrating on those who are unserved or poorly served through traditional financial sources.

As Pope Francis says in Evangelii Gaudium (The Joy of the Gospel), “The dignity of each human person and the pursuit of the common good are concerns which ought to shape all economic policies” (#203). The dignity of each person can be recognized through fair wages.

SGI Joins Business Leaders In Calling For Aggressive Climate Targets

By Frank Sherman

President Biden will host 40 world leaders next week in a virtual Leaders Summit on Climate to galvanize support to tackle climate change. Having rejoined the Paris Climate Agreement on his first day in office, Biden wants to retake global leadership of this existential issue to underscore the urgency and economic benefits of stronger climate action.

Before the Leaders Summit, the Biden Administration will announce a new U.S. Nationally Determined Contribution (NDC), an emissions reduction target for 2030. Upon signing the Paris Agreement in 2015, each of the 190 participating countries submitted their initial NDC. President Obama pledged to cut U.S. emissions by 26-28% below 2005 levels by 2025. We are currently less than halfway to our original goal. Under Paris, countries are expected to submit updated commitments every five years.

Today, the We Mean Business Coalition announced that 310 businesses and investors, including Google, McDonalds, Walmart, CalSTRS……and Seventh Generation Interfaith, have signed an open letter to President Biden indicating our support for nearly doubling the emission reduction targets set by the Obama administration. This is consistent with the Intergovernmental Panel on Climate Change (IPCC) conclusion that, to have any chance of limiting temperature rise to 1.5˚C, global emissions must fall at least 50 percent by 2030. Corporate executives called the 50% reduction target “ambitious and attainable.”

For SGI, the decision to sign is fairly straight-forward. The COVID-19 pandemic and racial justice concerns may have overshadowed the climate crisis in the news much of last year, but the climate crisis will continue its march as the 21st century’s most dangerous and intractable threat. Hence, SGI members continue to engage companies to address the risks and opportunities of the warming planet.

Business leaders’ decision to break with Republicans in the post-Trump era follows similar moves on voting rights and racial justice. They risk further alienating Republicans by pressing Biden to aggressively combat climate change. But they also recognize the risks and the benefits posed by the climate crisis. In a counter argument to the fossil fuel narrative that climate action will cost jobs and raise energy costs, Patrick Flynn, vice president of sustainability for Salesforce, which signed on to the letter, said he hopes businesses will lobby Congress to support the Biden administration’s target. “We know it will create millions of jobs, we know it’s a good thing for the economy, and we know if we do it right we can do it in a way that leaves no one behind” (NYT, April 13, 2021).

These are historic times. When your grandchildren ask you someday in the future… “where were you when these decisions were being made?,” you’ll be able to tell them that you were on the right side of history.

Investor Engagement by a Novice

By Judy Sinnwell, OSF Dubuque

A year after retiring to Mount St. Francis in July 2015, the president of our congregation asked if I would facilitate the formation of what came to be the Sisters of St. Francis-Dubuque SRI Working Group. My previous ministry experience was elementary education-administration, adult formation, licensed health practitioner and after-school tutoring in the rural south. Saying ‘yes’ acknowledged that the topic would be interesting and that the ‘working’ part of the label would have me personally engaged in a significantly new arena addressing life’s meaning and purpose.

And so it has! Especially in recent years, as active ownership has effectively increased its voice and influence in the investment arena. Belonging to a faith- and values-based investor coalition, Seventh Generation Interfaith based in Milwaukee, provided education, professional resources, and mentoring in this important work, which for the Dubuque Franciscans, is a way of keeping our congregational mission alive.

One thing I became aware of in those first years was the annual general meeting, the AGM, which a company has for shareholders to weigh in on important company matters. Being a co-owner enabled me to file a shareholder resolution, challenging the company to make improvements in its governance, environmental and social practices. It seemed to be the right thing to do when we had the chance; but at times, it felt a bit intimidating. Recently, that was my experience as a co-filer on a resolution presented at the Tyson Food Inc. annual meeting.

The resolution asked for human rights due diligence in Tyson’s meat packing sites across the country. Iowa has several Tyson sites; one is in Waterloo, where Rath Packing Co. once had a positive reputation and provided a level of economic mobility for Blacks who migrated from the South until it was shut down in 1985. Learning about workers’ conditions during the COVID pandemic in Tyson’s Waterloo plant, where our congregation provided staff at two elementary and a central high school, became a concern and made this an obvious focus of our shareholder action.

When the resolution was made public and the AGM date was nearing, Investor Advocacy for Social Justice (a sister coalition to SGI) began to build awareness among the press and all shareholders who would have a proxy vote on the proposal during the meeting. Reporters from the Des Moines Register and Reuters contacted me for comment, specifically interested in the fact that ‘nuns’ were engaged with a national company; and the Iowa connection because of the negative news that had been previously reported about the Iowa Tyson site and COVID. Their news coverage educated readers about the broad impact of shareholder action. Each request also made me very aware that this experience was not something I anticipated when I agreed to facilitate a group investment effort five years previous!

Was it worth it? Definitely! Yes! Taking the chance to be the voice for marginalized sisters and brothers had to be done. It’s who we are as Dubuque Franciscans. And it stretched me. The support of faith-based and value-based organizations like SGI and IASJ made this possible as an investor. It’s what the world needs right now as one way to reclaim the commitment to the common good and the dignity of the individual person in the economic arena.

Thanksgiving Blessings and Prayers for Those Without

After reading this morning’s headlines (“Dow Cracks 30,000 for First Time“), I went for a run. I had heard the 1 minute press conference yesterday where President Trump referred to this milestone as a “sacred number”.

In a contrast that has defined this year, I listened to the NYT The Daily podcast: A Day at the Food Pantry during my run. A Times journalist described her visit to a food pantry in Brooklyn a few weeks ago. In pre-Covid days, this pantry served 60 people a week and is now dealing with a line of over a thousand. The journalist interviewed people in line, most of which had never visited a pantry before the pandemic hit. “This is my worst nightmare.” The journalist even shared a bit of her own past, growing up on food stamps and sharing a frozen burrito with her sister. Although painful to listen to, I highly recommend you take the 36 minutes to listen to it. 

The pandemic has exacerbated food insecurity that already existed in the U.S. The crisis has revealed the dysfunction of our food system and how structural inequalities contribute to the growing number of food insecure and hungry across the nation. Job losses from the pandemic overwhelmingly affected women, low-wage earners, and minority workers the most. As a result, one in six adults were food insecure two months into the COVID-19 recession. Feeding America reports that, among children, the projected food insecurity rates for 2020 range from 15% (North Dakota) to 32% (Louisiana and Nevada). You heard that right: one third of the children in the richest country of the world go to bed hungry!

So as I sit down to our Thanksgiving turkey tomorrow, perhaps feeling a little sorry for myself for not being surrounded by our typical family gathering, I will count my blessings and pray for those without.

Happy Thanksgiving to all of you…