Seventh Generation Interfaith Coalition for Responsible Investing
Engaging corporations in pursuit of social and environmental justice
The Governing Board of the Interfaith Center on Corporate Responsibility (ICCR) is pleased to announce that the winners of the ICCR 2017 Legacy Award are Sr. Patricia Daly, O.P. of the Dominican Sisters of Caldwell, New Jersey and Fr. Michael Crosby O.F.M. Cap. of the Province of St. Joseph of the Capuchin Order. Fr. Crosby is also the Executive Director of Seventh Generation Interfaith.
–Frank Sherman, Associate Director Seventh Generation Interfaith Coalition for Responsible Investing
Climate change was on center stage at last week’s ICCR conference in Grand Rapids. Watching environmental regulations built up over many years being weakened or eliminated in Washington, leading to the U.S. exit from the Paris Climate Accord, has been painful. Especially considering the fact that the poorest people on our planet who had nothing to do with causing this problem will bare the blunt of the consequences.
But how do you speak to a climate denier?
(Complete text of How do you speak to a climate denier?)
Seventh Generation Interfaith Executive Director Fr. Mike Crosby is cited in historic shareholder resolution requiring ExxonMobil to report its greenhouse gas emission rates to corporate shareholders.
On Thursday, Capitol Hill was consumed by former FBI Director James Comey’s testimony. But just after the high-profile hearing played out in the Hart Senate Office Building, House Republicans passed a mammoth, 580-page bill that would do more to deregulate the banking industry than any single piece of legislation in a generation.
ExxonMobil management was defeated Wednesday by a shareholder rebellion over climate change, as investors with 62.3 percent of shares voted to instruct the oil giant to report on the impact of global measures designed to keep climate change to 2 degrees centigrade.
Sister Patricia Daly is a Dominican nun who has been lobbying corporations to be socially responsible for so long that she has a rich trove of stories about battling recalcitrant execs and pushing faith-based resolutions at shareholder meetings.
Seventh Generation Interfaith and several of our members were among 200 institutional investors representing more than USD 15 trillion in assets who sent a letter urging the G7 heads of state to stand by their commitments to the Paris Agreement at their upcoming Summit in Taormina, Italy on May 26-27. These investors ask the world leaders to reiterate their support for and commitment to implement the Paris Agreement, including the delivery of their own Nationally Determined Contributions in full. A briefing paper for governments of the G7 and G20 nations was prepared by six investor organisations including the Asia Investor Group on Climate Change, CDP, Ceres, the Investor Group on Climate (IGCC, Australia/New Zealand), the Institutional Investor Group on Climate Change (IIGCC, Europe), and The Principles for Responsible Investment.
“With the US threatening to pull out of the Paris Climate Agreement next week, now is the time for investors to make their voices heard by encouraging governments to stand firm on their commitment to the Paris Agreement,” said Fiona Reynolds, managing director of the PRI. “Investors worldwide have come to understand the material financial risks around climate change. Certainly, at the PRI, our members have noted climate risks as their number one ESG concern.”
Frank Sherman, Associate Director Seventh Generation Interfaith
Many of the laws and regulations protecting the environment, consumer and worker rights, immigrants and minorities have been under attack of late. Now Congress is going after investor rights that have benefited investors, companies and society as a whole for nearly 80 years. Proposed legislation would prevent most investors from being able to file shareholder proposals with companies on key issues they want further action on, such as board governance matters, corporate policies or emerging risks like climate change. The shareholder proposal process is a critical tool in Seventh Generation Interfaith members’ ability to influence corporate behavior.
The amendment to the SEC rules, part of a larger bill (the Financial Choice Act, aimed at replacing the Dodd-Frank Act, has been proposed by House Financial Services Chairman Jeb Hensarling (R-Texas). A hearing on the bill is scheduled for Wednesday, April 26.
In the aftermath of the tragedy at Rana Plaza, April 24, 2013, the Bangladesh Investor Initiative has actively engaged companies sourcing in the garment sector. While substantial progress has been made in the last four years, there is still a great deal to be done before the sector is truly transformed where workers are assured of safe and healthy workplaces. Click for ICCR’s press release which includes a link to the investor statement.
Today is the four year anniversary of history’s deadliest garment industry disaster at the Rana Plaz building near Dhaka, Bangladesh. Click here for Christopher Cox’s (campaign manager, Human Thread Campaign) commentary on the anniversary.
Seventh Generation Interfaith Coalition for Responsible Investing 