ICCR Conference Highlights

By Ann Roberts, Dana Investment Advisors

As always, the ICCR March Conference was an energetic gathering of investors and allies, and attendance was record-breaking. One noticeable change from past conferences was a movement toward a more holistic approach to addressing shareholder concerns, echoing the overarching theme of Pope Francis’ Laudato Si’ that everything is connected. For instance, impact on human rights—the S in ESG–is threaded through all the issues we work on, and it is vital to consider this when advocating for specific changes in environmental and governance issues, as well as social.

Vonda Brunsting, Program Manager, The Just Transition Project, Harvard University

Some highlights include discussion of the Just Transition, which concerns the consequences of transitioning from fossil fuels on stakeholders (loss of jobs in the switch to renewables, loss of tax base for communities, etc.)—merging the E and the S. Worker-driven social responsibility (WSR) efforts such as the Fair Food Program and Milk with Dignity were also discussed. We are asking companies to switch from a mindset of company risk to worker risk. If something is bad for the worker, it is bad for the company. The final session on racial justice was particularly impactful as it reminded us that wealth is created by ownership of assets. Contrary to what politicians and others try to tell us, jobs are not the answer to closing the racial wealth divide. Our tax policies favor capital over labor, which disproportionately helps white people and penalizes minorities.

Most of all, this conference once again confirmed for us that there is strength in numbers. We are better together—and we are all connected.

Shareholders work for racial justice

Four SGI members participated in ICCR‘s Spring Conference: Sr. Ruth Battaglia, C.S.A., Chris Cox, Frank Sherman, and Friar Robert Wotypka, O.F.M., Cap. We will report back what we heard and learned in a variety of ways in the coming weeks.

Today’s tweet from Pope Francis reminds us that preventing evil is not enough; we must take positive action together. Since its inception, SGI has endeavored to make the voices and concerns of those who suffer injustice the center of our reflection and action. I see it reflected as well in the work of the new Racial Justice Investing group within ICCR.

National events in 2017 intensified focus on racial, ethnic, and gender equality. The #MeToo movement, protests concerning the Confederate Flag and Confederate statues, the Women’s March, and the Black Lives Matter movement all contributed to this shift in focus. While personal conversion is vital to change, it is not enough. Addressing systemic injustice requires changes in structures at the level of policy, economics, and worldviews.

A session at the recent ICCR conference included a session from the newly formed Racial Justice Investing group. Pat Tomaino of Zevin Asset Management chaired the session. We also heard from Lisa Hayles of Boston Common Asset Management, Susan Baker of Trillium Asset Management, and Mari Schwartzer of NorthStar Asset Management. Hayles spoke of The 30% Coalition (that corporate boardrooms reflect the gender, racial and ethnic diversity of the United States workforce). Susan Baker discussed workforce diversity and the case for pressing companies to make the composition of the workforce transparent. Schwartzer voiced concerns about prison labor (NPR reported on some of the issues). Finally,  Tomaino addressed diversity and inclusion, especially within the tech workforce.

Pat Tomaino

The Racial Justice Investing group has monthly/semi-monthly calls and has a webpage within ICCR’s member area where SGI members can sign up to participate and to receive regular updates. Previously, the group drafted a Mission Statement:

Racial Justice Investing is a group of socially responsible investors and others in the business community who are taking action for racial justice within our own organizations, as well as in our engagements with portfolio companies.

This important work will contribute to our corporate engagements. We heard about success from Johns Hopkins in hiring of ex-offenders. We talked about resolutions asking tech companies to tie portion of executive compensation to diversity and inclusion goals among other sustainability goals. We also heard about work from the American Friends Service Committee investigating corporate investments in the prison industry. Much remains to be done, but it is exciting to see our partners deeply engaging this issue.