Shareholder Advocacy

Section: 
csr

By investing in corporations, the congregation has a voice as a shareholder. This is even the case for corporations who do business that’s counter to our mission, like those in the business of promoting militarism and weaponization of space—in these instances, the congregation holds the minimum amount of stock necessary to have a voice.

5/5/11 - Blankfein to Battle Angry Shareholders at Annual Meeting - Sister Nora Nash, a soft-spoken nun with the Sisters of St. Francis of Philadelphia, says the founding saint of her order would be "spinning in his grave" if St. Francis knew what the Goldman executives were paying themselves.  Read more.

5/2/11 - Repent or else - Ed Hart, 'wowdewow' economics editor, hails nuns and others who fight to increase minimum wages paid by the FTSE companies who fill their big boots but keep their consciences parked on empty.  Read more.

5/1/11 - FTSE firms must pay living wage, says ‘shareholder nun’ – Religious investors led by Sister Nora Nash demand employees be paid at least £7.20 an hour. An article by Mark Leftly with The Independent , CO, UK.  Read more.

4/15/11 - Philadelphia Nuns Take on Goldman Sachs.  Read (and see) more.

4/14/11 - The nuns who won't put up with being seen and not heard - Sister Nora Nash of the Sisters of St Francis of Philadelphia will cut an unlikely figure at Goldman Sachs' annual meeting, as she calls on the bank to review excessive pay deals. As her community's director of corporate social responsibility, in charge of ensuring the investment portfolio for their retirement reflects their commitment to social justice, she has vowed to make her convent's opposition to corporate excess heard.   Read more.

4/12/11 - Nuns Challenge Goldman Sachs over executive pay - Lloyd Blankfein, head of Goldman Sachs, may believe he is "doing God's work" but Sister Nora Nash has other ideas.  A nun and one of the Sisters of St. Francis of Philadelphia, Nash says her founding saint would be "spinning in his grave" if he knew what the Goldman elite were paying themselves.  Read more. 


 

Good News! 3/21/11 - Investors Commend Delta Airlines for Efforts to Stop the Trafficking of Children.  Sister Nora Nash, Director of Corporate Social Responsibility for the Sisters of St. Francis of Philadelphia, another ICCR member who has been encouraging Australian carrier, Qantas, to sign The Code said: Thanks, Delta, for your leadership on this vital issue. In this case, being the first is first class! We won’t stop until every carrier and every hotel signs The Code and this egregious abuse is completely eradicated. We’ll know we’ve been successful when every child is free.  Read more.
 

How do we manage the tasks involved in Corporate Social Responsibility?

The members and staff of the Committee for Responsible Investment (CRI) take action to:

  • monitor our investment portfolio

  • vote shareholder proxies

  • dialogue with corporations

  • file shareholder resolutions and attend shareholder meetings

  • provide updates through congregational publications

  • make recommendations for divestment or placement of restriction on the investments in the portfolio.

In keeping with the Franciscan heritage and the tradition of the congregation, we give priority to the promotion of:

  • global peace and an end to the culture of violence in our society

  • justice and equality in the workplace both within and outside of the United States

  • sensitivity to ecological balance and care for the environment

  • health and wellness of the consumer

  • utilization of corporate profits in a just and responsible manner

  • equitable access to the goods of the earth.

Through these actions, we hope to get the attention of corporations and their investors. Even as little as 3% of a vote is considered a successful effort—the beginning of a dialogue, a relationship that will hopefully lead to social and environmental change. We are one of the 275 faith-based institutional investors who make up Interfaith Center of Corporate Responsibility (ICCR), a 36-year-old international coalition of investors with combined portfolios worth an estimated $100 billion. For more information, contact us.