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- W1573019885 abstract "MS. UELMEN: Folks are still wandering in, but we can get started. For our last and final session - we will have a discussion to try to think thematically about some of the overarching questions of the day but we would like to focus also in this session on viable models. We are very grateful for the help of the Interfaith Center on Corporate Responsibility. Pat DaIy just gave me a tremendous hand in terms of assembling this panel. Unfortunately, Leslie Lowe had a death in her family last night and so was not able to be with us. Pat Daly is the Director of the Tri-State Coalition for Responsible Investment. Rabbi Mordechai Liebling is the Director of The Shefa Fund. This will be a chance to explore another model for how religious values can be incorporated into corporate decision-making with shareholder resolutions. MS. DALY: Good afternoon, all. Thanks. I am hoping that it might be helpful to give a little bit of history and current overview of the work of the members of the Interfaith Center on Corporate Responsibility, otherwise known as the ICCR. Neither Rabbi Liebling nor I are on that staff, but the ICCR community really is a large membership organization, and we represent shareholders and faith-based investors to that organization. I would like to look at the history and also current activities of the members of ICCR. Rabbi Liebling will be looking at some of the premises of the approach of why we are doing this and the interplay between faith and business. Then we are hoping that we might be able to spend a good bit of time engaging in kind of a back and forth discussion. As we look at investments - and we are institutional investors, faith-based institutional investors working with public and other private investment firms - the members of ICCR really look at these investments as an extension of our mission. The ICCR was founded in 1971. Many of you may remember it was the Episcopal Church that filed the first shareholder resolution asking General Motors to leave South Africa.1 That was the first of the faith-based institutions to address a social issue with a corporation as a shareholder. This movement really came out of the 1960s, where up until that time church groups and other faith-based institutions and individuals had decided if they really did not like what the company was doing, or the company's actions offended one's personal or spiritual values, then they would divest of stock. Then church leaders realized that, as U.S. investors, we were part of the company, owners of the company, and that we needed to speak up and participate in the structure. Today, we are more than 275 Jewish, Protestant, and Roman Catholic institutions. Depending upon the stock market, we represent approximately $110-to-$150 billion in investments. We have been seen as the initiator and inspiration for the Social Investment Movement. Today, well over 10 percent of portfolios trillions of dollars internationally - are invested with some kind of ethical concerns, some kind of social criteria. We have also helped to launch the Community Investment Movement, the Alternative Investment Movement. Microcredit is one form of that initiative.2 Today, in an attempt to focus our energy, our Working Groups address the following concerns: access to health care, contract suppliers, corporate governance issues, enabling access to credit, environmental justice, global warming, promoting human rights, violence and militarization of society, and water and food issues. Very often, most people know us by our strategies of filing a shareholder resolution.3 The most effective shareholder resolution is one that investors do not see, because investors and corporate management have actually come together to work out some kind of change within the company to address the concern. In the past year, we also have an additional model. I was involved in a decision by the Ford Motor Company where the shareholders actually withdrew a resolution, but the company then decided to print the resolution anyway, and together we made a statement that was published in the proxy to inform the shareholders that concerns regarding climate change were raised, and the various steps Ford was taking. …" @default.
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- W1573019885 date "2006-05-01" @default.
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- W1573019885 title "Symposium Panel Three: Viable Models: Shareholder Resolutions" @default.
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