Archived Posts 2013 - Page 69 of 239 | Acton PowerBlog

Shareholders’ boardroom clout increases” touts the website at the Interfaith Council on Corporate Responsibility The linked article takes readers to an August 20 essay by Sara Murphy at The Motley Fool in which the author asserts: “New research out today from the Sustainable Investments Institute, or Si2, shows that investors are filing more environmentally and socially themed shareholder resolutions now than ever before, and those resolutions are getting more support during proxy voting than they ever have.”

Not so fast, Ms. Murphy. This week another story unfolded, courtesy of The Manhattan Institute Center for Legal Policy. MI’s third annual Proxy Monitor, authored by James R. Copland and Margaret M. O’Keefe, counters the ICCR and Murphy narrative significantly. It appears the ICCR folk were distracted after reading the reports first finding:

The number of shareholder proposals introduced is up. The average Fortune 250 company faced 1.26 shareholder proposals on its 2013 proxy statement, up slightly from 1.22 proposals per company in 2012. This trend also holds when considering the 104 proposals excluded from proxy ballots after companies received a letter from the Securities and Exchange Commission assuring them that the agency would take no action against the company due to the proposal’s procedural or substantive defects.

So distracted by the presumed good news, in fact, they neglected to read the subsequent findings:

Support for shareholder proposals is down. Only 7 percent of shareholder proposals received the backing of a majority of shareholders in 2013, down from 9 percent in 2012. A smaller percentage of shareholder proposals passed in 2013 than in any other year in the 2006–13 period. Among the 20 proposals receiving majority support, 13 involved just two issues: whether to elect all corporate directors annually and whether each director should be required to receive a majority of votes cast to be elected.

And this: (more…)

DollarSignCapitalism is routinely castigated as an enemy of the arts, with much of the finger-pointing bent toward monsters of profit and efficiency — drooling only for money, caring nothing for beauty, and so on. Other critiques take aim at more systemic features, fearing that the type of industrialization that markets sometimes tend toward will inevitably detach artists from healthy social contexts, sucking dry any potential for flourishing as a result.

Yet while free economies certainly introduce a unique series of challenges for artists and consumers alike, and despite the wide array of bottom-dollar record-company execs and merchandising-obsessed Hollywood crackpots that demonstrate such obstacles, recent increases in economic empowerment have also led to plenty of artistic empowerment in turn.

Empowered to Create

The more obvious and overarching examples of this have to do with the simple ways in which widespread prosperity has freed up our time, energy, and resources. As collaboration and innovation accelerate, folks are continuing to discover new ways of doing more with less. As result, the tools and time needed to participate in a variety of artistic ventures, from hand-painting to stage acting to music production, are closer to common fingers than ever before.

Of course, market forces aren’t perfect. As channels of culture, they mostly funnel what they funnel, and that includes squalid appeals to the lowest common denominator. But neither are such forces limited to the hands of the tasteless and trite. Indeed, despite the best efforts of the powerful and privileged, many artists are now finding themselves increasingly equipped to bypass the big shots altogether, taking their art and their audiences with them, from the purchase of their paintbrushes to the publication of their portrait.

As a young boy, I dreamed of one day becoming a filmmaker. After working only two summers at minimum wage, I was able to save up enough cash to put that dream to the test, purchasing a-state of-the-art video camera and my very own digital editing equipment. Thanks to the innovations of others, and the basic freedoms that unleashed it all in the first place, at the age of 16, I was able to secure the tools needed to begin my work — tools that, only a decade prior, were confined to the hands of Hollywood bigwigs. (more…)

iraqThe National Catholic Register asked prominent Catholic intellectuals Michael Novak and George Weigel to address the current U.S. involvement in Syria and its involvement with Iraq 10 years ago. While both supported the Bush administration’s decision to invade Iraq in 2003, they have a different take on the current situation with Syria.

First, George Weigel;

There were obviously a lot of things that could have been done better in securing the peace after the regime fell,” he acknowledged, in a reference to the Bush administration’s inadequate planning for both an on-going jihadist threat and the costs of rebuilding a battered nation.

“But anyone who thinks that the world or the Middle East would be better in 2013 with Saddam Hussein in power in Baghdad, having re-ramped-up his WMD [weapons of mass destruction], is living in a fantasy world.”


Blog author: jballor
Thursday, September 19, 2013


Floyd “Money” Mayweather

Over at Think Christian today, I explore the connection between higher education as a means to greater earning power in “The myth of lucrative college majors.” I argue that “the size of a paycheck is not the only factor worth considering,” and go on to detail what a paycheck does and does not represent.

By looking at the earnings of various majors, it becomes apparent that we have a need for more engineers of various kinds. But apart from specific market signals, I echo, in large part, the conclusion of Paul Heyne, who wrote that the success of the market in increasing affluence and getting us the things we want ought to impel us “to think more carefully about what we want.”

The reality of today is that we have a developed economy to the extent that we have unprecedented levels of specialization. You can make a living, even if it isn’t a particularly lucrative one, doing almost anything imaginable. This is in marked contrast to previous eras, where the realities of class, technological innovation, and knowledge were such that only a few careers options were possible. Consider, for instance, the case of the early modern executioner.

One way of showing the incredible levels of specialization made possible today would be to simply observe the many, many things you can major in at a college these days. My working hypothesis is that if you have to add the word “studies” after something, then it probably isn’t a real major. But more seriously, the level of specialized education available today is simply breathtaking. And that doesn’t even begin to address the question of whether higher education is necessary at all.

In the TC piece I point to the example of undefeated boxer and high school dropout Floyd Mayweather Jr., who enjoyed a record breaking payout this past weekend. Mayweather is exceptional, certainly, as he would be the first to tell you. But there are plenty of more mundane examples of crafts and trades, as well as innovators and entrepreneurs, who found success without going to college.

Like all things, there are better and worse reasons to go to college and to choose a particular major. To simply increase your future earnings isn’t a particularly good motivation. And if all you care about is making money, then college may not be the best choice anyway, although as Michael Lewis puts it, “If you’re a certain kind of kid who doesn’t actually know anything about anything, Wall Street is still a great place to go.”

That said, all this comes from someone who majored in English at Michigan State University and then spent more than a decade pursuing theology at the graduate level. So I may be precisely the wrong sort of person to ask about lucrative career choices. As I often remind my wife, she married the wrong kind of doctor.

Autocam, a West Michigan business owned by John Kennedy and his family, filed suit against the federal government in October, 2012. The suit is one of over 200 plaintiffs battling the HHS mandate requiring employers to cover costs for abortions and abortifacients in employee health insurance. Now, the Thomas More Society is petitioning the U.S. Supreme Court to hear Autocam’s case after the United States Court of Appeals for the Sixth Circuit dismissed the case brought by the Kennedy family and Autocam Corporation. A press release from the Thomas More Society stated:

We mean to take this case directly up to the U.S. Supreme Court, as the U.S. Courts of Appeal are now sharply divided on these critical issues,” said Tom Brejcha, president and chief counsel of the Thomas More Society, the national public interest law firm representing the plaintiffs in the lawsuit along with CatholicVote Legal Defense Fund. “The Religious Freedom Restoration Act was enacted in order to protect people of faith against government mandates that impose a substantial burden on believers’ efforts to freely exercise their religious convictions, unless the government has really compelling reasons for doing so, and even then only if the means used are the least restrictive and burdensome among possible alternatives. We hope the Supreme Court will agree to hear this case so that the Kennedys and other business owners who practice as well as profess their religious faith can keep on doing so without having to ‘bet the company’ and thereby risk their employees’ jobs as well as their own livelihood.”


Blog author: jcarter
Thursday, September 19, 2013

Russia’s Orthodox Awakening
Nadieszda Kizenko, Foreign Affairs

The fraying of Russia’s church-state alliance.

The Coptic Church in peril: The Islamization of Egypt and the end of Egyptian Christianity
Samuel Tadros, ABC Religion and Ethics

While the Egyptian regime maintained its verbal commitment to Nasser’s socialist policies, the reality was a state bureaucracy and services network that had lost all ability to deliver due to population growth.

Work and Dignity: A Conversation between Mike Rose and Matthew Crawford
Hedgehog Review

If we’re talking about taking care of the elderly, and maybe also taking care of kids, let’s think about who it is who actually does that kind of work. In a lot of the country, we’re talking about people who are pretty marginal in terms of their security within the society. They tend to be poor.

Economic Malady, Church Opportunity
Michael Jahr, The Gospel Coalition

A majority of Americans can’t find full-time work. And more than two-thirds of those who are employed full time hate their jobs or consider themselves disengaged from their duties. These are startling numbers, but they represent an opportunity—and an obligation—for the church.

Blog author: jcarter
Wednesday, September 18, 2013

When business corporations are created, the community does not give something away, says Robert G. Kennedy in this week’s Acton Commentary. Instead, in order to pursue the economic benefits offered by the corporate structure, the community offers something in exchange.

The full text of his essay follows. Subscribe to the free, weekly Acton News & Commentary and other publications here.