Your faithful correspondent last week exposed the fossil-fuel divestment endgame of religious shareholder activists. As You Sow President Danielle Fugere sees her group’s activities as awareness-raising exercises for climate change, but AYS’s alignment with environmentalist and divestment firebrand Naomi Klein suggests they’d settle for nothing less than nationalizing oil companies. This week, I’m happy to report another group frequently called to task in this space, the Interfaith Center on Corporate Responsibility, opposes the AYS divestment onslaught. Reporting in last week’s Wall Street Journal, Gregory J. Millman writes:
An organization of faith-based and socially responsible investors is pushing back against the call for divestment from fossil fuel companies. At its Winter Conference Wednesday, the Interfaith Center for Corporate Responsibility, which claims 300 member organizations controlling $100 billion in invested capital, called instead for more shareholder engagement with such companies.
“Divestment is one step but a blunt instrument that leaves investors with no voice at corporate tables,” said Laura Berry, executive director of the ICCR.