Posts tagged with: Interfaith Center on Corporate Responsibility

chevron-ran-clean-up-ecuador-oilIn 2005, religious shareholder activists of various stripes jumped aboard the bandwagon filing resolutions against Chevron for an environmental disaster it allegedly caused. Chevron asserted its innocence, but the activist shareholders put the squeeze on:

Chevron’s Ecuador environmental disaster, considered by experts to be the worst oil-related ecological problem on the planet and currently the subject of a high-stakes law suit estimated to cost the company upwards of $6 billion, will be high on the agenda of the company’s 2006 annual shareholder meeting with the filing of three new resolutions asking Chevron’s management to take various steps to protect human rights, the environment and shareholder interests.

The resolutions were filed by institutional and socially responsible investors, including the New York State Common Retirement Fund, Trillium Asset Management, Amnesty International USA and members of the Interfaith Center on Corporate Responsibility (ICCR), which together own more than $1 billion in Chevron shares. The resolutions increase the pressure on the California-based oil major to address the widespread toxic contamination left by Texaco (now Chevron) in the Ecuadorian Amazon during a 20-year period that began in the early 1970s.

This story has a twist, however. Over at the National Review, Kevin Williamson reports Chevron beat the rap on the $6 billion judgment rendered against it by an Ecuadorean court several years ago. Seems the judge who established the original fine was in cahoots with a cadre of nasty elements. (more…)

Shortly after filing my blog yesterday, the New York Times’ David Firestone added another wrinkle. It seems liberal billionaires also contribute millions of dollars to voice their strongly held beliefs regarding climate change:

Those who are worried about man-made climate change might be tempted to welcome the news that Tom Steyer, a Democratic billionaire, will spend $100 million this year to fight it. Mr. Steyer plans to put up half the money himself for attack ads against governors and lawmakers who ignore climate change, and will raise the rest from like-minded rich people.

Yet, the religious shareholders filing proxy resolutions from the Interfaith Center on Corporate Responsibility and Tri-State Coalition on Responsible Investment persist in their handwringing over campaign and lobbying monies contributed by libertarian and business-friendly individuals and institutions. Since the U.S. Supreme Court Citizens United ruling, however, money from the left is just as – if not more – pervasive, according to Alan Suderberg and Ben Weider of the Center for Public Integrity.

Since the Supreme Court loosened rules on political spending in 2010, the Republican Party, boosted by corporate and billionaire backers, has been painted as the biggest beneficiary. But in New Hampshire and a handful of other states in 2012, Democrats flipped the script.

In New Hampshire, groups backing Democrats reported spending nearly $1 million more than their Republican counterparts.

Nonprofits, super PACs, and other non-candidate groups reported spending at least $209 million to influence elections in 38 states, according to a Center for Public Integrity analysis of data from the National Institute on Money in State Politics (NIMSP) and state elections offices.

Pro-Democratic groups, many associated with unions, outspent their Republican counterparts by more than $8 million, according to the Center’s analysis. (more…)

Harvard students a century or so ago joked that Professor Irving Babbitt’s distaste for Jean-Jacques Rousseau was so fervent that he checked under his bed each evening to make sure the 18th century French philosopher wasn’t hiding there. In this humorous vein, one could apply the same fear held by progressive activists for the dreaded brothers Koch – Charles and David. Not only do activists check under their respective beds, but as well their closets, attics, basements, cookie jars and cupboards for signs the billionaire libertarians are funding candidates and causes with which liberals disagree.

The Koch brothers have endured their fair share of progressive brickbats, including from such religious shareholder groups as the Interfaith Center on Corporate Responsibility and the Tri-State Coalition for Responsible Investment. However, the facts run counter to ICCR and TSCRI handwringing, according to OpenSecrets.org as reported by Mark Tapscott in The Washington Examiner:

OpenSecrets.org tallied the top donors in federal elections between 1989 and 2014. Koch Industries — privately owned by the Evil Koch Bros — is on the list, to be sure, but doesn’t appear until the 59th slot, with $18 million in donations, 90 percent of which went to Republicans….

So who occupies the 58 spots ahead of the Evil Koch Bros? Six of the top 10 are … wait for it … unions. They gave more than $278 million, with most of it going to Democrats. (more…)

GM-corn-mIn Wednesday’s Wall Street Journal, Matthew Dalton reported that the European Union likely will approve a genetically modified organism for only the second time in the past 15 years. The EU is poised to grant E. I. du Pont de Nemours and Company permission to grow 1507, a DuPont-developed GMO corn.

DuPont first sought approval in 2001 for 1507 … After positive safety reviews and several decisions by the European Court of Justice criticizing the European Commission for delaying its decision, the commission is now close to approving the crop…

The crop ‘meets all EU regulatory requirements and should be approved for cultivation without further delay,’ DuPont said. (more…)

ballotAs 2013 draws to a close, it’s time to inventory the year’s proxy resolutions introduced by the Interfaith Center on Corporate Responsibility. ICCR, a group purportedly acting on religious principles and faith, is actually nothing more than a shareholder activist group engaged in the advancement of leftist causes at the expense of their fellow shareholders and the world’s poorest.

ICCR recently released its 2013 Annual Report. Its “2013 Proxy Season Recap” (pp. 16, 17) presents a snapshot of initiatives ICCR members pursued this past year. The foundations for several categories betray the left’s tenuous grasp of science and economics while, at the same time, displaying a perverse naiveté regarding the potential negative consequences of their respective crusades.

Fortunately, all the worst proposals failed. As noted previously, ICCR shareholder resolutions are drafted by Bruce Freed, president of the George Soros-funded Center for Political Accountability (CPA). Both Freed and ICCR boast huge successes for their resolutions, assertions that rely on extremely fuzzy methodology that excludes abstention votes. (more…)

As noted here and here, Interfaith Center on Corporate Responsibility Executive Director Laura Berry was one representative of several groups asking the Securities and Exchange Commission to adopt new corporate political disclosure rules in October. Ms. Berry was joined by Sen. Elizabeth Warren (D-Mass.) and numerous other liberal/progressive advocates who wanted to put up regulatory roadblocks to corporate political speech guaranteed by the U.S. Supreme Court’s Citizens United ruling.

The SEC, however, determined it would not proceed with stifling free speech despite what the Washington Post described as

A groundswell of support … with retail investors, union pension funds and elected officials at the state and federal levels writing to the agency in favor of such a requirement. The idea attracted more than 600,000 mostly favorable written comments from the public — a record response for the agency. And with Mary Jo White’s arrival as SEC chairman in April, the initiative’s supporters hoped for action.

‘But she obviously did not really recognize the significance of this,’ said Bruce Freed, president of the Center for Political Accountability, which has pioneered the push for political spending disclosures. ‘She is not looking at investor protection and corporate governance broadly. You do not see those as primary drivers of her agenda.’ (more…)

Blog author: bwalker
posted by on Tuesday, November 26, 2013

macbethbloodEarlier this month, the Fairfield Mirror reported on a speech given at Fairfield University in Connecticut:

Many consumers are content in turning a blind eye to the injustices that save them cents on their dollars. While it may be challenging to understand the social responsibilities that affect the world’s most powerful corporations, one group of investors is constantly directing these corporations to increase their social responsibility: the Interfaith Center on Corporate Responsibility.

Senior economics major Arturo Jaras Watts and Fairfield University’s Proactive Investment Club organized an event on Nov. 6 to explain how to invoke social justice in corporations through financial investment. The lecture was open to all but was mostly attended by economic and business majors.

Patricia A. Daly headlined the event at this Jesuit school. Sr. Daly, readers will recall, is executive director of the Tri-State Coalition for Responsible Investment, billed on its website as “an alliance of Roman Catholic institutional investors primarily located throughout the New York metropolitan area” and “the largest regional member of the Interfaith Center for Corporate Responsibility (ICCR).”

The Mirror quotes Daly:

[F]eatured speaker Patricia A. Daly knows the consequences that can come from certain companies’ financial choices.

She believes investors must know who they are investing in.

‘If you’re not engaged, then you might as well sell the stock if it’s really a problem … If it’s making money, then that’s blood on your hands,’ she said. (more…)

Soros Kabuki Dance

Soros Kabuki Dance

The Securities and Exchange Commission conducted a hearing Wednesday to determine whether it should promulgate new disclosure rules for public companies. On hand was Laura Berry, executive director, the Interfaith Center on Corporate Responsibility, a New York-based watchdog group.

Ms. Berry was joined by a host of other liberal/progressive representatives working hard to undermine First Amendment rights bolstered by the U.S. Supreme Court’s 2010 decision in Citizens United. Berry and her cohorts – Sen. Robert Menendez (D-NJ); Sen. Elizabeth Warren (D-Mass.); Professor Robert Jackson, Columbia Law School; Professor John Coates, Harvard Law School; Pat Doherty, Office of the New York State Comptroller; Heidi Welsh, Sustainable Investments Institute – argued that 600,000 letters were submitted to the SEC backing up their demands for more corporate disclosure.

As noted by the Center for Competitive Politics, a non-profit, tax-exempt organization in Alexandria, Va., that works to protect free speech, this assertion – and the underlying premises that are employed to defend – are completely false:

Our analysis found less than .01% of these submissions to be “substantive” letters containing unique text and coherent arguments from independent perspectives that were not duplicates, without complete names, or using form text.

99.71% of the comment letters stem from nine different form letters from union and Soros-funded entities, which have posted SEC submission links on their websites. (more…)

birdsflock“Byrdes of on kynde and color flok and flye allwayes together,” wrote William Turner in 1545. If he were with us today, the author might construct an interesting Venn diagram representing the activist birds scheduled to testify tomorrow before the Securities and Exchange Commission. But, rather than briefly overlapping sets of circles, the SEC witnesses for greater corporate “disclosure” comprise one giant bubble of activists seeking to circumvent the U.S. Supreme Court Citizens United ruling, including Laura Berry, executive director, the Interfaith Center on Corporate Responsibility.

Berry joins a gaggle of like-minded individuals who somehow think the country benefits from forcing “publicly traded companies to disclose their political spending,” according to a joint Public Citizen’s Congress Watch/Columbia Law School Public Affairs media advisory. Among Berry’s peeps clamoring for tightening SEC rules are Heidi Welsh, Sustainable Investments Institute; Pat Doherty, Office of the New York State Comptroller; and Sen. Elizabeth Warren (D-Mass.). (more…)

Shareholder activism, according to the headline in the most recent issue of PRWeek, is “rising” and “big companies [are] in crosshairs.” The ensuing article by Brittaney Kiefer, begins:

Shareholder activism used to be just a nuisance that arose during proxy season, involving a group of contentious investors who tended to target smaller or less established companies.

However, in recent years activists have set their sights on larger companies, and more traditional investors are joining those fights. As shareholder activism goes mainstream, companies are becoming more proactive in engaging investors year-round, communications professionals say.

Ms. Kiefer’s article is a fine example of objective reporting on the growing trend of shareholder activism, but she avoids untangling the Gordian knot of interests behind these increasingly concerted efforts by leftist activists. These efforts include the recruitment of such religious-based investment groups as Walden Asset Management, the Interfaith Center on Corporate Responsibility, the Needmor Fund and various and sundry Unitarian Universalist collectives to sprinkle – albeit disingenuously – holy water on the whole progressive agenda. Explains Kiefer:

An activist shareholder is an investor who attempts to use his or her stake in a publicly traded corporation to affect change at the company. Activists often launch campaigns that put public pressure on companies, tackling issues such as executive compensation, management structure, or corporate strategy.

Sounds rather benign, no? Actually, as noted here and here, these groups have metastasized from mere nuisance to genuine threats to not only corporate (and shareholder) profitability, but to free speech (including scientific debate) and helping the nation’s (and world’s) poorest. (more…)