April 7, 2017, Adrian, Michigan – Shareholders in public corporations have a unique privilege, opportunity, and responsibility: to use their proxy ballots to shape the values and decisions of those corporations.
That was the message of Adrian Dominican Sister Corinne Florek, OP, Executive Director of the Religious Communities Investment Fund, in a live-streamed April 3 talk, “How One Checkmark Can Influence Corporate Policy.” Her address was given in the auditorium of Weber Retreat and Conference Center on the Motherhouse campus of the Adrian Dominican Sisters.
She noted the strong economic influence that corporations carry: of the 150 largest economic entities, she said, 87 are corporations. Some 91 million U.S. adults own some stock, she noted, adding that most throw away or recycle their proxy votes rather than voicing their values.
“If you own shares, you have a voice – and I’m here today to ask you to use your influence to improve corporate decision-making and creating change in the issues you care about,” Sister Corinne said. “After all, investments are your money and should be working for you.”
Sister Corinne encouraged individual shareholders to consider the values they support and the industries they would like to avoid supporting, and to ask their financial advisers to craft a portfolio that reflects these choices. Then, as individual investors, they have the right to guide the corporation’s decisions through their proxy vote.
“Proxy is just another name for a ballot that contains resolutions that are up for a vote,” Sister Corrine explained, adding that proxies also include a slate of candidates running to serve on the corporation’s Board of Directors. Resolutions can deal with issues such as environmental impacts and disclosure of the corporation’s lobbying expenses and treatment of workers.
If shareholder resolutions receive support of 3 percent of the proxy voters, the corporation will remain in dialogue about those issues. “The proxy voting is the incentive for the corporation to stay in the dialogue,” Sister Corinne explained. When shareholders don’t vote at all, their votes are considered to be in favor of the view of the corporation’s management rather than of shareholders who are trying to make changes, she added.
Using proxy voting to help bring more justice into the economy is not a new practice. Sister Corinne noted that the Adrian Dominican Sisters have been involved in economic justice through corporate responsibility for more than 40 years through the Congregation’s Portfolio Advisory Board (PAB). The Congregation is also working with hundreds of other faith-based organizations, members of the Interfaith Center on Corporate Responsibility (ICCR), to ensure that the corporate world reflects values of justice, care for the environment, and concern for workers and low-income people.
A panel of Adrian Dominican Sisters spoke on their own experience of voting proxies for the Congregation. Sisters Frances Lombaer, OP, Joan Marconi, OP, and Thérèse Haggerty, OP, encouraged listeners to vote their proxies, noting that the process becomes easier with practice. “We do proxy voting because we want to support the choices that the Congregation makes through the PAB, our Portfolio Advisory Board, Sister Thérèse said. “These choices are in line with our vision statements.”
Sister Corinne concluded her talk by giving investors some ideas on how they can both diversify their portfolio and make a difference in the world.
“Please join us in this effort to create more justice in our economy,” Sister Corinne concluded.
To watch her presentation, click here.
February 20, 2017, Adrian, Michigan – More than 130 socially responsible investors – representing $653 billion in assets – sent a joint statement to banks throughout the world who are financing the Dakota Access Pipeline. In the statement, they encourage the banks to “address or support the Standing Rock Sioux Tribe’s request for a reroute of the Dakota Access Pipeline (DAPL) to avoid their treaty territory.”
Among the signatories of the statement are Kathleen Woods, Chair of the Corporate Responsibility Committee of the Adrian Dominican Sisters’ Portfolio Advisory Board; Sister Judy Byron, OP, of the Northwest Coalition for Responsible Investment; and representatives of other Congregations of Dominican Sisters and other communities of women religious.
The Standing Rock tribe had actively and peacefully opposed the pipeline’s projected route, which “crosses their drinking water, sacred sites, and treaty territory,” the investors note in their statement. The Sioux at Standing Rock had gained a victory in December when the U.S. Army Corps of Engineers denied the necessary easement to complete the project. President Donald Trump, however, directed the Army Corps of Engineers to approve the grant the easement.
“We are concerned that if DAPL’s projected route moves forward, the result will almost certainly be an escalation of conflict and unrest as well as possible contamination of the water supply,” the investors write. Banks that are tied to the project, they add, could face “long-term brand and reputational damage resulting from consumer boycotts and possible legal liability.”