Reflecting the Vision: seek truth, make peace, reverence life
The following includes companies for which the Portfolio Advisory Board (PAB) acts as representative for the Camilla Madden Charitable Trust (CMCT). All corporate proxies are voted by PAB or Adrian Dominican Sister volunteers.
Access to Capital
PAB addresses issues of transparency, regulation of complex financial derivatives, disclosure, accountability, conflict of interest issues. This year due to the financial crisis, we filed a “Responsible Financing Resolution” at Bank of America and JP Morgan Chase & Co.
Access to Health Care
PAB works with the Interfaith Center on Corporate Responsibility (ICCR) to advocate with large employers on Universal Health Care Policy. This has been addressed with Abbott Laboratories, Ford Motor, Target, Johnson & Johnson and Pfizer and WalMart.
The General Council of the Adrian Dominicans has endorsed ICCR's Health Care Princples.
HIV/AIDS: Gilead Sciences, a biotech company that focuses on drugs for infectious diseases, is aggressively licensing its HIV medications in low income countries, allowing for generic production. Gilead has set the benchmark for generic licenses.
Contract Suppliers/Sweatshops
PAB continues to engage Wal-Mart Stores regarding sustainable wages. A sustainable wage meets basic needs including food, clothing, housing, energy, transportation, healthcare and education of workers and their families. It provides sufficient money to enable participation in cultural activities, as well as enough discretionary income to support the development of small businesses in local communities where workers live. PAB along with other members of ICCR, continues to monitor progress at Wal-Mart regarding corporate governance, human rights issues, sustainable wages, independent monitoring.
Corporate Governance
This year PAB is in dialogue with Cisco Systems Inc. regarding pay disparity among top executives and lowest paid workers in the U.S. and internationally.
Equal Employment Opportunity/Diversity on Boards of Directors
Home Depot Inc received an Equal Employment Opportunity resolution from the CMCT, asking for a report on EEO data as required by the Equal Employment Opportunitiy Commission. When a corporate board has no representation of women or minorities, PAB withholds support for the board during proxy voting.
Global Warming/Climate Change
PAB advocates for greater fuel efficiency with Ford Motor Company; for renewable energy andreduced greenhouse gas emissions with ExxonMobil Corporation (received 31% vote!).
Resources:
Investor Network on Climate Risk: www.incr.com.
Consumers can check out the greenest cars for this model year at www.greenercars.com/12green.html.
Human Rights
PAB supports the Coalition of Immokalee Workers-CIW, in its efforts to get growers to pay an increase of a penny-a-pound to tomato harversters; to establish an independent monitoring system, to implement a stronger code of conduct based on worker participation, and to establish a collaborative third party mechanism for monitoring workers’ complaints of abuse.
To date, the CIW has acquired agreements with Taco Bell, McDonald’s Corp., Burger King, Chipotle Mexican Grill, Inc., Whole Foods Market, Inc. and Subway.
Genetically Engineered Seed and Foods
Environmental, health and social concerns remain about the long-term impacts of genetically engineered seed and foods, particularly on those most disadvantaged. The use of food crops to produce pharmaceuticals and industrial chemicals heightens concerns. Over the past 10 years, PAB has led shareholder initiatives with Anheuser Busch, Dow Chemical, McDonald’s, General Mills, PepsiCo, Safeway and Wendy’s International, Inc.
Resources:
In June 2006, the global alliance Action by Churches Together took a stand in support of “right to know” whether there are genetically engineered ingredients in the food purchased, and endorsed a precautionary approach: http://www.act-intl.org/news/dt_nr_2006/nrgmos0206.html
Faith-Based Conceptual Framework on Genetic Engineering in Agriculture;
ncrlc.com/ge-ag-forum.html and www.ncrlc.com/plant_biotechnology.html
Militarism and Violence in Our Society
Best Buy, responding to shareholder work of PAB and others, implements its policy regarding the sale of Mature-rated games to children and teens through training employees; monitoring for compliance; and posting the policy on the website.
Persistent Toxins and Hormone Disrupters
Health and environmental issues associated with the use of PVC (polyvinyl chloride, #3 plastic) include the toxic by-products formed during the production and disposal, as well as with the additives used to make the plastic flexible. PAB has engaged with Baxter International,. Best Buy and Hasbro, Inc.
Resources:
Health Care without Harm www.hcwh.org/greenPurchasing/resources,
Healthy Building Network www.healthybuilding.net
The Campaign for Safe, Healthy Consumer Products at www.besafenet.com/pvc/
Sustainable Forestry
Certification by Forest Stewardship Council in sustainable forestry practices is the focus with Meredith Corporation, Kimberly-Clark and Procter and Gamble. With Kimberly-Clark there is particular concern about use of Canadian Boreal forests timber.
Tobacco-free
The Adrian Dominicans do not invest in any tobacco products. In concert with those criteria, PAB supports dialogue with Time Warner for an end to smoking in movies.
Water
Concentrated animal feeding operations (CAFOs) can have a very negative impact on surrounding water systems. PAB has engaged with Hormel Foods to report on the environmental impacts of livestock operations.