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By Elizabeth Garlow, CEO, Charism Capital Fund
October 9, 2026, Adrian, Michigan – Long before "impact investing" had a name, women religious were already practicing it. Congregations like the Adrian Dominican Sisters directed their retirement funds and other savings into community development credit unions, loan funds, and the earliest community development financial institutions (CDFIs) – patient, affordable capital moving toward the neighborhoods and enterprises the conventional financial system wouldn't touch. It's an approach rooted in discernment, an openness to asking "what is enough of a return?" and the instinct to ask what capital owes to relationships rather than only to the financial bottom-line.
This legacy has had a profound impact, and it is evolving. Many of the congregations that pioneered this work are smaller now, with fewer sisters and leaner staff to carry it forward.
Community investing was never simple to administer. It means dozens of investee relationships, each with its own documents, reporting expectations, and due diligence, spread across a landscape of projects and funds. Left to run its course, that kind of administrative weight could mean these programs struggle to stay afloat. Naming that clearly, though, is also what has made it possible to do something about it.
At the same time, a different kind of barrier has been keeping newer people out of this kind of investing. Lay collaborators, foundations, families, and smaller congregations who want to put their own capital to work on mission keep running into challenges: private impact funds are usually built for large checks, with minimums in the hundreds of thousands or millions of dollars and multi-year holding periods that some funders simply can't meet. Doing this work also requires expertise. None of this is a reason the work can't grow. It's simply been missing a front door.
Those challenges – a legacy in need of continuity, and a newer generation locked out of community and impact investing by structural barriers – were the starting point for a participatory design workshop in May 2025, where sisters, lay practitioners, and other collaborators sat down together at the Casa Iskali in Chicago (a former Cabrini Retreat Center) to ask what it would take to lower those barriers without diluting what made this work distinctive.
What came out of that room was the vision for Charism: a new nonprofit organization built to sponsor and manage a pooled fund of funds, moving capital toward partners both in the United States and in the Global South where communities are especially vulnerable in light of declining global aid. The fund is structured specifically so both legacy investors and newer investors – including smaller monasteries, congregations and organizations – can participate in the same kind of relationship-first investing the sisters have been practicing for more than 50 years. Charism launched this July with a founding circle of 12 investors, including 10 congregations of women religious, alongside ten donors, including the Adrian Dominican Sisters, who chose to be part of building it from the start.
The fund itself is just the vehicle. What makes this collaboration unique is the weaving together of multiple communities for a sustained practice of impact-first investing as a way of concretely living out our charisms to build a more life-giving economy. It helps all of us live our charisms in how we relate to money and to people, ensuring the treasures of these practices are handed down, tested, and re-embodied by whoever picks it up next – which, increasingly, means lay collaborators working alongside sisters.
For the Adrian Dominican Sisters, whose own history in this work helped shape the field well before Charism existed, being part of the founding circle is a continuation of their work as well as planting seeds for the next evolution of how they express their mission and values through investing, in deep partnership with others. Charism is an exciting effort to build something all of us – women religious and others – can lean on.
Learn more.
Caption for above feature photo: Standing near a display of Charism Capital are, from left, Bill Hatch, Chief Financial Officer and Chief Operating Officer of Charism Capital; Molly Harmon, fund investor; Elizabeth Garlow, founder and CEO of Charism Capital; Sister Molly Brockwell, OSB, fund investor; and Sister Marilín Llanes, OP, fund investor and Director of the Portfolio Advisory Board. Photo Courtesy of Sister Marilín Llanes, OP
By Caroline Bode, Director of Shareholder Advocacy Mercy Investments
Growing scientific evidence links pesticide use to reduced soil health and farm resilience, and exposure to pesticides and agrichemicals is associated with serious adverse health impacts, particularly for children and farm workers. The base of a successful regenerative agriculture system is healthy soils and, without addressing and reducing agrichemical use, such systems are unable to effectively achieve regenerative outcomes.
Despite growing reference in food company annual reporting to regenerative agriculture programs and commitments, As You Sow’s 2026 Pesticides in the Pantry report found that more than half of the 17 benchmarked companies’ scores declined from their 2023 assessment and that several companies decreased or eliminated pesticide disclosure from their public reporting. And the assessment of 78 global agri-food companies by the investor network FAIRR (formerly the Farm Animal Investment Risk and Return) found that none have set a target to reduce the use of pesticides as part of their regenerative agriculture programs.
For decades, Adrian Dominican Sisters Portfolio Advisory Board (PAB) has been a consistent voice calling for a transition to a safer and more sustainable food system and the development of safer forms of pest control, leading a multi-year engagement with Michigan-based Dow Chemical and participating in a similar engagement with Missouri-based Monsanto.
The PAB has continued to engage with Dow’s agricultural chemical spin-off company, Corteva, and the German company Bayer, which acquired Monsanto in 2018. Current engagements with both companies ask them to develop pest control products that are safer for people and planet. In 2025, Corteva announced a multi-million-dollar joint venture to accelerate the development of new crop protection solutions inspired by nature.
In its 2026 sustainability reporting, Bayer shared that it has reduced the environmental impact of its global crop protection portfolio by 14% against the baseline. However, Bayer has also been in the headlines this year due to its legal stance in the numerous lawsuits brought against the company concerning the health impacts of its signature product Roundup, which was originally developed by Monsanto.
Earlier this year when the case reached the Supreme Court, Bayer argued that they should be immune from “failure to warn” lawsuits on the grounds that the language in the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) gives the EPA universal control to approve product labels and that any EPA-approved labels should preempt state labeling laws or individual rights to sue agrochemical producers.
Unfortunately, the Supreme Court’s ruling in Bayer’s favor removes a primary tool for individuals to hold these companies accountable when they fail to warn consumers of undisclosed risks and harm. Adrian Dominican Sisters and other investors will continue to engage Bayer and other agrochemical producers on the need to transition their crop protection portfolios to solutions that are less hazardous and toxic to human and environmental health.
In part due to years of investor pressure, most major food manufacturers also have commitments to implement regenerative practices and several, such as Campbell’s, Lamb Weston, and Nestlé, are tracking and monitoring pesticide use. Kroger and Walmart have commitments to implement integrated pest management practices with their food suppliers to help transition to least-toxic growing methods.
Investors are also asking food retailers to disclose how they are working to reduce the use of pesticides in the products they sell. In the 2026 proxy season, the PAB co-filed a shareholder proposal at Target asking the company to report on pesticide use and reduction efforts within its supply chains.
Despite Target’s commitments to safer chemical management and protecting biodiversity, the company lags its peers and may be overlooking risks associated with pesticide use. The proposal received 17.2% of the vote in support, indicating strong interest from shareholders on this issue.
Investors will continue to press chemical companies to reduce the environmental and human health impacts of their agricultural products and to ask food and beverage companies and retailers to disclose how they are working to reduce pesticide use in their supply chains.
By Maru Gómez Lending Specialist, Camino Loan Fund Introduction by Sister Marilín M. Llanes, OP Director of Portfolio Advisory Board
The Hispanic and Immigrant Center of Alabama (¡HICA!) is a nonprofit 501(c)(3) community development and advocacy organization that serves Latino and immigrant families throughout Alabama. Founded in 1999, ¡HICA! supports more than 3,500 families each year through programs that promote economic opportunity, civic engagement, and social justice. Through its emerging Community Development Financial Institution (CDFI), the Camino Loan Fund, ¡HICA! provides access to capital for Latino, immigrant, and low- to moderate-income entrepreneurs, helping foster inclusive economic growth.
On July 8, 2026, Members of the Adrian Dominican Sisters Portfolio Advisory Board (PAB), approved a low-interest loan of $200,000 to increase the lending capacity of the Camino Loan Fund, a first-time recipient. The fund is dedicated to providing responsible small business loans to low- to moderate-income entrepreneurs throughout Birmingham, Alabama, and the surrounding region, creating pathways to business ownership and economic stability.
As a certified CDFI, Camino’s mission-driven approach closely aligns with the Adrian Dominican Sisters Enactment on Diversity, which calls for building “the beloved community in which everyone is cared for, absent of poverty, hunger, and hate.” By expanding access to affordable capital, Camino helps address barriers that have historically limited opportunities for many aspiring entrepreneurs.
Maru Gómez, Lending Specialist with the Camino Loan Fund, shares a compelling story that illustrates the impact of this work. Through its lending program, Camino is creating opportunities for individuals and communities that have often been excluded from traditional financial systems, empowering entrepreneurs to launch and grow businesses that strengthen their families and communities.
This partnership reflects a shared commitment to economic justice, inclusion, and community development, demonstrating how mission-driven investments can help build a more equitable future for all. Iralis Matute and Annerys Tortolero, founders of Genova Event Planner LLC, were born and raised in Valencia, Carabobo, Venezuela. Like many families starting over in a new country, their journey came with challenges, uncertainty, and major adjustments. They came to the United States hoping to build a more stable future and create new opportunities for themselves and their families. Iralis first traveled through Central America, spending time in Panama, where she began expressing her creativity through decorations and event setups under the name “Eleven Decoration.” Her journey eventually brought her to Louisiana in October 2023, where she began building a new life while working in construction and other jobs. Annerys arrived in the United States earlier and made Alabama her home. Before settling there, she lived in Costa Rica, where she developed experience in baking, catering, and serving customers. Her background in business administration later became an important strength as the sisters began building their business together. After reuniting in 2023, the sisters combined their talents and passion to launch their event-planning business. Iralis brought her creativity and love for decoration, while Annerys contributed her administrative knowledge and organizational skills. Together, they saw an opportunity to serve their community through birthdays, holidays, and meaningful family celebrations. Like many new entrepreneurs, they faced significant barriers. They lacked the tools and equipment needed to deliver the level of quality they envisioned, while finding reliable suppliers and building a client base required time and persistence. To move their business forward, they applied for support through Camino Loan Fund. Camino pairs responsible lending capital with bilingual business technical assistance so entrepreneurs are positioned for long-term success. Camino’s relationship-based underwriting model looks beyond traditional financial metrics by considering an entrepreneur’s character, business viability, experience, and commitment to growth. This approach is designed to reduce barriers that often exclude immigrant, minority, women, and low-income entrepreneurs from traditional financing. Iralis and Annerys initially expected the process to be difficult, but they were surprised by how smooth, responsive, and supportive it was. With Camino’s support, they purchased essential tools, including printers and computers with the capacity needed for design work. They are also developing a website that will allow clients to request quotes online, improving efficiency and the customer experience. Since receiving support in early 2026, Genova Event Planner LLC has already begun to grow. The sisters have successfully organized two events. More importantly, they have received positive feedback from their clients, who highlight that the sisters consistently exceed expectations with their dedication and attention to detail. Beyond financial growth, the business has had a meaningful personal impact on their lives. They now feel supported and empowered, with a sense of security that allows them to respond quickly to client needs without the constant stress of limited resources. What once felt uncertain now feels achievable, and they are more confident in their ability to continue building their future. As Iralis shared, “My creativity now is flying.” Looking ahead, the sisters plan to build a consistent calendar of personal and corporate events, obtain the permits needed to offer full catering services, and eventually open a showroom and hire employees in the next three to five years. Their story demonstrates how flexible capital and culturally responsive support can expand inclusive ownership opportunities. Through Genova Event Planner LLC, Iralis and Annerys are not only building a business; they are creating a pathway toward long-term ownership, household wealth, economic self-determination, and a more secure future for their families.
Caption for above feature photo: From left, Maru Gómez, the author, presents a large-sized replica of a check to clients Iralis Matute and Annerys Tortolero, founders of Genoa Event Planner, LLC. Photo courtesy of the Camino Loan Fund
By Mary Minette, Senior Director of Shareholder Advocacy, Mercy Investment Services
Voting results at this year’s Meta annual meeting are an example of a troubling governance trend among publicly traded technology companies. In 2026, investors filed 10 shareholder proposals at the company, the parent of social media platforms Facebook and Instagram, on topics ranging from the human rights implications of its use of artificial intelligence to the risk to its climate goals presented by the energy used to support the company’s massive data centers.
The company’s dual-class share structure gives the shares held by founder Mark Zuckerberg 10 votes per share while the shares held by other investors have only a single vote; as a result, although Zuckerberg owns only 14 percent of the company, he holds nearly 60 percent of voting rights. Due to this share structure, a majority vote on a shareholder proposal is impossible unless Zuckerberg agrees to vote yes.
As a result of this unequal power structure, none of the proposals presented in this year’s proxy statement passed. However, if you remove the “founder” shares held by Zuckerberg from the mix, several of them received a sizeable majority of the independent share votes, as shown in the table below.
Source: Michael Passof, Proxy Impact
All three of the governance-related proposals on the proxy, which requested that the company hold an annual “say on pay” vote for its highest paid employees, report voting results by share class (as in the chart above), and most importantly, end the dual class share structure that resulted in these inequitable results, received majority votes from the independent shareholders in Meta, but Zuckerberg’s voting power was able to defeat them all. A proposal that was co-filed by the Portfolio Advisory Board, asking the company to explain how it will meet its climate change targets given the growing energy demand from its use of artificial intelligence and planned data center development, received only 6.9 percent of the vote overall, but a much more robust 22.3 percent of the vote from independent shares. This indicates that independent shareholders are interested in learning more about the company’s commitment to its climate change goals.
The Council of Institutional Investors calls the concept of “one share, one vote” a bedrock principle of corporate governance, and one that ensures that boards of directors have a clear picture of the concerns of their independent shareholders. Allowing founders of companies to continue to control indefinitely the vote at some of the largest public companies risks entrenched thinking among management and that boards will miss opportunities to make needed changes in strategy.
Despite the risks presented by allowing a founder to continue to control a majority of votes indefinitely, the number of companies with such “dual class” share structures has grown in recent years. The most prominent current example may be the newly public SpaceX, which gives founder Elon Musk 80 percent of the voting rights although he and other entities that he controls own only about 40 percent of shares in the company.
Investors and investor organizations such as the Interfaith Center on Corporate Responsibility have spoken out about the risks of dual class share structures to long-term good governance and will continue to push companies to reconsider these structures to ensure that all shareholders have an equal voice in the companies they own.
By Ciara Feehely, Head of Communications and Fundraising for Vita Impact Fund Introduction by Sister Marilín M. Llanes, OP, Director Portfolio Advisory Board
The featured organization this month is Vita Green Impact (Vita), an Irish overseas development agency that has worked in eastern and southern Africa for nearly 30 years to deliver sustainable energy, water, and forestry solutions to rural communities facing poverty and climate related challenges. Its programs aim to improve health and livelihoods – especially for women and girls – by expanding access to clean energy and safe water.
On March 26, 2026, members of the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) members approved a loan request from Vita, first-time loan recipient. Vita is committed to supporting women and their families with essential services leading to sustainable livelihoods.
Vita’s mission-driven focus is well aligned with the Adrian Dominican Sisters’ Enactment on Women as it seeks “to attain gender equality and women’s full and equal participation and decision-making in Church and society.”
Ciara Feehely, Head of Communications and Fundraising, shares a story of how Vita’s work ethos of By Women, With Women, For Women transformed the life of an Ethiopian woman and community.
In Halo Kebele, a remote village in Ethiopia’s Amhara Region, Tenaye Yisak begins each morning with a sense of relief she once thought impossible. For years, her days were shaped by a single, unending burden: the long walk for water. Every journey meant hours spent reaching shallow wells or nearby rivers — sources she knew were unsafe, yet had no choice but to use.
“We used to walk for hours to fetch water,” she recalls. “The water was often dirty, but we had no other choice. Then we spent more hours fetching wood so we could boil the water and make it clean. My back was always hurting.”
For Tenaye and for thousands of women across Ethiopia, water has never been just a resource. It has been a weight carried on the back, a risk taken for the sake of thirsty children, a sacrifice repeated daily. Drought, conflict, and a long history of underinvestment have left tens of millions of people without safe drinking water. Broken pumps have stood like silent reminders of promises unfulfilled, forcing families – especially women and girls – to walk long distances to collect water that was as dangerous as it was essential.
Into this difficult landscape has come a new kind of hope, one rooted in partnership and in the dignity of local leadership. Through the Vita Green Impact Fund partners, 1,346 broken water pumps have been repaired, bringing clean water to 485,000 people. Working under the ethos of By Women, With Women, For Women, the Fund has helped establish and train 1,346 local WASH Committees, which focus on promoting women into leadership roles. Their stewardship ensures that each water point is cared for, maintained and protected for the long term.
The impact reaches far beyond convenience. It restores time, precious hours that women like Tenaye can now dedicate to family, farming, community life, and generating additional income. It restores health, sparing children the illnesses once caused by contaminated rivers. And it restores dignity, allowing women to step forward not only as beneficiaries, but as leaders.
For women like Tenaye, the change is nothing short of transformative. “Now, I can collect clean water just a few minutes from my home. My children are healthier. Also, I have more time. Before, fetching water and the wood to boil it and clean it was the main focus of my day. I can see the water pump from my own front door and it is already clean water. I love having more time to do things and not carrying these heavy water buckets and bales of wood for long distances. This is a very happy time for me!”
Her joy speaks to a deeper truth echoed across Catholic social teaching: when women flourish, families flourish; when families flourish, communities grow strong; when communities grow strong, hope becomes tangible.
In Halo Kebele and across South Gondar, clean water is doing more than quenching thirst. It is restoring the dignity of women one restored water pump at a time.
Caption for feature photo at top: Tenaye Yisak, of the village of Halo Kebele in Ethiopa, poses with a repaired water pump that has made access to water so much easier for the women in her village.
By Mary Grace Wagner, Social Responsibility Operations Coordinator and Mary Minette, Senior Director of Shareholder Advocacy, Mercy Investment Services
Faith-based investors gathered in New York City in late March 2026 for the Interfaith Center on Corporate Responsibility’s (ICCR) biannual conference. Panels covered topics impacting shareholder advocacy and the changing federal policy landscape for shareholder proposals.
A panel on chemical risk management included a discussion of the Portfolio Advisory Board’s (PAB) ongoing engagement with Target Corporation on pesticide use and its impact on biodiversity in Target Corporation’s supply chain.
A panel about engagement with the critical minerals sector included panelists who spoke about engagements with mining companies about the critical minerals needed to build electric vehicles. Panelists also spoke of the plans to engage automakers, including General Motors and Ford, about the human rights implications of their battery supply chains.
Member-led panels included a presentation from Ben Cohen, founder of the Ben and Jerry’s ice cream brand, about his battle to retain the brand’s social activist profile after its former parent company, Unilever, spun its ice cream business off to a new company, Magnum. The session also included an opportunity to enjoy ice cream!
Shareholders also discussed the rapidly growing gap between CEO and worker pay. In recent years, the average CEO of large U.S. companies has made 300 times the wage of their median workers.
In a panel discussion, the ICCR Advancing Worker Justice Working Group on Excessive Executive Compensation previewed their new executive pay guidelines. The guidelines were released, together with an investor statement signed by the PAB, calling on investors to strengthen their oversight of executive pay by reviewing their proxy voting practices and guidelines on excessive compensation and engaging with companies.
And finally, industry experts gave an overview of the various federal policy changes that have created obstacles for investor proposals and actions. This included changes by the SEC in how shareholder proposal challenges by companies are treated, actions to block small shareholders from accessing the public SEC database to promote their shareholder proposals, and a number of state laws that could impact how investors can vote their proxies when they disagree with management’s recommended vote.
A panel of experts also discussed how ICCR members and others have responded to these new restrictions, including by filing successful lawsuits against companies to get their proposals on the proxy ballot. Panelists also discussed the potential for further legal restrictions by the SEC to shareholder rights and pledged continued diligence in reporting to ICCR members about opportunities to respond.
By Li Ma, Director of Development, Opportunity Resource Fund
April 20, 2026, Grand Rapids, Michigan – Growing up, Avanti Footman knew the feeling of “home” with a backyard and neighbors as space and security that define happiness. This was before her parents’ divorce, which led to her moving from a house into a two bedroom apartment shared with her mom and two brothers. The shift made the instability feel real, a contrast she still remembers.
Years later, as a mother herself, Avanti rented responsibly in Grand Rapids, Michigan, paid her rent on time, and cared for each place she lived. Yet twice, landlords reclaimed their homes, giving her just 30 days to move. “It was heartbreaking,” she recalled. “My daughter had lived her first five years there, and we had to leave with almost no warning.” The instability she had promised herself she would never pass on to her children seemed unavoidable.
During the COVID-19 pandemic in 2021, Avanti relied on a Section 8 voucher to help keep her housing affordable. She continued paying rent even when agencies fell behind in processing payments. But when the system later sent retroactive funds to correct her ledger, confusion with her landlord led to conflict. When she asked for clarification, communication broke down.
Soon, another 30 day notice arrived. Avanti still remembers standing before the judge, explaining that she wasn’t behind, hadn’t damaged anything, and was only asking for fairness. The judge granted her additional time, but the message was clear: she and her children still had to go.
“I knew then that I couldn’t keep living like that,” she said. “I didn’t want my family to be uprooted just because someone else decided it was time.” The dream of owning a home – something steady, something hers – rose to the surface again.
Yet the path to ownership was not easy. Traditional lenders told her no. Despite years of responsible tenancy and stable income, the doors of conventional mortgage financing remained closed. “The local banks wouldn’t pre approve me,” she said.
That changed when she was referred to Opportunity Resource Fund. For Avanti, it was the first time a financial institution looked at her with possibility instead of limitation. “They were the only ones who said, ‘We’re going to get to the end,’” she recalled. OppFund staff walked with her through every step, making sure she understood the process and helping her rebuild confidence that homeownership was not only possible, but within reach.
With their support, Avanti purchased a modest, welcoming home in the neighborhood she grew up in. For the first time, she felt rooted. “I no longer have to answer to anyone but the bank,” she said, smiling. “My daughters can go outside and play. They have cousins down the street.” Stability has also allowed her to extend generosity outward: hosting friends who need a place to stay; supporting family; and creating the warm, communal home she longed for as a child.
Later in 2025, another job loss caused her to fall behind on her mortgage. Once again, Opportunity Resource Fund stood beside her. Through its Homeowner Relief Fund, she received assistance to get back on track. “They don’t just help you get into a home,” she said. “They help you stay in a home.”
At Opportunity Resource Fund’s 40 year anniversary gala, Avanti joined to celebrate the impact of this organization that helped her family stay in her home and beloved neighborhood.
Today, Avanti speaks of her home not only as a personal milestone but as a turning point for future generations. “I was able to create generational wealth,” she said. “To break generational curses.”
And to others facing circumstances like hers, she offers simple, steady encouragement: “Don’t give up. Keep going. Use your resources. Trust God.”
With the Adrian Dominican Sisters Portfolio Advisory Board impact investment, Opportunity Resource Fund’s loans are creating meaningful change for communities throughout Michigan.
Caption for above feature photo: Avanti Footman and one of her daughters stand in their new house. Avanti bought the home through the help of the Opportunity Resource Fund.
March 2, 2026, Washington, D.C. – The Securities and Exchange Commission (SEC) issued a change in policy late in 2025 that is impacting shareholder proposals, a key tool used by the Portfolio Advisory Board (PAB) and other investors to engage with the companies we own. Most publicly traded companies hold their annual shareholder meetings in the spring, so each fall, shareholders consider whether it would be useful to file a non-binding proposal under SEC Rule 14a to encourage companies to engage in more focused dialogue on key issues, including climate change, human rights, and improvements in corporate governance.
Under Rule 14a, if a company believes that the subject of a proposal is not appropriate or that they are already doing what the proposal requests, they must ask the SEC for permission to omit the proposal from the proxy ballot for their annual meeting. Under long-standing policy, the SEC will either allow them to do so or indicate that they are required to include the proposal on their proxy.
This past fall, as investors were preparing to begin filing proposals for the 2026 proxy season, the SEC announced that it would not respond to most requests by companies this year to omit proposals from their proxy ballots, citing a lack of resources due to the extended government shutdown. Companies are still required to inform the SEC that they will not include a proposal, and to outline their reasons for doing so, but the SEC will not compel them to print a proposal in their proxy.
Many companies have chosen not to take advantage of this “free pass.” For example, Tyson Foods had already requested permission from the SEC to omit a proposal filed by the PAB requesting a report on how changes in immigration policies are impacting their workers when the SEC announced this change. The company elected to include the proposal on the proxy ballot for its annual meeting in February.
However, some companies elected to omit proposals. GEO Group, a private prison company that owns and co-operates more than 20 Immigration and Customs Enforcement (ICE) detention centers, informed the SEC that it would omit a proposal filed by the PAB from its 2026 proxy. The proposal requested that the company hire a third party to determine whether they are complicit in violating international human rights law by providing transportation and security services to assist ICE deportations, such as their role accompanying detainees from GEO detention centers on flights to CECOT prison in El Salvador. The company also failed to respond to requests from investors for dialogue on this issue.
Recently, the SEC announced another policy change that will impact shareholder rights. The SEC maintains a database called EDGAR where public companies file their required reports. Under SEC rules, any shareholder who holds more than $5 million in a company’s shares is required to file a Notice of Exempt Solicitation on EDGAR any time they wish to urge their fellow shareholders to vote their proxies in a specific way (against certain directors or for a specific shareholder proposal). Smaller shareholders were also permitted to use EDGAR to file a voluntary Notice of Exempt Solicitation to urge support for a proposal they filed or other proxy voting campaign. The SEC announced in January 2026 that they will no longer allow EDGAR to be used for voluntary filings, blocking use of a key communications tool by small shareholders.
Despite the challenges posed by these SEC policy changes, the PAB is continuing to file shareholder proposals and will find alternate ways to generate support for our proposals.
By Mel Brown, Program Manager, Eskala, Inc. Panama, and Marilín M. Llanes, OP, Director, Office of Portfolio Advisory Board
February 9, 2026, Puerto Lara, Panama – Eskala, Inc., is helping bring hope and opportunity to financially excluded rural Indigenous communities across the Global South. Founded in 2020, Eskala is dedicated to developing accessible financial products and equipping clients with the tools they need to build economic prosperity and equity.
At its December 2025 meeting, the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) unanimously approved a $200,000 low interest loan to first time recipient Eskala. This investment will help expand Eskala’s Economic Empowerment Program, supporting efforts to break the cycle of poverty in underserved communities – especially among women-led local savings and lending groups.
Mel Brown, program manager at Eskala, shares an inspiring story of how Indigenous women are becoming beacons of hope, transforming their communities from within:
In the remote community of Puerto Lara in Panama’s Darién province, economic opportunity has not always been within reach, especially for Indigenous women. For generations, families relied on agriculture, fishing, and traditional handicrafts, yet access to fair and affordable financial services remained out of reach. Today, that story is changing.
At the center of this transformation is Iraida Valencia, a 33-year-old artisan and community leader, and her husband, Moisés Chamapuro. Both are members of a rural community bank formed in 2015 by 52 Indigenous Wounaan women who came together to strengthen their household economies while preserving their ancestral traditions through handicrafts.
“When I was young, my mother couldn’t even enter a bank because of our traditional dress,” Iraida recalls. “My family and I never thought it would be possible to get a loan. Today, I am the proud president of our own rural bank.”
The community bank Iraida helps lead is supported by Eskala, a mission-driven social enterprise that partners with locally led savings and lending groups and community banks across Panama, Honduras, and Ghana. Rather than replacing community systems, Eskala invests in and strengthens them, ensuring that financial resources remain owned and governed by the people they are meant to serve.
Iraida and Moisés received their first loan of just $500. They used it to invest in plantain farming and to purchase materials for making traditional baskets. At the time, Moisés worked in agriculture and fishing, while Iraida focused on handicrafts. Over the years, by repaying their loans responsibly, they gained access to larger amounts of credit, each one supporting a new step forward for their family.
A $3,000 loan allowed them to complete construction on their home and open a small mini-market in Puerto Lara, providing essential goods to neighbors who previously had to travel long distances. Another $2,000 loan, combined with their savings, helped them purchase a pickup truck, dramatically improving their ability to transport agricultural products to Panama City.
Their most recent loan, for $4,000, was granted in October 2025. With it, they expanded inventory for their mini-market, invested in handicrafts for resale at fairs throughout the country, and began purchasing agricultural products from neighbors to transport and sell in the city.
“For many years, money used to cost me 20% or even 50% interest,” Moisés says. “Borrowing meant enslaving all my effort, and these were the only options. Today, I know I can keep my pride and my traditions, because we are owners of our own capital.”
The impact of this journey extends far beyond one family. Iraida and Moisés now generate employment opportunities for neighbors, support local artisans, and help circulate income within their community. Through Eskala’s support, members received training in financial management, lending practices, and leadership, enabling them not only to access credit but to operate a sustainable community institution. Iraida, who joined the savings group at age 22, was elected president of the Puerto Lara community bank last year in recognition of her leadership and commitment.
Her story reflects what is possible when women are trusted as leaders, when access replaces exclusion, and when financial systems are built on dignity rather than extraction. With the continued accompaniment of partners like Eskala, communities such as Puerto Lara are not only improving livelihoods, but they are also reclaiming ownership of their future.
Learn more about the vital mission of Eskala: A community bank run by entrepreneurial women in Panama below or at this link.
Feature photo at top: Moisés Chamapuro, left, and his wife Iraida Valencia stand in their mini-market in Puerto Lara, Panama. They completed construction of their home and opened the mini-market after receiving a $3,000 loan from a community bank supported by Eskala, Inc.
By Christopher Richardson Shareholder Advocacy Manager, Mercy Investment Services
January 13, 2026, Adrian, Michigan – Data centers, the physical backbone of the modern digital economy – including artificial intelligence (AI) and cloud computing – are expanding at an unprecedented pace. Due to this explosive growth, data centers are quietly becoming one of the most consequential drivers of greenhouse gas emissions, water consumption, and rising electricity costs, posing risks to climate goals and the communities hosting them.
Utilities across the United States report historic demand driven predominantly by new data center development, as a campus can consume as much electricity as a mid-sized city. AI-optimized facilities require exponentially more power due to high-density chips, cooling systems, and all-hours usage. Utilities are delaying coal plant retirements, expanding gas generation, and investing billions in new transmission and infrastructure, which create ecological and financial costs that may ultimately result in health and environmental impacts and higher electric bills.
The Portfolio Advisory Board (PAB) is engaging with utilities such as Southern to understand how they are managing costs for their consumers, particularly their low-income consumers, in light of the unprecedented electric load growth from data centers. The PAB also seeks to understand how Southern is minimizing the environmental impacts of serving this rapid growth in demand.
In addition to their heavy electricity demand, computing facilities can use millions of gallons of water a day due to their evaporative cooling systems. This water use competes directly with community needs, agriculture, and long-term aquifer stability. Some technology companies report portfolio-level water metrics, but few disclose water use at the facility or watershed level, leaving investors and residents unable to assess local impact.
Data centers’ significant environmental and water footprint remains complex and largely invisible to the public and dangerously underexamined by policymakers and utilities. That complexity is precisely why investors, including the PAB, are increasingly stepping in.
Engagements with technology companies such as Amazon, Meta (Facebook), and Alphabet (Google) are focused on urging companies to conduct climate transition planning, and to disclose how their growth strategies align with 1.5°C scenarios. Investors are seeking facility-level emissions data, resource needs, water risk assessments, renewable energy procurement, and capital expenditure alignment with climate goals.
Portfolio Advisory Board, Adrian Dominican Sisters | 1257 E. Siena Heights Drive | Adrian, Michigan 49221 Phone: (517) 266-3523 | Email our office: [email protected]