3/28/17 – The Sisters of St. Francis of Philadelphia are the lead filer with 16 other investors plus several dozen investors are calling on Wells Fargo Bank to do a review and report on the scandal enveloping the Bank and steps to put new checks and balances in place.

As part of a long-term dialogue with the company, and in the context of the fraudulent cross-selling scandal, the resolution asks the Board of Directors of Wells Fargo Company for enhanced disclosure on the steps taken to improve culture, ethics, reputation, aligning incentives with customers’ best interests, risk management, governance and control processes in order to rebuild trust and give assurance to shareholders that risks contributing to the present scandal are now well understood and will be properly managed to prevent future crises. Read more

03/16/17 – The Sisters of St. Francis of Philadelphia are disappointed that the Wells Fargo Board recommended a vote against our resolution requesting a Business Standards Review. ICCR Investors are seeking extensive information that will set the course for real systemic change in culture, ethics, values, and financial sustainability. Wells Fargo has already begun to address the issues that the proposal delineated and the company response is in agreement with our proposal in other than the actual vote itself. We believe that we will get a strong YES vote from shareholders. As faith-based investors, we will continue to hold the company accountable and responsible to customers, employees, and communities. We will continue to press for on-going risk assessments, monitoring, and further disclosure of unethical practices.

NY Times: Wells Fargo Leaders Reaped Lavish Pay Even as Account Scandal Unfolded Read more

The L.A. Times published a good article about it: Read more

Fortune.com:  Read more

Pensions and Investments: Read more

12/29/16 – Wells Fargo Locks Horns With Some Shareholders Over Proxy Proposals:  Read more

12/10/16 – Update on Resolution- Where Wells Fargo Goes From Here – Business Ethics Read more.

10/10/16– Shareholders Challenge Wells Fargo.   Read more

Article:  Religious investors lose faith in Wells Fargo after scandal | Reuters 

Article:  Religious activist investors push Wells Fargo over fake accounts scandal – Philadelphia Business Journal

Transparency Requirements on Trafficking

The members of ICCR are hopeful that a new bill on trafficking will get increased support in the new congress. We believe there is a greater chance of moving the bill forward if a Senate Republican is a lead sponsor. Thus, this letter to Senator Rob Portman, Republican senator of Ohio. As cosigners, the Sisters of St. Francis of Philadelphia are showing our support for transparency requirements on trafficking and slavery in global supply chains. Read more

12/14/16 –  In Fight to Reduce Carbon Emissions, Investor Coalition Seeks to Turn Corporate Promises into Action (Interfaith Center on Corporate Responsibility)

NEW YORK, NY, WEDNESDAY, DECEMBER 14, 2016Members of the Interfaith Center on Corporate Responsibility (ICCR), announced that  they sent letters to over 100 publicly held companies encouraging them to make good on statements that they would adopt science-based GHG reduction goals within the next two years.

ICCR is a coalition of faith- and values-based shareholders representing over $200 billion in invested capital who advocate for greater corporate responsibility on social and environmental concerns, including climate change. The letters were signed by 60 institutional investor members who argue that the setting of science-based targets is in the best long-term interests of the companies and the broader economy. Read more

8/25/16 – Shareholders Challenge Walgreens.  Shareholders in Walgreens and members of the Interfaith Center on Corporate Responsibility today announced the filing of a shareholder proposal requesting that the Board of Directors review the risks of tobacco sales in Walgreens pharmacies. A separate resolution requesting disclosure of lobbying expenditures was also filed.

The proponents of the resolution argue that the sale of tobacco products, which are known to carry serious health risks, in Walgreens pharmacies exposes the company to significant and long-term risks that may impact shareholder returns. Chief among their concerns is the impact this contradiction will have on Walgreens’ brand image as a company focused on health. Shareholders decided to file the resolution this year because management has failed to respond to their requests for further study of the topic in ongoing dialogues.  Read more!

Corporate Engagement 2015-2016

Every day the Sisters of St. Francis of Philadelphia work to “connect the dots” and to find solutions to the innumerable challenges of life on our little planet, Earth. Care of creation has been and will continue to be a critical component of our work in shareholder advocacy as noted in our many ongoing engagements. The congregation does not have major investments in extractive or fossil fuel companies other than what we need for shareholder advocacy.

Click here for brief action summaries giving insight into our shareholder engagement for 2015-2016.

3/25/16 – Climate Change – Exxon Mobil Yesterday the SEC supported shareholders and effectively told ExxonMobil that our “moral” resolution on climate change must be on the proxy for the annual general meeting. The resolution asked ExxonMobil to assert moral leadership on climate change since the company has opposed the science of climate change.The Sisters of St. Francis of Philadelphia are cofilers of this resolution and consider it an important step toward finding solutions for climate change and sustainability. Click the links below to learn more.http://www.iccr.org/sites/default/files/blog_attachments/exxon_pr_sec-moral_reso_3-24-16final.pdfhttp://insideclimatenews.org/news/24032016/exxon-mobil-sec-shareholder-resolution-climate-change-investigation

3/22/16 – World Water Day!  Right now, in this country, parents are facing a decision between paying for safe drinking water or putting food on the table. In the wake of the Flint lead poisoning disaster, we need to ask ourselves and our elected officials how can we let this happen? Learn more and take action here.

3/21/16 – is Moraltorium and rally day in Harrisburg for all those concerned about the ongoing development of infrastructures related to shale gas development.  No community is exempt and attempts to stop pipelines have not been successful. We’ve seen some success through shareholder advocacy but that too is limited.  BUT, there is a “Groundswell Rising.”  The fact that fracking was brought up at the Presidential debate, the recent Dimock $4.2 million verdict, the Federal Energy Regulation Commission (FERC) stopping a terminal, etc., signifies that we can be change agents.  Click here for a flyer.

10/19/15 – Eighty-one companies gathered at the White House and made a commitment to the American Business Act on Climate Pledge.  Many of these companies have been part of the Sisters of St. Francis’ shareholder advocacy for several years and we commend them for taking this most important step. Read pledge.

7/28/15 – The Sisters of St. Francis of Philadelphia support national legislation mandating corporate disclosures on trafficking and slavery risks. The Business Supply Chain Transparency on Trafficking and Slavery Act of 2015 will help prevent incidents of slavery and trafficking in global supply chains.  See press release by clicking here!

4/17/15 – Chevron Fails to Disclose Quantitative Risk Metrics Associated with Hydraulic Fracturing.  Support the exempt solicitation led by the Sisters of St. Francis.  Hydraulic fracturing operations pose significant environmental and social impacts and risks leading to financial risks for companies due to increased community opposition and regulatory scrutiny. Shareholder proposals requesting enhanced reporting on this issue continue to earn support from 28-40% of shareholders, indicating sustained concern from shareholders about the inadequacy of existing company risk management disclosures. Currently, Chevron is not providing investors with the metrics necessary to assess the risks and impacts associated with the company’s hydraulic fracturing operations. This memo contextualizes the issues of concern and outlines specific key areas of inadequate disclosure by Chevron. Click here!

4/13/15 – Support our JP Morgan Chase Resolution.  See the exempt solicitation supporting our shareholder resolution led by the Sisters of St. Francis, Walden Asset Management, and the New Economy Project. Click here!