About Society of Mary, Marists in the USA, Roman Catholic Priests, Brothers, and Laity
Corporate Responsibility

Corporate Responsibility is an important justice and peace issue for the Society of Mary US ProvinceReturn on Investment is no longer measured from a bottom-line number reflecting financial gain. The new "currency" is one that enforces a more equitable and sustainable global community. Today, more than one out of every nine dollars under professional management in the United States—$3.74 trillion or more—is invested according to The Forum for Sustainable and Responsible Investment (USSIF).

As Marists, we exercise judicious stewardship over the financial resources entrusted to us for our commitments to our missions.

For perspective on the Marist Approach to Corporate Investing, please read this article by Mr. Phil Isacco, Comptroller for the Marist Fathers & Brothers of the USA. This article appeared in the Spring-Summer issue of Today's Marists Magazine.

As Marists, we are focused...

We actively seek collaboration with other religious congregations and use our investments to help keep corporations sensitive to issues of fairness, economic security and stability for employees, good corporate citizenship and more.

The following excerpt from Pope Benedict XVI's June 2009 Encyclical Letter (Chapter 3, Paragraph 40) well defines our call to Corporate Responsibility:

"Today's international economic scene, marked by grave deviations and failures, requires a profoundly new way of understanding business enterprise. Old models are disappearing, but promising new ones are taking shape on the horizon. Without doubt, one of the greatest risks for businesses is that they are almost exclusively answerable to their investors, thereby limiting their social value. Owing to their growth in scale and the need for more and more capital, it is becoming increasingly rare for business enterprises to be in the hands of a stable director who feels responsible in the long term, not just the short term, for the life and the results of his company, and it is becoming increasingly rare for businesses to depend on a single territory.

Moreover, the so-called outsourcing of production can weaken the company's sense of responsibility towards the stakeholders — namely the workers, the suppliers, the consumers, the natural environment and broader society — in favour of the shareholders, who are not tied to a specific geographical area and who therefore enjoy extraordinary mobility. Today's international capital market offers great freedom of action. Yet there is also increasing awareness of the need for greater social responsibility on the part of business. Even if the ethical considerations that currently inform debate on the social responsibility of the corporate world are not all acceptable from the perspective of the Church's social doctrine, there is nevertheless a growing conviction that business management cannot concern itself only with the interests of the proprietors, but must also assume responsibility for all the other stakeholders who contribute to the life of the business: the workers, the clients, the suppliers of various elements of production, the community of reference.

In recent years a new cosmopolitan class of managers has emerged, who are often answerable only to the shareholders generally consisting of anonymous funds which de facto determine their remuneration. By contrast, though, many far-sighted managers today are becoming increasingly aware of the profound links between their enterprise and the territory or territories in which it operates. Paul VI invited people to give serious attention to the damage that can be caused to one's home country by the transfer abroad of capital purely for personal advantage. John Paul II taught that investment always has moral, as well as economic significance.

All this — it should be stressed — is still valid today, despite the fact that the capital market has been significantly liberalized, and modern technological thinking can suggest that investment is merely a technical act, not a human and ethical one. There is no reason to deny that a certain amount of capital can do good, if invested abroad rather than at home.

Yet the requirements of justice must be safeguarded, with due consideration for the way in which the capital was generated and the harm to individuals that will result if it is not used where it was produced[97]. What should be avoided is a speculative use of financial resources that yields to the temptation of seeking only short-term profit, without regard for the long-term sustainability of the enterprise, its benefit to the real economy and attention to the advancement, in suitable and appropriate ways, of further economic initiatives in countries in need of development.

It is true that the export of investments and skills can benefit the populations of the receiving country. Labour and technical knowledge are a universal good. Yet it is not right to export these things merely for the sake of obtaining advantageous conditions, or worse, for purposes of exploitation, without making a real contribution to local society by helping to bring about a robust productive and social system, an essential factor for stable development."

TAKE ACTION

The Society of Mary USA JPIC invests in Corporate ResponsibilityMeditate
We share with you this prayer for Stewardship.

Stewardship Prayer
(from Catholic.org)

Almighty and ever-faithful Lord, gratefully acknowledging Your mercy and humbly admitting our need, we pledge our trust in You and each other.

Filled with desire, we respond to Your call for discipleship by shaping our lives in imitation of Christ.

We profess that the call requires us to be stewards of Your gifts.

As stewards, we receive Your gifts gratefully, cherish and tend them in a responsible manner, share them in practice and love with others, and return them with increase to the Lord.

We pledge to our ongoing formation as stewards and our responsibility to call others to that same endeavor.

Almighty and ever-faithful God, it is our fervent hope and prayer that You who have begun this good work in us will bring it to fulfillment in Jesus Christ, our Lord.

Amen

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What is Socially Responsible Investing?

"If you are faithful in little things, you will be faithful in large ones. But if you are dishonest in little things, you won’t be honest with greater responsibilities. And if you are untrustworthy about worldly wealth, who will trust you with the true riches of heaven? And if you are not faithful with other people’s things, why should you be trusted with things of your own?"

(Luke 16:10-12)

Socially responsible investing (SRI) dates back thousands of years. In biblical times, Jewish law laid down many directives about how to invest ethically. Jesus said more about money and its right use than about anything else except the Reign of God.1

Socially responsible investing (SRI), also known as sustainable, socially conscious, "green" or ethical investing, is any investment strategy which seeks to consider both financial return and social good.

Socially responsible investors encourage corporate practices that promote environmental stewardship, consumer protection, human rights, and diversity. The areas of concern recognized by the SRI industry can be summarized as environment, social justice, and corporate governance—as in environmental social governance (ESG) issues. In addition to stock ownership either directly or through mutual funds, other key aspects of SRI include shareholder advocacy and community investing.2

1. bne.catholic.net
2. en.wikipedia.org

Educate

Socially Responsible Investment Guidelines

Interfaith Center on Corporate Responsibility

ICCR's 2017
Shareholder Resolutions

The International Interfaith Investment Group

Vatican Official Urges Corporate Responsibility


Advocate

Change the World One Investment at a Time

Go Green with Socially Responsible Investing

Extreme Socially Responsible Investing

Can You Do Well While Doing Good?

Vote Your Proxies

Contact your U.S. Elected Officials


Relate

"It must be remembered that
the market does not
exist in the pure state.

It is shaped by the
cultural configurations
which define it
and give it direction."

Pope Benedict XVI
St. Peter's, June 2009