wfn.org | Religious Investors Mark 25 Years

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"UNITED METHODIST DAILY NEWS" by SUSAN PEEK on Aug. 11, 1991 at 13:58 Eastern,
about FULL TEXT RELEASES FROM UNITED METHODIST NEWS SERVICE (3335 notes).

Note 3326 by UMNS on Dec. 12, 1996 at 10:26 Eastern (4520 characters).

SEARCH: Investing, Interfaith Center on Corporate Responsibility
Produced by United Methodist News Service, official news agency of
the United Methodist Church, with offices in Nashville, Tenn., New
York, and Washington.

CONTACT:  Linda Bloom                         614(10-21-71B){3326}
          New York (212)870-3803                      Dec. 5, 1996

EDITORS NOTE: This is the second of two parts.

Religious investors mark 25 years
advocating corporate responsibility

                        A UMNS News Feature
                          by Linda Bloom*

     NEW YORK (UMNS) -- In 1971, the Episcopal Church in Puerto
Rico, concerned over the prospect of copper mining in the island's
interior, contacted the National Council of Churches' corporate
information center for help.
     The Rev. Kinmoth Jefferson, a United Methodist, was part of a
delegation -- representing six mainline denominations -- that
organized hearings in San Juan regarding the proposed mining. "We
went in not to dictate, but to reveal, as institutional investors,
the information we had," he explained.
     Among the revelations in those hearings was the fact that a
secret deal had been made between the government and the mining
companies. The resulting scandal brought the process into the open
and forced the government to hold its own hearings.
     From that "heady start," said Jefferson, came the formation
of the Interfaith Center on Corporate Responsibility (ICCR).
     Now observing its 25th anniversary, ICCR has grown into a
coalition of 275 Protestant, Roman Catholic and Jewish
institutional investors with combined portfolios worth more than
$50 billion. Its members use their investments and other resources
to change unjust or harmful corporate practices and support social
justice issues.
     Jefferson, who recently retired from the United Methodist
Board of Global Ministries, called his continued participation in
ICCR "an important part" of his personal spiritual journey. "It's
the way I think social justice work should be done," he said.
     Another United Methodist presence in ICCR's founding was
Florence Little, now deceased, who was treasurer of the board's
Women's Division.
     Connie Takamine, the current treasurer and new chairperson of
ICCR's Board of Directors, noted that Little was discussing issues
such as pay equity with companies as far back as 30 years ago and
called her "one of the pioneers" in the call to corporate
responsibility.
     Through the years, the call has been sounded on such issues
as environmental accountability, weapons production, international
health concerns, community economic development, executive
compensation and equal employment opportunities.
     Timothy Smith -- a United Methodist who has been involved
since the beginning and has served as ICCR's executive director
for the past 20 years -- is proud of "the fact that we've been
long distance runners with a number of issues," including the
anti-apartheid struggle in South Africa and the fight against
infant formula promotion in Third World countries.
     In some cases, ICCR has been successful as advocates for
change in a company's policies. In other cases, according to
Smith, the coalition merely continues to lift "a prophetic voice."
     More recently, corporations have begun to consider ICCR a
partner rather than an adversary. General Motors, for example --
the target of the first shareholder resolution on South Africa --
has signed the CERES principles on the environment. "They really
are working as a partner on the environmental issue," Smith said.
     CAP Cites/ABC, urged 10 years ago to report equal employment
opportunity information, is now held up as a model company by ICCR
on this issue.
     Another turning point, according to Takamine, was the
coalition formed with several banks, after apartheid was
dismantled, to help train South Africans in community reinvesting.
"A few years before, we had been screaming across the table at
these banks," she explained. "To work with them cooperatively was
interesting."
     Still, ICCR's work is never done, judging by the 185
shareholder resolutions filed in 1996, challenging 126 U.S.
companies to social and environmental responsibility.
     "There are some companies so big that you're going to be
continually knocking at their door," Smith said.
                              #  #  #
 
     * Bloom is a news director of the United Methodist News
Service office in New York.

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