What's Happening

By Sister Marilín Llanes, OP
Director and Portfolio Manager
Portfolio Advisory Board Office

Founded in 2005, Windmill Microlending opened its doors to skilled immigrants and refugees who land in Canada to rebuild their lives. The organization is committed to crafting the needed financial products and equipping clients, who don’t have established credit ratings or collateral, with the resources that promote economic mobility and equity.

The Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) members on June 7, 2024, unanimously approved a loan to Windmill. 

Dr. Maria Eriksen, a Calgary-based clinical psychologist, was disheartened to learn custodial staff at the hospital where she worked were internationally trained professionals. Their credentials were not recognized and they could not practice their professions due to an array of obstacles ranging from language barriers, high licensing costs, and a limited understanding of the Canadian system. When Dr. Eriksen learned about the challenges these skilled immigrants faced, she took action steps that consequently changed the lives of thousands of new settlers across Canada.  

Windmill offers financial support with affordable, low-interest loans of up to $15,000 to pay for accreditation, training, and career development. Its mission-driven way is well aligned with the Adrian Dominican Sisters’ Enactment that beckons us to “building the beloved community in which everyone is cared for, absent of poverty, hunger and hate.” 

Binal, a dentist from Mississauga, Ontario, calls her Windmill Microlending Career Success Coach, Robert, “an angel in my life,” who helped her and her family at a time when they were truly in need.

She says the Windmill loan application process was simple and responsive. Robert was there to answer questions and provide financial and career advice through the entire process, which she completed from home. 

“My Windmill loan really changed my life. I was preparing for my final exam to get my credential to become a dentist,” she said. “We were in a dire financial situation and Robert shared with me the good news.” 

Binal was on maternity leave at the time and was struggling to pay for her professional accreditation exams and no financial institution would extend her the funds needed to complete the licensing process. She had been referred to Windmill Microlending by one of her dental instructors, so Binal applied for a loan and was approved within five business days. 

Binal’s Windmill loan helped her pay for childcare while she studied as well as her exam fees. It also meant she wouldn’t need to return to long shifts at a sandwich shop. With the financial pressure relieved, Binal completed her exams and is now back working in her chosen profession, bringing smiles to her patients. 

She says her early years in a new country proved challenging but with Robert and Windmill’s support, her future is bright and her potential is unlimited.

The Windmill microlending invests in financial resilience for transformative impact in the lives of skilled immigrants and refugees across Canada.

Watch a video of Binal describing her experience with Windmill.
 

By Mary Minette
Mercy Investments Consultant

December 8, 2023, New York, New York – The Interfaith Center on Corporate Responsibility’s (ICCR) annual Fall Conference took place October 3-5, 2023, in New York City and featured a variety of speakers and events that related to the work of the Adrian Dominican Sisters Portfolio Advisory Board (PAB). 

The event also provided an opportunity to celebrate the contributions and retirements of Sister Judy Byron, OP, Director of the Northwest Coalition for Responsible Investment, and Pat Zerega, Senior Director of Shareholder Advocacy for Mercy Investment Services. Both have provided many years of staff support to the PAB. 

Defending shareholder rights was a central topic of this fall’s ICCR gathering because of the growing number of bills introduced at the state and federal levels, aiming to prohibit investor consideration of Environmental, Social, and Governance (ESG) factors. (For an explanation of ESG investment and anti-ESG bills, read this recent article.) With 2023 ESG shareholder proposals seeing decreased support, investors discussed potential actions, namely offering public support for the SEC’s forthcoming disclosure rules and engaging large asset managers on their voting practices. 

Another session focused on providing investors with tools to engage asset managers on proxy voting. Following the recent rise of anti-ESG sentiment, asset managers significantly decreased their support for shareholder resolutions in their 2023 proxy voting. Asset managers oversee the holdings of investors, their clients, assuring that their decisions on behalf of the investors are made in good faith, aligned with the client’s responsible screening criteria.

ICCR members are urged to engage their asset managers on disclosure of voting policies, with progressive escalation steps for unresponsive managers, including switching assets to a competitor if the asset manager refuses to act.

In another emerging issue, a panel of presenters discussed the growth of Artificial Intelligence (AI), mindful of its impacts on society and democracy. The keynote speaker, Nathalie Maréchal from the Center for Democracy and Technology, explained that the most important decision is when not to use AI in modern work, citing the rise of disinformation, fraud, and misuse of data.

ICCR members continue to advance worker justice issues, and the conference included a session on advocating for companies to provide a living wage. The session’s panel members included an associate at a large retail chain who provided insight into the challenges facing workers, such as low wages, minimal benefits, and employer retaliation for employee criticism. 

A researcher on the panel illustrated the negative impact that underpaying workers can have on long-term shareholder value, as studies show that a living wage supports employee retention and productivity. 

The Racial Justice Investing Coalition moderated a session on racial justice-focused investing and its impact on fostering a stronger democracy. The session provided investors with a chance to learn about best practices from investors already working on this issue.

Another panel offered a presentation on pressing for corporate action on environmental justice and emphasized centering racial equity in climate work, engaging local communities in joint decision-making, and holding parent companies accountable for pollution from owned facilities.

In another session on company accountability, speakers addressed human rights due diligence (HRDD) and responsible contracting. Speakers explained the importance of supply chain contracts, highlighting that shifting risk onto a supplier is not the same as risk management. The panel members recommended that investors advocate for responsible contracts that feature shared commitments and prioritize human rights. 

The ICCR conference provides a valuable opportunity to strategize with fellow faith-based investors for the current shareholder advocacy season.
 

Caption for feature photo at top: Attending the ICCR conference are, from left, Sister Susan Mika, OSB, Sister Ann Scholz, SSND, Sister Judy Byron, OP, Timnit Ghermay and Sister Marilín Llanes, OP.