By Mary Minette
PAB Consultant

December 16, 2024, New York, New York – Faith-based investors gathered in September for the Interfaith Center on Corporate Responsibility’s (ICCR) annual fall conference to explore and collaborate on various topics impacting shareholder advocacy. Through shareholder advocacy, faith-based organizations buy shares of corporations, allowing them to advocate for the corporation’s adoption of just policies.

The conference focused in part on how companies adopt artificial intelligence (AI) tools and how AI affects people and communities. Panels focused on how investors can effectively engage companies to ensure users’ privacy and safety in light of increasing use of AI; the challenges and risks posed by the increased use of AI tools by health insurers to make coverage decisions for individuals; and on AI’s impact on public conversations and access to information in an election year that is key for the United States and many other countries. 

In addition, the conference included discussions of new and evolving issues: 

•    The impact of healthcare consolidation on coverage and care for patients, which highlighted real-world impacts through conversations with healthcare providers and recipients.

•    The increasing challenges investors face following the recent Supreme Court decision impeding the ability of federal agencies to issue common-sense regulations to protect public interests, as well as anti-environmental, social, and governance (ESG) legislation and lawsuits.

•    The suboptimal working conditions in the seafood industry. The panel included local labor organizations who delved into on-the-ground insight and provided shareholder actions.

•    Just transition, including a panel discussion by local organizations who discussed the impact of the development of wind energy on local economies.

The ICCR conference concluded with the organization’s annual event, "Navigating Troubled Waters: Corporate Political Responsibility in Turbulent Times." Corporate representatives spoke about how their organizations are navigating political discourse in our divided country.  

Most importantly, the annual event also included the awarding of ICCR’s Legacy Award to Pat Zerega of Mercy Investment Services, who has worked as a consultant to the Portfolio Advisory Board (PAB) for the past decade, for her “five decades of shareholder advocacy on behalf of people and planet.”  

In granting the award to Pat, the ICCR noted that she “has dedicated her life and career to serving and speaking out for the ‘least of these my brothers and sisters.’ Her care and concern for the dignity of each person is at the core of her being, her faith, and her mission to advance corporate respect for human rights from the community to corporate boardrooms. Pat has been indispensable in her service to ICCR, both as a board member and as an active member and leader of several working groups.”

The PAB joins the ICCR in celebrating Pat’s dedication to our shared work and the legacy of impact on corporate policies!
 

Caption for above feature photo: Pat Zerega, center, former consultant to the Portfolio Advisory Board, holds the 2024 Legacy Award from the Interfaith Center on Corporate Responsibility (ICCR). With her are, from left, Rob Fohr, Chair of the ICCR Board; Katie McCloskey, Vice President of Social Responsibility for Mercy Investments; Susan Markos, retired Vice President of Social Responsibility for Mercy Investments; and Josh Zinner, CEO of ICCR.

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

The Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) members on September 27, 2024, approved a loan request to first-time recipient RecycleForce.

RecycleForce operates as a double agent of change by employing individuals formerly incarcerated and reducing the amount of electronic waste flowing into landfills across the country. Founded in 2006, RecycleForce is an Indianapolis-based 501(c)3 nonprofit organization.

Employees are given the opportunity, based on their training and experience, to work at all levels in the organization. Their wages provide critical support for these individuals who are navigating the process of re-entry into civil society. Additionally, RecycleForce supplies a host of wrap-around services to ensure that each participant makes a successful transition. 

RecycleForce applied for a low-interest loan from the Adrian Dominican Sisters Community Impact Investment Fund to cover the pre-development costs of a broad expansion of its plastic recycling activities. The organization plans to construct a new facility and purchase equipment, sorting line, and a pelletizer. This investment will allow the organization to recycle tons of plastic annually.  

For the past 18 years, RecycleForce has taken in computers and laptops, dismantling them and separating them into their component parts – circuit boards, processing chips, copper wiring, aluminum heat sinks, steel housing, and plastic.  

Since its inception, RecycleForce has recycled more than 100 million pounds of electronics and helped more than 3,000 formerly incarcerated individuals return home. In 2023, RecycleForce moved into its new facility after operating in subpar and temporary facilities for several years. The funding requested will be used for pre-development costs of the broad expansion of plastic recycling activities.  

RecycleForce is making a transformative impact on the lives of people navigating their re-entry into society and remediating the environmental waste crisis. 

Watch a YouTube video on the unveiling of RecycleForce’s new facility.   

 

Caption for above feature photo: Employees of RecycleForce work at recycling electronics, Styrofoam, plastics, and other materials.

October 10, 2024, Adrian, Michigan – The Adrian Dominican Sisters Portfolio Advisory Board (PAB) held its annual meeting during the last week of September and shared the fruits of that meeting in a September 27, 2024, Fireside Chat in the Weber Center Auditorium.

After the Board and staff members introduced themselves, Cynthia Crim, PAB Chair since 2022, offered an update. The Board approved five loans to community organizations. The Board’s greatest accomplishment during the meeting, however, was adopting the 2023-2028 Strategic Plan, which had been approved last year by the PAB and the General Council. “More than anything, we spent a lot of time listening to each other and really studying and making sure the plan embodied all of the Enactments,” particularly diversity, gender equity, and environmental sustainability, Cynthia reported.

Details on the Strategic Plan and on the five organizations whose loans were approved will be included in upcoming PAB articles published on the Adrian Dominican Sisters public website.

Cynthia also announced the Vision and Mission of the PAB, crafted during the meeting:

Vision
Rooted in the Vision, Mission, and Enactments of the Adrian Dominican Sisters, the Portfolio Advisory Board envisions a beloved community without poverty, hunger, homelessness, and ecological degradation. The beloved community is shaped by its collective voices and is committed to promoting racial and gender equity and systemic changes to policies and practices of institutions inhibiting its realization. Building on its collaborative strength, the beloved community is an active, healthy, and thriving space where all are welcome and have a voice.

Mission
The Mission of the Portfolio Advisory Board is to use the assets of the Adrian Dominican Sisters to build the beloved community. We invest in community organizations that create opportunities for those who are marginalized and that embody values of collaboration, inclusiveness, right relationship with Earth, and racial and gender equity. We use our voice as shareholders in corporations to promote policies and practices that build the beloved community.

Marilín Llanes, OP, PAB Director and Portfolio Manager, announced the upcoming 50th anniversary celebration of PAB, Building on Legacy, Impacting the Future, set for Friday, September 26, 2025, at Weber Center. The celebration will include a video telling the story of PAB through the voices of 13 Sisters, Associates, and lay members of the Board. Details are forthcoming.

Sister Marilín also encouraged Sisters and Associates to check out the refreshed PAB page of the Congregation’s public website, which features pictures and articles depicting the work and partners of the PAB. Articles focus alternatively on corporate responsibility efforts and community investments.

For the remainder of the Fireside Chat, Eric K. Foster, Co-Founder, Chair, and Managing Director of Rende Progress Capital, spoke of his work offering loans and other financial services to businesses owned by people of color. Rende has been part of the PAB’s portfolio since 2020, Sister Marilín said. “We were very taken by [Rende’s] whole mission and vision because it was so aligned with our values.” 

Based in Grand Rapids, Michigan, Rende has 47 loan customers, Eric said. Those clients “represent statistically having higher loan denials than their white peer business owners,” he explained. “In credit, they have had similar credit worthiness to white businesses, but in our landscape in Western Michigan, they cannot get a bank loan.” Of his clients, he said, 70% never received a loan before Rende took them on.

Eric emphasized the impact that loans have on the lives of the entrepreneurs of color and the people they serve. One company, Reliable Medical Transport, offers rides to vulnerable people with mobility problems for non-emergency medical appointments as well as non-medical activities. With loans, Reliable Medical Transport and other businesses have been able to expand, increase their revenue, and pay higher wages to their employees, he said. 

Eric thanked the PAB for the loan that he had received from them, enabling him in return to offer loans to entrepreneurs of color. He also encouraged them to stand strong in the face of a movement of “aggrieved white people who fought back against affirmative action,” which has persuaded some corporations to stop funding Diversity, Equity and Inclusion (DEI) efforts. Many companies are “under pressure from those who tell them that it’s wrong to promote racial justice,” Eric said. But as a 501(c)3 organization, he added, the PAB has the right to offer grants and investments to people of color and other marginalized groups. “Don’t stop it,” he said. “Don’t cave in.”

View the entire Fireside Chat below or in our public video library.

Caption for above photo: Members of the Portfolio Advisory Board (PAB) during their September 2024 meeting are, from left, Carla Manning; Mary Ellen Leciejewski, OP; Marilin Llanes, OP, Director and Portfolio Manager; Bibiana “Bless” Colasito, OP, General Council Liaison; Sidney Williams, Jr., in back; Judy Byron, OP; Kris Cooper, Office Manager; Joseph Barker II; and Cynthia Crim, Chair. Not pictured are Carmen Mora, Vice Chair, and Mary Minette, Mercy Investment Consultant.

By Cathi Kim
Senior Vice President, Inclusiv/Capital, Investments and Impact

September 12, 2024, New York, New York -- Inclusiv and the Adrian Dominican Sisters announced the Sisters’ investment in Cooperativa de Ahorro y Crédito Jesús Obrero (“Jesús Obrero”), a Community Development Financial Institution (CDFI) cooperativca advancing the economic well-being of communities in Guaynabo, Puerto Rico.

Puerto Rican cooperativas have been at the forefront of Hurricane Maria recovery efforts and initiatives to revitalize local economies across the Island. Jesús Obrero’s mission and impact focus on the economic, social, and environmental well-being of under-resourced communities and the cooperative sector. 

Jesús Obrero has developed one of the leading green lending models, providing critical infrastructure on the island by financing the installation of hundreds of solar systems for households and small businesses and supporting the creation of community micro-grids.

The Adrian Dominican Sisters Portfolio Advisory Board is the first investor to replicate the model created by Inclusiv and Deutsche Bank Americas Foundation to invest in cooperativas and their recovery and resiliency initiatives in Puerto Rico. This partnership demonstrates the strength of the Puerto Rican cooperative sector and field building efforts led by Inclusiv. This investment represents the latest impact initiative added to the 42-year partnership between Inclusiv and Adrian Dominican Sisters. 
Read more about Inclusiv’s partnership with Adrian Dominican Sisters in the 2023 Inclusiv Annual Report.

“The Adrian Dominican Sisters have been catalytic partners to the community development credit union movement, demonstrating what is possible when we lead with purpose and put communities first,” said Cathie Mahon, President and CEO of Inclusiv. “Inclusiv is grateful for the Sisters’ dedication and foresight that provided the critical capital necessary for the growth of the CDFI sector. We are delighted to expand our partnership on anti-poverty and wealth-building initiatives to include the climate resiliency and economic revitalization efforts led by cooperativas in Puerto Rico.” 

Sister Marilín M. Llanes, OP, Director of the Adrian Dominican Sisters’ Portfolio Advisory Office, said, “We rejoice with our new partnership with Cooperativa de Ahorro y Crédito Jesús Obrero thanks to Inclusiv for facilitating the connection. A great hope in common we share is to be pathways bringing about economic opportunities for the struggling but resilient communities in Puerto Rico.” 

Aurelio Arroyo González, Executive President of Cooperativa Jesús Obrero, said the investment “allows us to continue expanding the footprint of cooperative solidarity work in our communities.” He added that since its founding in 1959, the Cooperativa has focused on developing financial products and services that strengthen members' ability to improve their conditions and quality of life and, more recently, to enhance their capacity to face the challenges brought by climate change. “This investment represents a boost to the history of community engagement of our institution, and we receive it with the commitment to continue creating opportunities for our members, communities, and the cooperative ecosystem of Puerto Rico,” he said. 

Inclusiv’s work to increase investment in cooperativas is just beginning. Thanks to trailblazing investors like the Adrian Dominican Sisters and Deutsche Bank Americas Foundation, more institutional investors are exploring opportunities to support cooperativas by working with Inclusiv to invest and place deposits in these vital institutions. The first mainland investor deposits in cooperativas are coming soon and Inclusiv looks forward to continuing to grow its capital offerings for the cooperativa sector.
 

By Mary Minette
Mercy Investments Consultant

Image attribution: kris krüg, Deepwater Horizon Oil Spill - Gulf of Mexico, CC BY-SA 2.0

August 19, 2024, Adrian, Michigan – In the 2023-2024 proxy season, the Portfolio Advisory Board (PAB) filed 19 shareholder proposals. Eight were withdrawn for agreement; eight went to a vote; two were omitted from the proxy statement; and one (Smith & Wesson) will be voted on in September. 

According to the Interfaith Center on Corporate Responsibility (ICCR), overall shareholder filings decreased from 460 in 2023 to 400 in 2024. Climate change continues to be the top issue area for filing, but human rights and workers’ rights were the second highest issue area filed this year. 

The top industries receiving shareholder proposals in 2025 were banks and oil and gas companies. Amazon, Meta, Alphabet, ExxonMobil, and Chevron continued to receive the most shareholder filings. In 2024, the PAB filed at all of the above companies except for Chevron.

The Securities and Exchange Commission (SEC) allowed companies to omit 52% more proposals from their proxy statements in 2024 than in 2023. Two proposals filed by the PAB were omitted from proxies. Both proposals requested more detail from large U.S. banks regarding their climate transition plans.

The PAB filed shareholder proposals with five pharmaceutical companies concerning their patenting practices and how they impact patient access to affordable medicines. One proposal went to a vote, and four were withdrawn for agreement. Notably, Pfizer agreed to make significant improvements in its Human Rights Policy as well as committing to establish a human rights due diligence process around its pricing and access initiatives in the next 12 months. Gilead agreed to provide additional disclosure, including listing all the in-force patents it currently has on its top five selling drugs.
  
The PAB co-filed a resolution asking Exxon to issue a report evaluating the economic, human, and environmental impacts of a worst-case oil spill from its expanding operations offshore of Guyana. During a call with investors, Exxon shared additional information on how it is enhancing process safety and managing spills. The company also shared that it has assessed the costs of responding to a Guyana spill with an independent third party, assuring the company that $2 billion would cover the cost of the spill. Based on the information shared by the company, investors decided to withdraw the proposal. 

However, in January, ExxonMobil took the extreme step of suing two small shareholders to keep a climate change proposal off their proxy ballot, rather than going through the SEC “no action” process to ask for approval to omit the proposal. The company elected to continue the suit even after the shareholders agreed to withdraw the proposal and took an aggressive stance against other shareholders with proposals on its proxy ballot, questioning whether they were “real” investors or merely activists with an “extreme agenda.” 

In response, several ExxonMobil shareholders filed exempt solicitations urging their fellow shareholders to vote against members of the board, including CEO Darren Woods and lead independent director Joseph Hooley.  

Despite these actions indicating shareholder disapproval of company leadership, ExxonMobil continued with its aggressive stance and its lawsuit. The lawsuit was finally dismissed by a court in Texas after the shareholder proponent agreed in writing not to refile their climate proposal with the company in the future. 
 

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 Sister Marilín Llanes, OP
Director, Portfolio Advisory Board Office

Photo Courtesy of Inclusiv

June 12, 2024, New York, New York – A high-spirited celebration took place this May in New York City, hosted by Inclusiv on its 50th anniversary. Inclusiv has been a community partner since 1982 of the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB), which provided capital that launched its first impact investment.  

Inclusiv invests funds into community development credit unions to support lending, wealth building, and financial inclusion initiatives in low-income and underserved communities throughout the United States and beyond.
 
The Inclusiv gathering of more than 800 partners and colleagues commemorated an amazing milestone, reimagining opportunities and pathways toward a more equitable and inclusive present and future for generations. 

Many voices that have been formative to the movement were present, including the Adrian Dominican Sisters, represented at the event by Sister Durstyne Farnan, OP. Leaders from a vast cross-section of community investors shared their insights and commitments to social justice and created investments throughout the three-day event. 

Additional comments and highlights of the partnership between Inclusiv and the PAB were featured in Inclusiv’s 2023 Annual Report, reproduced below with permission.

First In: Our Long Partnership with the Adrian Dominican Sisters

In 1982, federal support for Community Development Credit Unions (CDCUs) was waning. Inclusiv, then known as the National Federation of Community Development Credit Unions, began searching for outside investors. The Adrian Dominican Sisters became our first – providing a $30,000 loan that laid the foundation for a new capitalization program and cemented our role as a Community Development Financial Intermediary.

Some 42 years later, the partnership with the Adrian Sisters continues. Sister Marilín Llanes, Director of the Sisters’ Portfolio Advisory Office, shared that our continued relationship is about more than just familiarity – it’s about values.

“Our relationship with Inclusiv has always been about aligning ourselves with a partner that shares the same values that we do,” she said. “It’s about our commitment to respond to the social injustice of our time. It’s about women, people of color, Indigenous people, the LGBTQ+ community, and anyone who has experienced marginalization. WE want to be there and to help them prosper.”

In recent years, the Adrian Dominican Sisters have deepened their commitment to not only social but also environmental stewardship. They recognize that ecological sustainability is inextricably linked to social justice and have begun to prioritize investments that reflect this understanding. This evolution of their investment strategy resonates with Inclusiv’s expanding focus on environmental sustainability and climate justice.
 
After 42 years, Sister Marilín sees a long road ahead for this relationship.

“I see Inclusiv as a long-term partner of ours in the mission to bring about what the Scripture calls ‘beloved community,’” she shared. “Our relationship has been so supportive and I look forward to the next thing I’ll learn through the incredible community that Inclusiv has built.”

Reprinted with permission from the Inclusiv 2023 Annual Report
 

By Caroline Boden
Director of Shareholder Advocacy, Mercy Investment Services

In early 2023, The New York Times reported on the use of illegal child labor, mostly unaccompanied migrant children, in the United States. These children were illegally employed by suppliers for some of the biggest U.S. companies, including in factories producing Cheerios for General Mills, dinner rolls sold at Walmart and Target, auto parts for Ford and GM, and cleaning meat processing plants that supply JBS, Tyson, and others. Since then, additional investigative reports may have exposed child labor violations in the restaurant, construction, and other sectors in the United States.

As minors, and especially as unaccompanied migrants, these children are particularly vulnerable to exploitation. Although the children weren’t employed directly by these major brands, their illegal employment by the suppliers violates these companies’ human rights policies and supplier codes of conduct, as well as U.S. child labor laws. Additionally, the principle of human rights due diligence outlines the responsibility of all actors within a value chain to identify, address, and remediate any potential or actual human rights violations.

Following the reporting, responsible investors and members of the Interfaith Center on Corporate Responsibility (ICCR) reached out to several of the named companies, including Target, Tyson, and Walmart, to understand how they were addressing the issue and engaging with the violating suppliers to prevent further harm. 

These conversations showed that most companies were surprised, as suppliers in  North America have generally been perceived as low risk for human rights violations. Most companies shared that they were investigating the violating suppliers and working to strengthen recruiting and hiring practices; however, public disclosure of companies’ efforts to address the violations and remediate the harm caused to the children is lacking.

As part of our shareholder advocacy work, the Adrian Dominican Sisters Portfolio Advisory Board (PAB) is joining other investors and NGO partners to ask these companies to conduct human rights impact assessments for the region, especially given the high use of migrant labor in the United States. 

The PAB joined other Walmart shareholders in filing a shareholder proposal for the 2024 proxy season that addresses the child labor issue and requests the company conduct a human rights impact assessment. An ICCR partner filed a proposal asking Tyson to commission an independent report evaluating the effectiveness of their policies and practices to prevent illegal child labor throughout the company’s value chain. The proposal received 12.1% of the shareholder vote in favor.

Unfortunately, one of the responses to the child labor violations has been an effort in many states to roll back child labor protections, such as lowering the eligible age to work, allowing minors to work in hazardous work environments, and extending the number of hours that minors can work. As of February 2024, 28 states had introduced bills to weaken child labor laws, with 12 states enacting such legislation.

 

By Ileana Cintron
Chief Economic Empowerment Strategist, Enterprising Latinas, Inc.

Enterprising Latinas, Inc. (ELI), a nonprofit organization led by women of color, announced that it received a grant from Spectrum Digital Education to establish a new computer lab to boost people’s digital skills, with a focus on women.  

ELI, founded in 2009 and operating since 2014, has been a lending partner of the Adrian Dominican Sisters’ community investing fund since 2023. Its focus is to create pathways to prosperity for women and low- to moderate-income families in the Wimauma, Florida, community and throughout Tampa Bay. 

ELI’s enduring commitment to empowering women by equipping them with new skills is well aligned with the Adrian Dominican Congregation’s 2022 Enactment on Women, to “strive to attain gender equality and women’s full and equal participation and decision making in Church and society.” 

For more information, read the article by Lizabeth Gutierrez on Spectrum News. 
 

March 8, 2024, Tampa, Florida – A food truck business in Florida seems to be a long distance – geographically and culturally – from the Motherhouse of a group of Dominican Sisters in Adrian, Michigan. But the connection is deep and inspiring.

A $100,000 community impact investment from the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) allowed Enterprising Latinas to apply to become a Community Development Finance Institution and to give low-interest micro-loans to 19 Latino business owners. Among them were Diego Jara and his wife, Yeny Perez, owners of the food truck business So Yummy Birrieria. 

The loan received by Enterprising Latinas was one of nearly 600 community impact investments made by the PAB since 1978. Loans have been made to organizations throughout the United States and in many regions of the world in the areas of worker-owned cooperatives, credit unions, banks, housing projects, and community organizations.

Watch the video and read the entire article about PAB’s impact in Florida by Lizbeth Gutierrez in Spectrum News.