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Pat Daly, OP, Caldwell Dominican Sister and member of Portfolio Advisory Board

July 2, 2021, Caldwell, New Jersey – Sister Patricia Daly, OP, a Caldwell, New Jersey, Dominican and a member of the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB), was quoted in an article citing the recent victories of faith-based shareholder advocates in their work with three fossil fuel companies. 

In shareholder advocacy, peace and justice advocates purchase stock in corporations and thus have a voice in the corporation’s policies affecting the environment or other matters of social justice. The shareholder advocates won the day in shareholder meetings of ExxonMobil, Chevron Corporation, and Royal Dutch Shell. “It’s like the Earth has moved. Corporate America has shifted,” Sister Pat was quoted as saying in an Earthbeat article by Brian Roewe. 

Read the entire article, Bad Day for Big Oil is big climate win for religious shareholder advocates


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The Portfolio Advisory Board is pleased to welcome two new members for three-year terms beginning July, 1, 2021.

Joseph Barker IIJoseph Barker II was recently appointed Executive Director of the Sr. Thea Bowman Black Catholic Educational Foundation. Prior to assuming this position, Joe held various teaching and administrative positions with Cristo Rey schools in Atlanta, GA and Charleston, SC. He has also worked in private industry and holds a Bachelor’s Degree in engineering from Florida A & M University.

Joe has a strong commitment to helping African-American youth succeed and volunteers his time with community organizations such as The Black Man Lab, Unbound International Outreach, and West Atlanta Charter School. He currently serves as chair of the board formation committee for Aquinas Center for Theology at Emory University. In nominating Joe for PAB, Mary Priniski, OP, commented “Joe is very energized by the work of PAB and shares a deep commitment to inclusion and racial justice. He is a dynamic leader and not afraid to state his commitments.”

Carmen MoraCarmen Mora is Executive Director of Saginaw-Shiawassee Habitat for Humanity where she has worked since 2008. She has also held pastoral ministry roles with various parishes in the Saginaw diocese. She received a Bachelor’s Degree from Barry University in 1995 and a Master’s Degree from Loyola University in New Orleans in 2000.

Carmen’s life focus is to serve those at a disadvantage and give them a hand up. Her volunteer activities are consistent with her work life. She serves as a scholarship grant reviewer for Saginaw Community Foundation; has been president of the Mustard Seed Homeless Shelter; and served as a missionary to the Dominican Republic through Amor en Acción.  In nominating Carmen for PAB, Marilín Llanes, OP, stated, “Carmen is a Cuban-American woman steeped in her Latinx roots growing up in Miami, Florida. She is committed to inclusion, equity, and racial justice and wants to be able to contribute her gifts to the work of the PAB.”

As Board members welcomed these two new members to PAB, they also shared their gratitude to Leslie Watson who has completed her term. Chair of PAB Marilín Llanes, OP, expressed the sincere appreciation of the entire Board for Leslie’s commitment to the work of PAB. “We are so grateful for Leslie’s willingness to share her knowledge and experience in community investing with the Board during the past three years. Her active participation has enriched our work and we value her many contributions.”
 


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The Adrian Dominican Sisters’ Portfolio Advisory Board works to invest Congregation funds into businesses and programs that align with their Vision and Enactments, which include an emphasis on sustainability. Because of this, they educate themselves and others on measures to assess how well companies are helping to reduce global CO2 emissions in order to reduce global warming.

You may have noticed that numerous companies have announced pledges to reach “net-zero” greenhouse gas (GHG) emissions by mid-century. Companies in a variety of industries, ranging from Delta Airlines to Duke Energy and from Shell Oil to Coca-Cola, have made pledges in the past year. So, what does net-zero emissions mean, and why is this important?

A 2018 report from the Intergovernmental Panel on Climate Change noted that for temperatures to stay “well below” 2 degrees with the possibility of staying within 1.5 degrees of warming, global emissions would need to reach “net zero” by mid-century. “Net zero” means that most human-caused emissions are zero and that any remaining emissions are offset by carbon removal through carbon capture and storage or “natural climate solutions” that absorb carbon, such as restoring forests.

With existing technologies, or even those in development, some industries can’t reach zero by 2050. One example is air travel. Until a non-emitting jet fuel or batteries light enough to operate a plane for long distances are available, planes will need to use fossil-based fuel to some degree.

Additionally, for most industries to reach zero, or net zero, by 2050, other industries will need to get to zero more quickly. Many industries will decarbonize by “going electric” (for instance, cars and trucks) and to make that possible, the electric utility sector MUST decarbonize very quickly.

As the result of efforts from investors around the globe, including the Climate Action 100+ initiative, companies in industries including oil and gas, utilities, transportation, banking, and food and beverages have pledged to reach net-zero emissions by 2050.  

More than half of the Climate Action target companies have made a net-zero pledge that covers their scope 1(direct) and scope 2 (purchased electricity) emissions. A quarter of the Climate Action companies have made pledges that also include scope 3 emissions, which are the emissions in their supply chains and the emissions from use of their products.  

Not all company plans are fully developed. Some are just a target. Others include short- and medium-term goals and plans for how they plan to reach them. But this represents a huge step toward ensuring that 1.5 degrees of warming is attainable.

Investors must continue to ask companies for more details and to show action and not just words. The number of pledges will need to continue to grow, and the companies will need to have solid plans, good government policy, and perhaps most importantly, money behind them. Companies and government will also need to support a just transition that helps workers and communities move from fossil fuel jobs and tax revenues to new jobs and industries.

One important note: the energy transition will only happen if the materials to build it are available. Metals including lithium, nickel and cobalt are used in batteries; lightweight steel is needed for electric cars; plant biofuels are one option for replacing some of the jet fuel used in aviation. Investors need to make sure these supply chains, are environmentally sustainable and just. Net Zero is a great start, and progress that we can celebrate, but there’s still a lot to be done!

 

Mary Minette

Mary Minette has served as Director of Shareholder Advocacy for Mercy Investment Services since 2016, focusing on climate change and environmental issues. Previously, she was Director of Environmental Education and Advocacy for the Evangelical Lutheran Church in America.


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August 20, 2020, Adrian, Michigan – Cynthia Curry Crim was named Vice Chair of the Adrian Dominican Sisters’ Portfolio Advisory Board (PAB). In this position, she will be working on the PAB’s executive team with Associate Dee Joyner, Director of Resilient Communities for the Congregation, and Sister Marilín Llanes, OP, Chair.

Established by the Adrian Dominican Sisters more than 40 years ago, the PAB helps the Congregation to use its resources justly, in ways that resonate with its mission. The Corporate Responsibility aspect focuses on using dialogue and shareholder resolutions to keep corporations accountable in areas such as the environment, treatment of workers, and responsibility to local communities. The Community Investment aspect offers low-interest loans to community-based enterprises that serve communities and people in need.

Now in her second year as a PAB member, Cynthia is excited to be serving on the executive team as Vice Chair. The executive team is involved in behind-the-scenes work and strategic planning – “a lot of planning to make sure that each time the PAB meets, we have a productive meeting,” she said. “We’re just trying to make sure that the Board members have the right information, to make the meetings more engaging.”

Cynthia said serving on the PAB fits right in with her work experience. From about 1993 to 1998, she worked in Chicago as director of nonprofit organizations. “All my work centered on family and children, but I also realized you have to look at housing, education, and health,” she said. She wanted to change focus, “not to leave the nonprofit community but I really wanted to see a bigger part of the work.”

Cynthia then served as Associate Executive Director of the Steans Family Foundation in Chicago. The Executive Director was “totally committed to the community and really believed in engaging community residents about the decisions that were going on,” Cynthia said. She compared this work to the Congregation’s focus on helping to form resilient communities in specific geographic areas of the country.

Cynthia and her family moved to St. Louis in 2002. After working for Nonprofit Services Consortium, an intermediary that collaborates with local nonprofit organizations, Cynthia was hired 15 years ago by Dee Joyner to work at Commerce Bank, managing part of its corporate foundation and two family foundations. 

Cynthia said Dee invited her to serve on the PAB. “I had known about her work with the Adrian Dominican Sisters while she was at Commerce,” Cynthia said. “She would talk about being on the PAB, but never in my wildest dreams did I think I would be asked [to serve on the Board].”

Working on the PAB has enhanced her knowledge. “What I have learned is that investment in the community can be direct or indirect,” she said. She sees the corporate responsibility aspect, and particularly shareholder advocacy, as having an indirect but profound effect on the community. 

“How many people in underserved communities have any idea of the impact that corporations have?” she asked. “So the work that the Sisters are doing – advocating that corporations look at what they’re doing in terms of how they’re polluting the environment – has a major impact on those who have no voice. That is a powerful tool to use.” 

Cynthia sees the work of community investment as being directly involved in the local communities. “I like that during this time of COVID and Black Lives Matter, I have really seen in our last meeting this commitment to walk the talk and try as best as possible to make a difference in the communities, making sure that people who are already struggling can somehow get some relief,” she said. “To be part of this is pretty special.”


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The Portfolio Advisory Board (PAB), staff, and consultants warmly welcome their newest Board member, Sister Patricia Daly, OP, a Dominican Sister of Caldwell, New Jersey. 

The PAB monitors the Adrian Dominican Congregation's investments and engages in shareholder activity on matters of justice. The PAB also makes low-interest loans to non-profit community organizations that benefit low-income people and underserved communities.

Sister Pat brings 40 years of experience to the PAB’s mission of corporate responsibility and socially responsible investing. She recently concluded her 24-year tenure as Executive Director of the Tri-State Coalition for Responsible Investing, now Investor Advocates for Social Justice

The Tri-State Coalition was an organization of 40 Catholic dioceses and congregations of women and men religious in Connecticut, New York, and New Jersey, primarily in the New York Metropolitan area. During her tenure, Sister Pat was involved in advocating with corporations for human rights, labor rights, ecological concerns, equality, and international debt and capital flows. In addition, she played a role in persuading U.S. corporations to address global climate change as one of their priorities. Upon leaving her position with the Tri-State Coalition, Sister Pat was recognized for her “leadership, determination, and persistence” in the corporate responsibility ministry. 

Sister Pat worked with Sisters from a coalition of U.S. women’s Dominican congregations to launch the Climate Finance Investment products that aim to implement the Sustainable Development Goals of the United Nations. She serves on the advisory boards of Lamont Doherty Earth Observatory, the climate science arm of Columbia University’s Earth Institute, and Jana Partners, the first hedge fund to implement corporate engagement and socially responsible principles.

She is the recipient of the 2014 Joan Bavaria Award presented by Ceres and Trillium Asset Management and the 2017 Legacy Award presented by the Interfaith Center on Corporate Responsibility. In addition, Sister Pat holds honorary doctorates from William Paterson University, Wayne, New Jersey and Duquesne University, Pittsburgh, Pennsylvania.

Sister Pat joins the dedicated members, staff, and consultants of the Portfolio Advisory Board: Sister Marilín Llanes, OP, Chair; Lloyd Van Bylevelt, Vice Chair and Adrian Dominican Associate; Board members Cynthia Curry Crim, Sister Mary Priniski, OP, PhD, and Leslie Watson; Sister Elise García, OP, General Council Liaison; Kristine Cooper, Office Manager; Dee Joyner, Adrian Dominican Associate and Director of the Congregation’s Office of Resilient Communities; and Pat Zerega, Sister Judy Byron, OP, and Sister Corinne Florek, OP, consultants. Their professional backgrounds can be found on the Board and Staff page of the PAB website. 




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The mining of metals results in significant changes in the environment. Mines can be as large as two miles wide by two miles long and ¾ mile deep, bringing about a significant change in the landscape. In addition, the mining process requires a great amount of water to separate minerals from the ore, leaving behind a large amount of waste rock with the consistency of sand. This material, referred to as “tailings,” is placed in a pond. The pond can be close to 1,000 feet wide and left for many years after a mine closes.

On January 25, 2019, in Brumadinho, Brazil, a tailings dam created by the mining company Vale collapsed, spilling 12 million cubic meters (more than 3.1 billion gallons) of tailings waste down the valley and causing the death of more than 270 people (see video of the collapse below, from the Wall Street Journal website).



Immediately, socially responsible investors met to determine a best step forward. They decided that some investors would engage Vale about the particular tailings dam breach. At the same time, the investors addressed the issue of the many mining companies that do not have good practice surrounding these dams.

The Church of England Pensions Board and Swedish National Pension Fund developed a sign-on letter asking mining companies to disclose details of their storage facilities. The Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) joined these investors – representing more than $13.5 trillion in combined assets under management – to ask 726 of the largest publicly traded mining companies to disclose their tailings facilities. A review of the information submitted from the first group of dams shows some instability in 10% of the dams. This could lead to further disasters.


Photos of the Brumadinho mining disaster by Ibama on Flickr (CC BY-SA 2.0)

 

These investors, together with the UN environmental program, the International Council of Metals and Mining, and the UN Principles for Responsible Investment, formed a Global Tailings Review which will include communities on the ground to determine the best way forward toward a standard that will improve the management of these facilities. The draft standard is currently out for review by academics, communities, investors, and the public at large.

These steps cannot change the tragedy that occurred in January, nor the other 11 incidents that have occurred since 2010, but the investors hope to be a voice for change, calling for accountability going forward. These efforts aim to develop a better understanding of the social and environmental risks around tailings management and ensure that systems are in place to prevent future disasters and increase mining safety standards worldwide.



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May 4, 2018, Prescott, Arizona – Sister Judy Byron, OP, and other faith-based investors, have struggled for years to end the mass shootings and other forms of gun violence brought on by easy access to guns. Now, Sister Judy – Director of the Northwest Coalition for Responsible Investment and consultant for the Adrian Dominican Sisters’ Portfolio Advisory Board – will continue that struggle at the May 9 annual meeting of Sturm Ruger & Company. Stockholders will vote on a resolution written by faith-based investors to request that the weapons company be upfront about its efforts to lessen gun violence.

Read more about the efforts of Sister Judy and other faith-based investors in this article by Claudia Koerner on BuzzFeed News.



 


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By Sister Judy Byron, OP
Director of the Northwest Coalition for Responsible Investment

Miriam Webster defines a tipping point as “the critical point in a situation, process, or system beyond which a significant and often unstoppable effect or change takes place.” Are we at a tipping point on the issue of guns in the United States? With each passing day, the evidence would seem to be a resounding “Yes!” 

On March 29, faith based investors released an Investor Statement on Gun Violence, endorsed by more than 140 investors representing $634 billion in assets, calling on gun manufacturers, retailers, and distributors, as well as companies with financial ties to these industries, to “review their operations, supply chains and policies and take meaningful action on this public safety concern.”

The members of the Interfaith Center on Corporate Responsibility (ICCR) and the Adrian Dominican Sisters have a long history of promoting peace through shareholder advocacy. We began in 1971 by addressing apartheid in South Africa, and continued by working with weapons’ manufacturers to use ethical criteria for sales to foreign governments and by leading an investor campaign against graphic violence in video games. 

Responding to the increasing number of incidents of gun-related violence year after year, I convened my colleagues at ICCR in 2016 to address gun manufacturers and retailers on their role in the gun violence epidemic. As shareholders in American Outdoor Brands, Sturm Ruger and Dick’s Sporting Goods, we quietly worked on letters and resolutions, and then the tragedy at Marjory Stoneman Douglas High School occurred on February 14. Four days later, ICCR shareholders were swept up into the activist movement that has become known as #NeverAgain. Our children are leading us to end gun violence in our country, to ensure safety in their schools, neighborhoods, homes, and churches. 

Adam Kanzer, of Domini Impact Investments, had the last word in the ICCR Press Release announcing our Investor Statement on Gun Violence, “The bravery and eloquence of the Parkland students has brought us to a tipping point on this issue. Today, we are asking investors and corporations large and small to take a hard look at their connections to gun violence and do what they can to restore peace and safety to our communities. We hope that our recommendations will serve as a blueprint for these actions.”

It is our hope that you are finding yourself asking, “What can I do as an individual to end gun violence in our country?” We leave you with a few suggestions:

  • Vote and encourage young people to vote by helping them to register. 
  • Support legislation that promotes gun safety.
  • Thank companies that support gun safety, such as Delta Airlines and Dick’s Sporting Goods.
  • Be aware of your use of violent words and images; use peaceful alternatives.

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March 5, 2018, Adrian, Michigan – The Adrian Dominican Sisters’ Portfolio Advisory Board (PAB) continues its 43-year-old mission of socially responsible investing with a new structure and staff. The changes were outlined in a recent presentation to Adrian Dominican Sisters living on the Motherhouse campus.

Much of the presentation focused on the new structure of the PAB, which was put into place after the December 2016 retirement of Lura Mack, long-time Executive Director of the PAB. Most recently, Dee Joyner, Chair of the PAB at the time, was asked to serve as director of the Congregation’s new Office of Resilient Communities. This office was established to help the Congregation live out its 2016 General Chapter Enactment to “facilitate and participate in creating resilient communities with people who are relegated to the margins.” Dee, an Adrian Dominican Associate, had served as Vice President of Commerce Bank and Economic Developer of St. Louis County, Missouri. While she is no longer the Chair, her new position involves overseeing the PAB.

The PAB is now headed by Co-chairs Rosemary Martin, former Chair of the Community Investment Committee, and Kathy Woods, former Chair of the Corporate Responsibility Committee. The two committees – now working as one streamlined Board – represent the dual functions of the PAB. 

In introducing the two new Co-chairs, Dee noted the “wealth of experience” they bring to their new role on the PAB. Kathy, a former Adrian Dominican Sister, was one of the founding members of the PAB, with extensive experience in not-for-profit organizations, particularly hospital work and counseling. Rosemary, an Adrian Dominican Associate from North Carolina, also has been involved in the non-profit world. She founded and directed an international adopting agency, placing more than 2,000 children from other countries into loving homes in the United States. She now works for an accreditation company for service organizations.

In both corporate responsibility and community investments, the PAB collaborates with other communities of women religious. Pat Zerega, senior director of shareholder advocacies for Mercy Investments, works with the PAB in the area of corporate responsibility. The PAB also collaborates with other members of the Interfaith Center on Corporate Responsibility in working with corporations to help them to be more socially responsible in their actions and policies. 

Since the retirement of Lura Mack, who did much of the work with community investments, the PAB sought the help of an organization that could help in that area. Members of the PAB unanimously chose the Religious Communities Investment Fund (RCIF), founded and directed by Adrian Dominican Sister Corinne Florek, OP.

Kris Cooper, Office Manager, has served the PAB on the staff since 2013. Other members of the PAB are Sister Patricia Leonard, OP, Associate Director of St. Ann Place, a homeless hygiene center in West Palm Beach, Florida; Sister Marilín Llanes, OP, school psychologist in Joliet, Illinois; Lloyd Van Bylevelt, an Adrian Dominican Associate who serves at the Peace Education Foundation in Miami; Marcy Brown, Vice President in Commercial Treasury Management at First Federal Bank in Adrian; and Margaret Weber, who works for the Basilian Fathers in Toronto in the area of socially responsible investment. Sister Elise García, OP, is the General Council liaison to the PAB. Pat Zerega and Adrian Dominican Sisters Judy Byron, OP, and Corinne Florek, OP, serve as consultants.


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April 7, 2017, Adrian, Michigan – Shareholders in public corporations have a unique privilege, opportunity, and responsibility: to use their proxy ballots to shape the values and decisions of those corporations.

That was the message of Adrian Dominican Sister Corinne Florek, OP, Executive Director of the Religious Communities Investment Fund, in a live-streamed April 3 talk, “How One Checkmark Can Influence Corporate Policy.” Her address was given in the auditorium of Weber Retreat and Conference Center on the Motherhouse campus of the Adrian Dominican Sisters.

She noted the strong economic influence that corporations carry: of the 150 largest economic entities, she said, 87 are corporations. Some 91 million U.S. adults own some stock, she noted, adding that most throw away or recycle their proxy votes rather than voicing their values. 

“If you own shares, you have a voice – and I’m here today to ask you to use your influence to improve corporate decision-making and creating change in the issues you care about,” Sister Corinne said. “After all, investments are your money and should be working for you.”

Sister Corinne encouraged individual shareholders to consider the values they support and the industries they would like to avoid supporting, and to ask their financial advisers to craft a portfolio that reflects these choices. Then, as individual investors, they have the right to guide the corporation’s decisions through their proxy vote.

“Proxy is just another name for a ballot that contains resolutions that are up for a vote,” Sister Corrine explained, adding that proxies also include a slate of candidates running to serve on the corporation’s Board of Directors. Resolutions can deal with issues such as environmental impacts and disclosure of the corporation’s lobbying expenses and treatment of workers. 

If shareholder resolutions receive support of 3 percent of the proxy voters, the corporation will remain in dialogue about those issues. “The proxy voting is the incentive for the corporation to stay in the dialogue,” Sister Corinne explained. When shareholders don’t vote at all, their votes are considered to be in favor of the view of the corporation’s management rather than of shareholders who are trying to make changes, she added. 

Using proxy voting to help bring more justice into the economy is not a new practice. Sister Corinne noted that the Adrian Dominican Sisters have been involved in economic justice through corporate responsibility for more than 40 years through the Congregation’s Portfolio Advisory Board (PAB). The Congregation is also working with hundreds of other faith-based organizations, members of the Interfaith Center on Corporate Responsibility (ICCR), to ensure that the corporate world reflects values of justice, care for the environment, and concern for workers and low-income people. 

Panelists included Sisters Thérèse Haggerty, OP; Joan Marconi, OP; and Frances Lombaer, OP.

A panel of Adrian Dominican Sisters spoke on their own experience of voting proxies for the Congregation. Sisters Frances Lombaer, OP, Joan Marconi, OP, and Thérèse Haggerty, OP, encouraged listeners to vote their proxies, noting that the process becomes easier with practice. “We do proxy voting because we want to support the choices that the Congregation makes through the PAB, our Portfolio Advisory Board, Sister Thérèse said. “These choices are in line with our vision statements.”

Sister Corinne concluded her talk by giving investors some ideas on how they can both diversify their portfolio and make a difference in the world.

  • Invest in high impact community development organizations that work with low-income people and communities. “This isn’t high-risk investing,” Sister Corinne said. “This is investing for high impact, which means that it’s in low-wealth, low-income, low-asset communities, to help them, to empower them” to find security, livelihoods, jobs, housing and access to credit. She added that, over 40 years of investing, the Congregation has only lost less than 1 percent of its investment. 

  • Invest in credit unions. Sister Corinne suggested taking at least some funds or assets – such as CDs or your savings account – and placing them in credit unions. “Nobody’s making a profit off these financial institutions,” she explained. “All the profits go back to making loans to the members.” Credit unions serve populations such as low-income borrowers, people of color, women, distressed areas, and rural areas – areas that big banks don’t always serve, she said. 

“Please join us in this effort to create more justice in our economy,” Sister Corinne concluded.

To watch her presentation, click here.


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