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October 3, 2025, Adrian, Michigan – More than 100 people gathered at Weber Retreat and Conference Center September 26, 2025, to celebrate the 50th anniversary of the Adrian Dominican Sisters Portfolio Advisory Board (PAB).
The theme, “Building on Legacy, Impacting the Future,” permeated the daylong event in which speakers recounted communities and policies changed for the better because of the work of the Portfolio Advisory Board. From challenging corporate leaders to change policies for the benefit of people and planet to loaning money to people in underserved communities, the legacy of the PAB was palpable, as was the challenge to continue the work.
The PAB was established in 1975 in response to a proposal approved at the Adrian Dominican Congregation’s 1974 General Chapter to evaluate its financial investments “in relation to the Gospel social principles and the identification of means to effect change toward justice in the policies and operations of corporations.” The history of the PAB and the story of its efforts over the years were captured in a commemorative booklet by Adrian Dominican Associate Arlene Bachanov.
Over the years, two strategies have been used to effect change: shareholder advocacy, in which the PAB invests in corporations to encourage them to be “fair and responsible” to workers, customers, and the environment; and community impact investing, making low-interest loans to community organizations that benefit low-income people and underserved communities.
The celebration included a day of education during which several people spoke of PAB’s impact. Recordings of both the morning and afternoon sessions are available in the Video Library at adriandominicans.org and at the end of this article.
[Morning video starting at 08:10]
Left: Sister Marilín Llanes, OP, left, Director of the PAB, and Cynthia Crimm, Chair of the Board, serve as co-hosts at the PAB celebration. Right: Sister Janet Doyle, OP, joins others in applauding Sister Carol Coston, founding member of the Portfolio Advisory Board.
In her opening, Sister Marilín Llanes, OP, Director of the PAB and co-host of the event, recognized two Sisters whose longtime ministry with the PAB has had significant impact: Sister Carol Coston, OP, who served on the first PAB Board while ministering as founding director of NETWORK, a Catholic social justice lobby, and Sister Frances Lombaer, OP, “the longest-running participant in proxy voting.”
[Morning video starting at 34:40]
Sister Elise D. García, OP, Prioress of the Adrian Dominican Sisters, offers the opening remarks.
Sister Elise D. García, OP, Prioress of the Congregation,spoke of the shift in consciousness about our Earth home and the call to respond to the signs of the times that gave rise to the PAB, in remarks titled “One Earth Community.” After reviewing the history of the PAB, she explained its current focus on helping to build the beloved community.
“Martin Luther King invested it with a depth of meaning,” she said. “It is a vision where poverty, hunger, and homelessness will not be tolerated, where racism will be replaced by an all-inclusive spirit of sisterhood and brotherhood, and disputes resolved by peaceful conflict.”
Noting President Donald Trump’s recent talk at the United Nations, she said, “he undermines the foundations of concepts such as human rights or our duty to protect the environment. These are the values we associate with the beloved community.”
The PAB remains committed to the values of building the beloved community, even as “we are facing headwinds,” she said. For all who are committed to working on issues of concern, including gun violence, “we, your Adrian Dominican Sisters, say Adelante [forward]!”
[Morning video starting at 57:11]
Laura Krausa, Systems Director of Advocacy Programs for CommonSpirit Health, offered a keynote address on “Building Safe Communities.” She noted the “incalculable” costs of violence on communities and on the people involved and spoke of a 2008 initiative by CommonSpirit Health to address violence. “The best way to combat it is with solutions that reduce risk and build resiliencies.”
Laura attributed CommonSpirit Health’s initiative on community health to the “mandate” set by women religious congregations who had previously sponsored the hospitals and other healthcare facilities that now make up the current healthcare system. The Sisters had been “building cultures of peace” and expected CommonSpirit Health – current sponsor of the hospitals – to do the same, she said.
She described a successful model in which the healthcare system offers funds to communities to develop a plan to reduce violence that involves a broad coalition of stakeholders meeting regularly, listening to local community members, and addressing their areas of concern. Community programs initiated with CommonSpirit Health have included a program for girls that helps girls to understand their own value and power. A boxing program attracts youth “before they fall into gang life and coaches them to understand how they can be better people and maintain a more productive avenue” for their energy, she said. She also spoke of a gun safety program – piloted in rural London, Kentucky – to help residents understand the need to store their guns securely so that children couldn’t get to them.
Panelists on Case Studies in Building Safe Communities are, from left, Cynthia Ricks-Maccotan, Laura Krausa, and Sister Judy Byron, OP.
Laura led a panel in which Cynthia Ricks-Maccotan, Community Integration Program Manager for CommonSpirit Health, and Sister Judy Byron, OP, PAB member, spoke on their own work in building safe communities.
Cynthia gave the example of a mentoring program developed in one CommonSpirit Health community for young women of color, which included tutoring, free counseling with Brown, Indigenous, and People of Color (BIPOC) therapists, and after-school programs. Achievements included a decrease in violent behavior and an increase in school attendance and self-confidence.
Sister Judy spoke about several campaigns for gun safety in the aftermath of numerous mass shootings. In particular, members of the Northwest Coalition for Responsible Investment (NWCR) and colleagues in the Interfaith Center for Corporate Responsibility (ICCR) purchased stock in gun manufacturers Sturm, Ruger and Company and Smith & Wesson to ask how the companies are addressing growing gun violence. Getting no response, they filed a shareholder resolution with them and most recently filed a lawsuit in federal court against Smith & Wesson, naming the officers for wrongdoing in their sale of AK-47-style firearms.
Sister Judy also related a success story in which the same group of faith-based investors worked with gun retailers, asking them how they were implementing gun safety measures. The CEO of Dick’s Sporting Goods responded immediately, and after the 2018 shooting in Parkland, Florida, “right away he looked to see if they had sold the weapon” to the shooter, Sister Judy said. The sporting goods chain announced that it would no longer sell firearms to anybody under 21 or sell assault-style weapons or high-capacity magazines, she said.
[Afternoon video starting at 0:14]
Duanne Andrade, left, and Sister Corinne Sanders, OP, General Councilor, share a light moment during the panel discussion on Climate Justice.
Sister Corinne Sanders, OP, General Councilor and former Director of the Office of Sustainability, began the afternoon as moderator of a panel discussion on climate justice with Duanne Andrade, CEO of the Solar and Energy Loan Fund (SELF) and Carolyn Shenoy, Manager of Investor Relations for One Acre Fund.
Duanne explained that SELF, operating in 14 states, gives loans to low- to moderate-income families. With a mission to help families reduce greenhouse emissions and improve their homes, SELF manages 2,000 loans a month, tailored to the needs of each family. “We work at the intersection of resilience, public health, safety, and financial inclusion,” she said. “The biggest barrier is lack of access to capital.”
Duanne explained that SELF is independent, not receiving state support. “We survived thanks to the Adrian Dominican Sisters and thanks to Sister Corinne Florek,” who encouraged the organization to apply for a loan from the PAB, she said. “We’re the most established green CFI [Corporate Finance Institute] in the South.”
One Acre Fund works in 10 countries, mostly in Africa, giving farmers “opportunities to secure their livelihood and help to mitigate climate change through planting trees,” Carolyn said. She shared stories of how the PAB’s support of One Acre Fund has allowed farmers to succeed while challenged by climate change they did not create, she said.
One woman, a client from Burundi, learned from One Acre Farm how to increase her yield of crops and produce compost to improve her soil. “The increased harvesting means she’s feeding her family,” Carolyn said. “Sometimes she sells surplus food to buy food that they don’t produce, like meat. Farming is really profitable if it’s done well.”
[Afternoon video starting at 1:38:03]
Juan F. Soto, Organizing Director for Gamaliel Network, closed the education portion of the day. A national network of 43 faith-based affiliates in 14 states, Gamaliel is “committed to empowering ordinary people to participate in the political, social, and economic systems that shape your life,” Juan said.
He emphasized that climate change is “driving displacement,” creating climate refugees. He tied climate issues to immigration issues to environmental issues. “The cry of the migrant is tied to the cry of the Earth,” he said.
“The Church must stand boldly and say we will not separate climate and immigrant justice,” Juan said. “Our social teaching teaches us that creation is a gift from God – not something to be exploited. Pope Francis reminds us that the care of the environment and of immigrants are one.”
Juan called for a public witness among people of faith to begin investing in green, renewable energy rather than fossil fuels and to train leaders who see Pope Francis’ encyclical on the environment, Laudato Si’, as a mandate. “Let us together walk as a synodal church: listening, discerning, and acting, so that in the future people will know that the church stood not on the sidelines but on the frontlines of immigration and environmental justice.”
After the day of education and inspiration, participants gathered for a final time for a reception, featuring hors d’oeuvres, socializing, music by Mariachi Jalisco de Detroit, and the premiere showing of a video on the history and work of the PAB.
Feature photo at top: Sister Marilín Llanes, OP, left, Director of the PAB, and Cynthia Crimm, Chair of the Board, serve as co-hosts at the PAB celebration.
By Sister Judy Byron, OP, Portfolio Advisory Board Member and Maxwell Homans, Shareholder Advocacy Associate for Mercy Investments
February 18, 2025, Adrian, Michigan – Beginning in 2024, several prominent companies announced that they are ending or modifying their Diversity, Equity and Inclusion (DEI) programs aimed at hiring and supporting a more diverse workforce and supplier base. These announcements followed recent legal decisions regarding affirmative action programs, anti-DEI campaign rhetoric in the recent election cycle, and a flurry of anti-DEI shareholder proposals at companies in recent proxy seasons.
Ford Motor Company was among the first to announce changes in its DEI programs, citing an “external and legal environment related to political and social issues [that] continues to evolve.” The Portfolio Advisory Board joined other investors in filing a shareholder proposal requesting that the company disclose analysis that the company undertook before making changes to its DEI policies and practices. Ford’s announced changes included no longer participating in the Human Rights Campaign’s (HRC) survey on corporate practices related to lesbian, gay, bisexual, transgender, and queer (LGBTQ+) employees; not linking compensation to diversity goals; and changing the focus of employee resource groups.
In a subsequent meeting with Ford, the company assured investors that its commitment to diversity and inclusion is unwavering. The company said it has not put out a public clarification of its position because it wants to avoid feeding the media narrative grouping it with DEI rollbacks, but it immediately reached out to its largest investors to inform them of its continued commitment to DEI.
Speaking with Ford to hear firsthand why the changes were made and how it plans to continue fostering a working environment based on belonging and individual potential was helpful. However, we anticipate that the proposal will remain on the proxy ballot and hope that Ford will use the opportunity to explain its decision publicly.
Walmart announced in December that it will be rolling back some of its DEI initiatives and modifying its DEI language while continuing to encourage “a sense of belonging” for its employees, customers, and suppliers. PAB and other investors have engaged with Walmart for more than 30 years, including numerous dialogues and proposals that flagged the business and financial risks to Walmart associated with systemic racism, discrimination, and inequity as well as the significant benefits of advancing DEI.
On January 15, the PAB and other Interfaith Center on Corporate Responsibility (ICCR) investors sent an Investor Statement to CEO Doug McMillon and issued a press release expressing our deep disappointment regarding Walmart’s recent announcement about its DEI commitments. Subsequently, investors met with Walmart about its DEI program changes and we plan to continue engaging the company on that issue.
Early executive orders from the new Trump Administration have fueled fears that companies could come under federal investigation for their DEI programs and policies, and more companies, such as Target, have recently announced changes in their programs. We anticipate that urging companies to continue to prioritize DEI will be a significant focus for our engagements with U.S. companies for some time to come.
By Marilín M. Llanes, OP Director of the Portfolio Advisory Board and Office
January 14, 2025, Fort Pierce, Florida – In October 2024 two powerful hurricanes left widespread devastation in the southeastern United States. Communities in Florida, Georgia, the Carolinas, and beyond were walloped by the hurricanes within a two-week span, leaving lives disrupted and lost, homes destroyed, and critical infrastructure severely damaged.
In response to the serious needs arising from these cataclysmic storms, the Solar Energy Loan Fund (SELF) has been a beacon of hope, acting swiftly to deliver relief.
St. Lucie, Florida, in the county where SELF is headquartered, was directly affected by Hurricane Milton, which caused considerable damage to the area. Historically, SELF has offered financial assistance to residents of hurricane disaster areas with great success and impact. SELF stepped up again for the residents who needed the most assistance. Partnering with SELF, the Adrian Dominican Sisters Portfolio Advisory Board (PAB) is part of these rebuilding efforts.
On December 3, 2024, the PAB approved a Hurricane Recovery Loan for $100,000 with a very low interest to offer home repair loans of $10,000 to the most at-risk homeowners. With these loans, homeowners can make necessary repairs and replacements to ensure that their homes are safe and sanitary and do not continue to deteriorate further.
SELF is the first nonprofit in the country dedicated exclusively to climate equity, storm resilience, and sustainability in under-resourced and underbanked communities. SELF began its journey in 2009 as a U.S. Department of Energy pilot program in St. Lucie County, Florida, and has since expanded operations to four states – Florida, Alabama, Georgia, and South Carolina – focusing on projects in low- and moderate-income neighborhoods with a default rate of less than 2 percent. Since 2013, SELF has been a lending partner with the PAB.
We stand in solidarity with SELF in their diligence in providing hurricane relief to residents by offering low-cost loans with grace periods that allow ample time to repair their homes. Truly, SELF is a green beacon of hope in these challenging times.
Caption for above feature photo: These residents, like many others, receive service from the Solar Energy Loan Fund as they deal with devastation caused by hurricanes. Photo Courtesy of the Solar Energy Loan Fund
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.
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 Dee Ann Joyner, Associate Director of Portfolio Advisory Board
The Portfolio Advisory Board (PAB) held its spring meeting March 23-24, 2023, at Weber Retreat and Conference Center. The first day was devoted to business items, shareholder advocacy, and community impact investing. The second day focused on strategic planning. PAB member Joe Barker opened the meeting each day with a beautiful reflection and prayer.
The following are highlights from the meeting.
Following a presentation on community investing trends by Charlene Van Dijk, Senior Advisor for Community and Economic Development for the Federal Reserve Bank of Atlanta, Sister Marilín Llanes, OP, Portfolio Manager, presented an update on the PAB community impact loan portfolio. She then presented five loans for renewal and two new loans for approval.
The PAB approved the following loans for renewal:
New loans were approved for the following borrowing partners:
Pat Zerega, PAB consultant with Mercy Investment Services, and Judy Byron, OP, PAB consultant with the Northwest Coalition for Responsible Investing, presented a report on their activities for the 2023 proxy year. They have engaged with 34 companies on 66 topics in three major areas of focus: protection of human rights, healthy persons and communities, and environmental sustainability.
In addition, they filed 17 shareholder resolutions, 13 of which were accompanied by some form of dialogue with the companies. One of the resolutions (with Johnson & Johnson) was withdrawn when the company agreed to support the shareholder request for a third-party audit of the racial impact of its policies, practices, and products. The Adrian Dominican Sisters supported signing on to 24 letters, joining other faith-based investors in expressing viewpoints on actions of various companies at odds with our social impact criteria.
Following the mid-year report, Pat and Sister Judy were joined by Mary Minnette of Mercy Investment Services and shared their observations on trends in shareholder advocacy to inform further discussion by the PAB as part of its strategic planning process.
Cynthia Crim, center, Chair of the Portfolio Advisory Board (PAB), stands with Corinne Florek, OP, left, and Judy Byron, OP, as the PAB thanks them for their service.
The PAB and members of the General Council expressed gratitude to Sister Corinne and Sister Judy upon their retirements for their many contributions to PAB. Sister Corinne retired effective June 30, 2022, as portfolio manager, and Sister Judy will retire as shareholder advocacy consultant on June 30, 2023. Contributions were made to the Opportunity Resource Fund and to the Intercommunity Peace and Justice Council respectively in honor of Sisters Corinne and Judy.
Cynthia Crim, PAB Chair, thanked the retirees on behalf of the PAB and Corinne Sanders, OP, General Council Liaison and voting member of PAB, led a toast before members of PAB shared stories and appreciation.
Day two of the PAB meeting was devoted to engaging the board in a discussion of a proposed strategic planning process recommended by its Strategic Planning Committee. Cynthia and Sister Marilín began the day by leading a discussion of the book The Sum of Us by Heather McGhee. Members of the board had been asked to read the first three chapters of the book, which introduces the premise that racist policies impact everyone, not just those persons they are designed to hurt.
Following a discussion of how this impacts the work of PAB, the board spent the rest of the day discussing a logic model, the Theory of Change, as a framework for strategic planning. The discussion was led by PAB member Carla Mannings and Sister Marilín.
After an explanation of the Theory of Change Model, Carla and Marilín presented proposed vision and mission statements recommended by the Strategic Planning Committee. The board adopted the following to guide its work:
PAB 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.
PAB Mission: The mission of PAB 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.
The board then reviewed the outputs from the PAB September meeting discussion of the Enactments and agreed upon four overarching themes for the strategic plan:
• Shareholder Advocacy • Community Impact Investing • Alignment of the Work of PAB for Greater Impact • Collaboration with Internal and External Partners
A fifth area, Sustainability, will be integrated with the Shareholder Advocacy and Community Impact Investing themes.
The board began work on developing impact statements for the four themes and affirmed continuing to use the Theory of Change framework for its planning process. The Strategic Planning Committee will take the work of the board back to further develop each theme and return with recommendations for the board to consider in September.
The meeting ended with honorable closure. Please see the PAB website for monthly articles on our borrowing partners and shareholder advocacy activities.
Feature Photo at top: Attending the Portfolio Advisory Board Spring 2023 meeting are: standing, from left, Joseph Barker II; Associate Dee Ann Joyner, Director; Bibiana “Bless” Colasito, OP, General Council Co-Liaison; Marilín Llanes, OP, Portfolio Manager; Kristine Cooper, Office Manager; Cynthia Crim, Chair; Pat Zerega, Consultant; Carmen Mora, Vice Chair; Mary Minnette, Consultant; Carla Mannings; Corinne Sanders, OP, General Council Co-Liaison; and Janice Brown, OP, General Councilor and former Board member. Seated or kneeling, from left, are Corinne Florek, OP, retired Consultant; Judy Byron, OP, Consultant; and Mary Priniski, OP.
After serving as Portfolio Manager for Community Investing for the Portfolio Advisory Board (PAB) for the past four years, Corinne Florek, OP (left), will bring this work to completion at the end of this fiscal year. We thank Sister Corinne for her many contributions to the work of PAB, for building long-lasting relationships with borrowers, and for sharing her expertise and commitment to social impact investing.
The General Council invited Marilín Llanes, OP (right), to succeed Sister Corinne in the role of Portfolio Manager. In informing the PAB of Sister Marilín’s selection, Elise García, OP, General Council Liaison to the PAB, stated:
“The General Council is deeply grateful to Corinne Florek, OP, for her extraordinary decades-long leadership in the field of community investing and for her current service as the PAB’s Portfolio Manager. We are delighted to inform you that Marilín Llanes, OP, has accepted our call to take on the role of Portfolio Manager effective July 1, 2022, and that Associate Dee Joyner has agreed to continue as PAB Director through FY2023.”
Sister Corinne will be working with Sister Marilín during an on-boarding period until the PAB Annual Meeting in September 2022. Sister Marilín, currently serving as the PAB Board Chair, will step down from this role following the March 2022 Board meeting. She will remain a member of the Board until July 1, 2022, when she joins the staff as Portfolio Manager. The PAB will elect new leadership at its March meeting.
By Associate Dee Ann Joyner Director, Portfolio Advisory Board
October 12, 2021, Adrian, Michigan – The Portfolio Advisory Board (PAB) gathered via Zoom September 23-24, 2021, for its annual meeting. They welcomed new Board members, Carmen Mora and Joe Barker, who were both introduced on the PAB website last month. Elise García, OP, General Council liaison to the PAB, also attended her first meeting as a voting member following an amendment to the by-laws approved by the General Council in June.
The PAB also recommended to the General Council the appointment of Carla Mannings to an open position of the Board. The PAB recommended a change to the social impact environment policy to limit investments in any company receiving more than 3% of their revenues producing thermal coal or oil sands. The General Council approved both recommendations.
On Day 1 of the meeting, Judy Byron, OP, consultant on shareholder advocacy, facilitated a panel discussing pesticides and their impact on the environment. Margie Weber, a former PAB staff member and member of the Board, discussed the history of the Adrian Dominican Sisters’ advocacy activities on pesticides and genetically modified organisms (GMOs). She emphasized the long, slow process of changing corporate practices, yet the process does result in important changes.
Caroline Boden, with Mercy Investment Services, discussed the work she has been doing with the Interfaith Coalition for Corporate Responsibility (ICCR) with both food and beverage manufacturers and retailers. For example, the ICCR has gotten corporations to commit publicly to reduce their use of pesticides or at least to switch to less toxic treatments. She stressed the leverage these companies have on their supply chain and discussed success in dialogue with Campbell’s Soups and General Mills in reducing pesticide use on the ingredients in their products.
Corinne Sanders, OP, Director of the Congregation’s Office of Sustainability, discussed her office’s work on reducing pesticide use on the Motherhouse Campus. Her office ceased to use chemical-based pesticides that destroy the health of the soil and has transitioned to using neem oil to enhance fruit, berry, and nut tree growth. Neem oil only affects harmful insects, not pollinators.
In conclusion, the panel agreed on the need for a multifaceted approach to advocate consistently and continuously with companies to ensure their policies and practices reduce the use of harmful pesticides and to practice reducing our own personal use whenever and wherever possible.
Sister Judy and Pat Zerega, board consultant on shareholder advocacy from Mercy Investment Services, updated the Board on 2020-21 advocacy activities. On behalf of the Adrian Dominican Sisters, they engaged 43 companies on 65 engagement topics. The Adrian Dominican Sisters filed 17 shareholder resolutions and participated in 55 sign-on letters covering diverse topics. For example, a letter was sent to 21 food and beverage companies on issues of racial justice and food equity.
Pat and Sister Judy also presented the 2021-2022 advocacy plan which the PAB unanimously approved. The plan outlines strategies for PAB’s engagements with companies on issues such as the systemic inequities evident during COVID-19 and the quest for racial justice, as well as advocacy for policies that promote the rights of workers, food justice, and health equity. Investor statements and sign-on letters are often part of the advocacy process in these priority areas.
Day 2 focused on Community Investing. Corinne Florek, OP, Portfolio Manager for PAB, opened the meeting with a reflection excerpted from the social impact finance criteria developed by Richard Rohr’s Center for Contemplation and Action.
Sister Corinne provided historical background on the creation of the Religious Congregations Impact Fund (RCIF), for which she served as Founding Director until her retirement in 2020. Her successor, Sarah Geisler, provided an update on RCIF and its plans for future growth. The Adrian Dominican Sisters joined RCIF as a sponsor in 2017 and moved $1million from the PAB community investing portfolio to RCIF. RCIF and PAB often invest in the same non-profit organizations and collaborate in their approach to impact investing.
PAB then reviewed three loans presented by Sister Corinne. They approved the renewal of loans to Inclusiv, which provides capital to member credit unions serving low-income communities, and Fonkoze USA, a loan fund investing in small businesses in Haiti.
The Board also reviewed a new loan request from the Real People’s Fund, a collaboration among six non-profits serving the East Bay, California area. The purpose of the new Fund is to provide community capital funding to historically divested communities in the East Bay. The minimum loan term is seven years, which is longer that the Congregation’s policy of making loans for terms of one to five years. Because of its enthusiasm about the Real People’s Fund and its possible impact, the Board requested that the General Council amend the policy on the terms of loans so that they can consider approving a loan to the Real People’s Fund at a future meeting.
The last item on the agenda was a review of the community investing social impact criteria with a racial equity lens and discussion on possible changes. The Board postponed this discussion to the next meeting, giving them more time for an in-depth discussion of this important matter.
The next meeting of the PAB is scheduled for March 24-25, 2022.
October 12, 2021, Adrian, Michigan – At its October meeting, the General Council approved the Portfolio Advisory Board’s (PAB) nomination of Carla Mannings as the Board’s newest member. Carla joins the PAB Board immediately to fill an open position and begin a three-year term on July 1, 2022.
Carla is a relationship manager and Senior Vice President of the Commercial Lending Group of City First Bank in Washington, D.C. City First is the largest African American- owned bank in the United States. Before joining City First, she was Chief of Strategic Initiatives for Partners for the Common Good (PCG), with whom the Adrian Dominican Sisters have had a long relationship.
Carla is currently serving on the boards of National Coalition for Community Capital, Opportunity Finance Network, and National Disability CDFI Coalition. She has a bachelor’s degree from Howard University in Washington, D.C. and a Master of Business Administration degree from Brenau University in Atlanta.
"I have worked with Carla on the Resource Center for Religious Institutions, as well as on PCG’s board,” said Sister Corinne Florek, OP, who nominated Carla for the PAB. “She is a woman of great integrity and strong commitment to the work of justice. I feel she will bring much knowledge and experience in community investing. She is a great educator and communicator."
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