Jim Westrich westrich at miser.umass.edu
Wed Dec 19 11:36:23 PST 2001


When I was in high school (a very Catholic one) I got Michael Crosby (a priest and a Berkeley Econ Ph.D.) to speak at my commencement. He founded the Interfaith Center for Corporate Responsibility which was still small in the mid-80's (currently their members have a portfolio over $110 billion from mostly Catholic institutions). He tirelessly tried to leverage small investments into changed corporate policies (mostly having to do with policies in poorer nations). I believe he was one of the founders of this type of shareholder activism.

Looking at ICCR (http://www.iccr.org/ ) for the first time in over a dozen years is quite an eye opener. While I have been generally skeptical of this type of activism in the past, it is not clear what good they are doing these days. Crosby was a Franciscan priest and pacifist. Now the ICCR is against weapons in space and private foreign-trafficking of weapons (but slaughtering millions on Terra Firma with indigenous or government-supplied weapons is apparently OK).

I'm sure they do some good, they support lots of really good "resolutions" and "platforms" and "commitments" but do not appear to support things with teeth. They seem to exist mostly to launder Catholic guilt from all their profitable healthcare institutions. Celebrities seem to do their shareholder "protests". Now they are just more self-absorbed activitists in a self-absorbed country. It's all "win-win"unless your a loser.

Despite member portfolios of over $110 billion you can still give them money as tax deductible charity.

Jim

At 01:45 PM 12/19/01, you wrote:
>Marta Russell wrote:
>
>>hmmm ...excuse me but isn't it investors who demand the highest returns
>>(profits) on their investments. Don't the CEOs and managers work for the
>>investors? Are investors going to reverse the damage on people and the
>>planet by having more control over management? Hell no, they are Wall Street.
Doug wrote:
>Wow. Thanks for pointing this out. Ralph moves from the petit bourgeoisie
>to promoting the interests of big rentiers, while using a rhetoric of
>democracy. Nice trick.

"It's a tiny little heart that challenges the coin"

-- Paul Heaton in "Big Coin"



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