Letter to the Editor: The New York Times

To the Editor:

DealBook got it wrong.

While it is true that the shareholder activism movement has evolved to include more mainstream investors concerned with the deleterious impacts of corporate malpractice, we must point out several inaccuracies in your piece. As asset owners and managers as well as “religious investors with ties to Catholic nuns and other spiritual outfits,” members of the Interfaith Center on Corporate Responsibility were among the original “shareholder activists.” We continue to engage hundreds of companies each year on critical issues including risk management in the financial services sector, safer operations in extractives and labor issues in global supply chains.  Contrary to Proxy Monitor’s reporting, our database indicates that in 2012 companies received 133 resolutions from ICCR members of which roughly half were filed by faith based members, who should be recognized for their long track record as true financial innovators and market "early warning systems" not dismissed as gadflies.

Laura Berry
Executive Director
Interfaith Center on Corporate Responsibility

About the Interfaith Center on Corporate Responsibility (ICCR):
Currently celebrating its 40th year, ICCR is the pioneer coalition of active shareholders who view the management of their investments as a catalyst for change.  Its 300 member organizations with over $100 billion in AUM have an enduring record of corporate engagement that has demonstrated influence on policies promoting justice and sustainability in the world.