Perspectives – Bloomberg, McKinsey, Leading ESG Investors, Mark Cuban – on Corporate Purpose and the Virus Crisis

Excellence in Corporate Citizenship on Display in the Coronavirus Crisis – Post #8   

“Corporate Purpose – Virus Crisis”   #WeRise2FightCOVID-19

April 1, 2020

By Hank Boerner, Chair & Chief Strategist, and the G&A Institute team members

On Corporate Purpose – Words and Actions – Thoughts From Influentials As The Virus Crisis Deepens Worldwide — the Focus on Purpose Can Help Corporate Generals Lead From the Front

In summer 2019, The Business Roundtable (BRT), the association of the CEOs of 200 firms, revamped the organization’s mission statement to read…

…“as leaders of America’s largest corporations, BRT CEOs believe we have a responsibility to help build a strong and sustainable economic future in the United States.”

This followed the publication of the January 2019 CEO-to-CEO letter of Larry Fink, who heads BlackRock, the world’s largest asset manager (and therefore a major fiduciary investing in the BRT companies). He regularly writes to the CEOs of companies that BlackRock invests in to let them know where of the major investors stands.

He wrote at the start of 2019…

…Purpose is not the sole pursuit of profits but the animating force for achieving them. And, profits are in no way inconsistent with purpose; in fact, profits and purpose are inextricably linked.

And again in his January 2020 letter to CEOs, Chair & CEO Larry Fink said:

…“As I have written in past letters [to CEOs in 2019, 2018] a company cannot achieve long-term profits without embracing purpose and considering the needs of considering the needs of a broad range of stakeholders. Ultimately, purpose is the engine of long-term profitability.”

Fast forward to March 2020 and now into April. What is the walk-of-the-talk of the CEOs (181 of them) who were signatories as the coronavirus crisis grips the U.S. and the world — and the actions of the signatories’ firms as stakeholders look for aid, comfort, security, payroll, taxes paid, and more?

And what other companies not necessarily in the Roundtable? What actions are taken leveraging corporate power to help society?

The stakeholders are watching. And a good number of the Business Roundtable companies are responding to address societal needs.

And what are the perspectives shared about all of this? We bring you some of these today. Here are some of the views and advice of experts and  influentials.

McKinsey Speaks – On How to Demonstrate Corporate Purpose

Says the influential management consulting firm, McKinsey & Company: Companies will define what they do in the crucible of COVID-19 response – or be defined by it.

So what could company managements be doing when the primary purpose of their efforts is to help the enterprise survive? McKinsey acknowledges this — and provides some advice. This is from their bulletin today.

Questions are being asked, of course, related to survival. How long will the crisis last? What are peers doing? How do we pay our people?

“WIN” – what is important now? (The G&A team has asked and helped to answer that question many times in our three decades of crisis management support for client companies over the years.)

First up, advises the McKinsey team members — understand your stakeholder needs and then with the understanding gained, prioritize your response. There will be tradeoffs among stakeholders – prepare for that.

Then, bring the greatest strengths of the organization to bear – consider, how can you make a difference?

McKinsey advises “collaborate with suppliers and customers and they may identify strengths you didn’t know you had”.

Examples offered:  Car makers can make ventilators (GM, Ford etc). Perfume companies can rapidly turn to manufacture hand sanitizer (LVMH and Estee Lauder are doing that today as we’ve reported in these briefs).

As you move forward, test the assumption and decisions you are taking against your stated purpose – communicate – explain (how and why).

Banks have a commitment to lend money in their community. If the bank pulls away – why? The action could help to define that institution in and after the crisis.

Give people something to do! (We also shared this advice a number of times early in the crisis.)

Involve employees in solutions. Give them a sense of purpose. Your team is looking for signals of leadership. And how to help.

And McKinsey says, the positive is that you may in the process be identifying the next generation of your company’s leadership!

Try new ways. Try using “cross-cutting” teams to develop new solutions, new ways to do things.

When in 2005 Hurricane Katrina hit, Wal-Mart Stores asked employees to deliver supplies to areas that were hard to reach. And we remember that the company’s store managers on their own ordered extra supplies and kept the stores open – even as their own homes were being destroyed.

That led to the CEO embarking on a strategic sustainability journey that revolutionized the whole company and in the process formed the Sustainability Consortium!

And like the best of the military leaders, you should yourself lead from the front. Communicate – often, early. Don’t sugarcoat the news. Adapt to changing conditions (and then communicate again). Your enterprise looks to its leaders for guidance.

Things that stand out for us that McKinsey explains:

  • Executives are uniquely poised now to bring corporate power, guided by social purpose to aid millions of dislodged and vulnerable lives. Done well, your actions can bridge the divide between shareholders and stakeholders. And leave a lasting, positive legacy.
  • Credibility is both essential and fragile element of executive leadership. Authentic actions demonstrate the company’s genuine commitment to social purpose.

Thanks to McKinsey’s Bill Schaninger, senior partner in Philadelphia, and Bruce Simpson, senior partner in Toronto, and their colleagues Han Zhang and Chris Zhu, for the valuable insights and guidance offered to corporate leaders.

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Mark Cuban on COVID-19 – Words & Action

We are often entertained by the antics of Mark Cuban on the courts (he’s owner of the Dallas Mavericks NBA team) and appears on the hit TV show, “Shark Tank”. He was serious this week in addressing the virus crisis.

On Twitter he advised the federal policymakers: “Dear government, here is why you require companies that receive bailouts to retain 100% of their employees. The cost of the bailout loan – eventual payments will cost taxpayers less than the cost of government assistance programs for fired employees. Case closed.”

And…

“If you run a business, BEFORE YOUR FIRE ANYONE (or any more), you have an obligation to yourself/employees to find every gov loan option available today and those soon to come. Find the time. When the gov loans start you want to be already an expert and in line.”

Mark Cuban then walked-the-talk, setting up a way to pay his team’s venue employees (American Airlines Arena) even though games are cancelled and no one is coming. Then sent $100,000+ to the area’s not-for-profits aiding the Big D residents.

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Investor Coalition Speaks Its Mind on Corporate Purpose

Nearly 200 long-term institutional investors (with AUM of US$4.7 trillion) called on company managements to protect their workers – difficult to do, the investors acknowledge. Board directors are accountable for long-term Human Capital Management strategies (they remind board members on both domestic U.S. and global companies).

The steps companies could take, says the investor group:

  • Provide paid leave – including emergency leave) for full-time, part-time and subcontracted workers.
  • Prioritize health and safety – meaning, worker and public health safety, and to protect social license to operate. That may include closing facilities as precautionary step.
  • Maintain employment levels – your workers are well-trained (we hope!) and will enable the company to ramp up quickly once the crisis is resolved.
  • And be on the watch for any moves that may be discriminatory.
  • Maintain customer – and supplier — relationships to ensure that you can help stabilize them if necessary (such as financial challenges to suppliers) and to protect your own and other communities and businesses.
  • Practice financial prudence – demonstrate, the advisors strongly urge, the highest levels of ethical financial management and responsibility. And, limit executive and senior management compensation during the crisis (not repeating the practices of companies in the 2008 financial practices with money provided by the taxpayer).

Corporate leadership is critically-needed, the coalition stresses, to help society get through the crisis.

Among the investors in the coalition issuing the advice to public company managements: the Interfaith Center on Corporate Responsibility (ICCR) coalition (with 300 institutional members); the New York City public employees pension fund, led by Comptroller Scott Stringer; AFL-CIO fund; the state treasurers of Connecticut, Maryland, Rhode Island, Oregon, Vermont; American Federation of Teachers (AFT); the British Columbia Government and Services Employees Union; Aviva Investors; APG; Boston Common Asset Management; Coalition on Corporate Responsibility in Indiana & Michigan; Cornerstone Capital Group; Communications Workers of America (CWA); Robeco Asset Management; numerous foundations and religious orders and denominations.

Information: https://www.iccr.org/program-areas/human-rights/investor-action-coronavirus

All of this is spelled out in the “Investor Statement on Coronavirus Response” being circulated among fiduciaries.

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Believe the Investor’s Urging Will Pay Off?

Bloomberg LP provides us with some of the early answers.  Bloomberg Intelligence’s (BI) Shaheen Contractor (ESG Team BI Industry Analyst) in a brief for terminal users noted that an analysis of ESG Exchange Traded Funds (ETFs) during the selloff for the week ending February 28 provided a buffer for their investors and outperformed their benchmarks. The data: only 8% of ESG ETFs had outflows while 22% of all U.S. ETFs saw outflows.

This, she writes, suggests ESG is seen by investors as a long-term investment and not a trading strategy.

And the flow to ESG ETF’s suggests that these instruments are “sticky” and less cyclical. Where where the flows to ESG ETFs? BlackRock, JPMorgan, BNP Paribas, Societe Generale, DWS, State Street, and Vanguard all saw inflows during the drawdown.

Good news for investors looking for “proof of concept” of ESG/sustainable investing from Shaheen Contractor – thanks to her and Bloomberg for sharing this good news.

Her email is: scontractor2@bloomberg.net

The brief: “ESG ETFs See Relative Outperformance, Inflows During Drawdown”

For information, it is on the Bloomberg: https://blinks.bloomberg.com/news/stories/Q6RT29T0G1L2

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Lead from the front.  The general who led the effort to win WW II for the U.S.A. and the democracies, General Dwight D. Eisenhower (President, 1953-1961) observed:   “Leadership is the art of getting someone else to do something you want done because he wants to do it.  You don’t lead by hitting people over the head–that’s assault, not leadership.”

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G&A Institute Team Note:
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

The new items will be posted at the top of the blog post and the items today will move down the queue.

We created the tag Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag “WeRise2FightCOVID-19” for our Twitter posts.  Do join the conversation and contribute your views and news.

Send us news about your organization – info@ga-institute.com so we can share.   Stay safe – be well — keep in touch!

Nasdaq Supports Crisis Relief Organizations, Makes Commitment to Clients

March 25, 2020  #6 in the series

by Hank Boerner – Chair & Chief Strategist – G&A Institute and the G&A team — continuing the conversation about corporate and investor response to the coronavirus crisis.

We are going to post the individual organization’s actions for ease of reference for our readers.

See the first post in the queue for details about this series.

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NASDAQ Supports Relief Organizations, Makes Commitment to Clients

Nasdaq CEO Adena Friedman notes: “As a responsible corporate citizen, we strongly believe Nasdaq can contribute in important ways to support our communities as we manage through these challenging times together.

“This means support government authorities and global health organizations in their response efforts, increasing our philanthropic support to organizations focused on supporting small businesses, and providing funds to groups working tirelessly on the front lines of this pandemic to keep our communities safe.”

Walking the Talk: Cash and in-kind donations (US$6 million) are being provided, with $5 million cash in these commitments:

  • Opportunity Fund’s Small Business Relief Fund to support small business owners;
  • the World Kitchen’s #ChefsForAmerica relief efforts to provide meals to students, seniors, vulnerable communities;
  • World Health Organization’s COVID-19 Solidarity Response Fund to help front-line health workers and their patients to get essential supplies and to accelerate efforts to develop vaccines, tests and treatments.
  • The Greater New York Hospital Association is receiving 12,000 face masks from Nasdaq and the firm’s clients, partners and vendors are encouraged to donate more.
  • Nasdaq employee contributions to global COVID-19 relief/response efforts are being double matched through the Nasdaq GoodWorks program. Info at: https://www.nasdaq.com/GoodWorks
  • Employees are now volunteering “virtually” as part of the effort to keep employees and partners’ employee safe in the crisis.
  • An estimated $1 million in advertising time on the Nasdaq MarketSite Tower in New York City’s Times Square has been reserved for PSAs (public service announcements) related to the concept of “social distancing” (stay away from each other!) and efforts to #flattenthecurve.
  • And – corporate clients’ philanthropic and PSAs will be included in Nasdaq campaigns (such as in outdoor advertising, social media, digital campaigns).

Important: All Nasdaq operations – products – services will remain operational through the global remote workforce and splitting of team deemed to be essential for the on-site staff.

The company is asking for U.S. Securities & Exchange Commission (its regulator) permission to suspend price-based and shareholder equity rules for listed companies to give those public companies breathing room to adjust to the crisis — and for other adjustments.

Nasdaq is one of the world’s leading global technology companies, serving the global capital markets with data, analytics, software and a range of services. 120 market operators are served globally.

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Bravo, Nasdaq team – and thank you for your efforts. We are all looking forward to the recovery and upward bound quotations on the Nasdaq global platforms on the post-crisis period.

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G&A Institute Team Note:
We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

The new items will be posted at the top of the blog post and the items today will move down the queue.

We created the tag “Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag “#WeRise2FightCOVID-19” for our Twitter posts.  Join the conversation and contribute your views and news — info@ga-institute.com.

Estée Lauder Companies Actions in the Crisis

Continuing the Series – Excellence in Corporate Citizenship on Display in the Coronavirus Crisis – Actions Taken By the Corporate Sector Leaders – #5 in the series

March 25, 2020
by Hank Boerner – Chair & Chief Strategist – G&A Institute and the G&A team — continuing the conversation about corporate and investor response to the coronavirus crisis.  From this post on, we are going to post the individual organization’s actions for ease of reference for our readers.  We’re sharing these posts through our social media and suggest you might do the same to help get the news around.

See the first post in the queue for details about this series – scan down to see that for information.

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“Guided by its family values and spirit of giving,” The Estée Lauder Companies and The Estée Lauder Companies Charitable Foundation (ELCCF) “stand with the global community” and are adjusting the traditional giving programs to provide aid to help limit the spread of the virus and help to ease economic hardships. Just announced:

The company and foundation are supporting the work of Doctors Without Borders/Medicins Sans Frontieres (MSF) with a financial grant of U$2 million. Among the many projects of MSF, the international medical humanitarian assistance has been lending aid to people in distress.

Such as in wartorn Syria, with one million people uprooted in the midst of war, suffering food shortages, lack of medical aid, and now the virus crisis. The MSF organization has to date provided specialized burn units, surgery, physiotherapy and psychological support in Syria and other regions of the world.

The Estée Lauder financial assistance will help Doctors Without Borders/Medicin Sans Frontieres in highly-impacted countries.

The company’s Melville, New York manufacturing plant (on the Nassau-Suffolk counties border) re-opens now to product hand sanitizer for high-need organizations and populations – especially including front-line medical staff.

Note: compensated employee volunteers are doing the vital work here, as both counties are covered by the New York State “stay at home” guidance.

In New York City, where the company is headquartered, a grant was provided to support “The NYC COVID-19 Response & Impact Fund”. This is administered by the New York Community Trust which manages hundreds of family and organizational trusts and makes targeted grants to worthy causes.

The new fund will (with at least US$75 million raised to date) support NYC’s vital social services and cultural community organizations.

The 90-year old NY Community Trust helps donors “make smart grantmaking solutions” that address the quality of life issues that align with the donors’ values. (The Trust staff is continuing their work remotely as New York City is mostly shut down.)

The various donors (individual and organizational) are typically in such buckets as poverty, justice, education, health, arts, environment, LGBTQ, elderly, and children and teens. More information is at: https://www.nycommunitytrust.org/

In China, over $800,000 was awarded by Estée Lauder to relief efforts – including the Red Cross Society of China, Shanghai Charity Foundation, and Give2Asia. $1.4 million was provided with in-kind donations to the China Women’s Development Foundation to support front line medical staff.

As the crisis evolves, ELC and the ELCCF will continue to align philanthropic resources based on needs – prioritizing food, medical and emergency assistance. The foundation focuses effort on health, education and the environment and makes annual grants to organizations that align with these.

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Congratulations to the global Estée Lauder team (in the USA and other nations, wherever you are working today).  These efforts reflect the values instilled early on in the firm from those earliest day by Estée Lauder and husband, Joseph, in New York City in 1946.  They created cleansers, oils, skin lotions, creams. Today grandson William P. Lauder is executive chairman of the global firm that makes fragrances, hair and skin makeup products, make up, and other products.   Founder Estée Lauder was named by Time magazine in 1998 as one of the 20 most influential business leaders of the 20th Century.

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G&A Institute team note: We are continuing to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

The new items are posted (beginning with this one) at the top of the blog post and the items then will move down the queue.

We created the tag “Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag “#WeRise2FightCOVID-19” for our Twitter posts. Join the conversation and contribute your views and news — email info@ga-institute.com. Keep up the good fight!

Excellence in Corporate Citizenship on Display in the Coronavirus Crisis – #4

by Hank Boerner – Chair & Chief Strategist – G&A Institute and the G&A team — continuing a new conversation about the corporate and investor response the coronavirus crisis…continuing the second week of the conversation… Post #4 – Late Evening,  March 23 … second of the day

 

 

 

 

 

Introduction
These are the times when actions and reactions to crisis helps to define the character of the corporation and shape the public profiles of each of the corporate citizens. For companies, these are not easy times.

Many important decisions are to be made, many priorities set in an environment of unknown unknowns — there are many stakeholders with needs to be taken care of.

The good news: Corporations are not waiting to be part of the solution – decisions are being made quickly and action is being taken to protect the enterprise. This is no easy task while protecting the corporate brand, the reputation for being a good corporate citizen, watching out for the investor base and the employee base — and all stakeholders.

What are companies doing? How will the decisions made at the top in turn affect the company’s employees, customers, hometowns, suppliers, other stakeholders?    Stay tuned.

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Getting Pharmaceuticals to Those in Need

The giant global pharma company Novartis commits to donate up to 130 million doses by end of May of generic hydroxychloroquine (a compound) – this and chloroquine are being evaluated to treat COVID-19. In New York State, tomorrow trials will begin for the use of the two drugs.

Novartis Sandoz division is pursuing regulatory approvals and once that is in hand the managers will work with stakeholders to figure out how to get the drugs to patients. (Novartis has registration for hydroxychloroquine in the USA.)

This is part of the Novartis COVID-19 Response Fund (US$20 million) effort for drug discovery, development, collaboration and price stability. Novartis will work with other companies to support global supply.

The Novartis enterprise resulted from the merger of Sandoz and Ciba-Geigy.

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Bayer AG (Germany) is partnering with the federal government to get several millions of anti-malaria drugs – millions of tables of chloroquine (on label: Resochin® – made of chloroquine phosphate) to the U.S. – the other half of the experimental treatment. President Donald Trump called on regulatore to agree on an emergency-use authorization.

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Funding — Cash Really Helps to Bring Aid to the Nation

Morgan Stanley committing $10 million in cash to support children’s wellbeing and capacity-building for first responders. The first distribution is for Feeding America, the CDC Foundation and the World Health Organization’s COVID-19 Solidarity Health Fund.

The CDC Foundation will use the fund to support local and state health departments, the global response, logistics, communications, data management, PPEs, and supplies. These funds are in addition to $500,000 in employee matching to charities supporting the initial outbreak in Wuhan, China.

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Keeping the Power on and Communities’ Needs Met

Alliant Energy, the utility serving Iowa and Wisconsin in the Heartland, donated $100,000 to COVID-19 relief efforts through its foundation arm. CEO John Larsen said the firm worked with non-profit partners to identify local needs – and cash was at the top of the list.

Contributions are headed to non-profits in the two states – to six food banks to be divided between Iowa and Wisconsin (for food boxes, mobile drive-through pantry support, gaps in school lunch programs. And the American Red Cross chapters in each state will receive funds. When the employees and retirees donate to local relief efforts, the Alliant Energy Foundation will match gifts up to $3,500 this year.

The company activated its comprehensive pandemic emergency plan and instituted safety work practices to protect employees. And yes, “Powering What’s Next” is the title of the 2019 Corporate Responsibility Report – you can see it here: https://sustainability.alliantenergy.com/

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Driving Folks Around in a Lyft During the Crisis

The drive-sharing service Lyft’s co-founders (John and Logan) sent customers an email. “All of us feel the weight of our responsibility to the community right now.” To drivers (who need the cash) and to customers, to be their critical lifeline, especially those in need.

And so to support drivers and maximize community impact:

  • Supporting delivery of medical supplies and providing access to necessary transport, especially for low-income individuals.
  • Activating LyftUp to donate tens of thousands of dollars to families and children, low-income seniors, doctors and nurses.
  • Teaming with United Way, World Central Kitchen and Team Rubicon.
  • Riders and drivers encouraged to stay home if they are sick – and work with medical professionals to discuss transportation options.

Coming all together to help:

Governments, not-for-profits, healthcare entities are asked to get in touch with Lyft to discuss how the company can help – form to reply is here. 

Foundations and philanthropic organizations looking to help can connect via email: LyftUpCovid19Funding@lyft.com.

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The Buzz is All About E-Learning – What Do People Need?

In Houston, Texas, school children are at home (and so are their teachers), and “e-learning” or tele-learning is the alternative method of keeping the school year going. Harris County Sheriff’s Office and CITGO Petroleum Corporation are donating 150 tablets (Kindles) to the Houston and Alief Independent School Districts to support low-income students’ e-learning needs during the crisis.

CITGO has had a six-year partnership with the sheriff’s office in offering the “Kindling Young Minds Program” to provide Kindle Fire tables to Houston-area students with perfect or much-improved attendance records – that program is modified now to meet crisis conditions.

The tablets were in student’s hands by March 19th. (More than 600 tablets are now in use.) As they say, life hands you a lemon – go make buckets of lemonade!)

CITGO operates three refineries in Texas, Louisiana and Illinois; wholly or jointly owns 48 terminals, 9 pipelines and other businesses and is #5 refiner in the U.S. The familiar brand is in 30 states. Old timers remember the original brand – Cities Service.

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Along these lines, Discovery Education is helping homebound students (and parents & guardians) by launching “Daily DE” – digital curriculum resources, engaging content and professional learning for K-12 classroom. This is a suite of free activities and resources for students and their families.

There are partners in the offering: Afterschool Alliance, American Heart Association, the NFL, US Shoah Foundation, Tiger Woods Foundation, Siemens, 3M, TCS, and others. You can find out more at: https://www.discoveryeducation.com/

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Putting Food on the Table — Addressing the Anxieties of Families

Families and individuals are in need of food during the crisis and Albertsons Companies and Albertsons Foundation pledge funds and launch a major fundraising drive to “fight hunger” during the crisis.

This is a call to action; CEO Vivek Sankaran explains that Albertsons Companies are on the front line of hunger relief and calls on communities to assist. The “Nourishing Neighbors” program (especially focused on breakfast for kids) needs help to feed families now.

Contributions are solicited for food banks, emergency meal distribution at schools, senior center meals, and family access to federal food programs.

There’s information at: AlbertsonsCompaniesFoundation.org.

Hey shoppers – you, too, can chip in at branded retail outlets as they stock up for their own families – look for information at Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Star Market, Tom Thumb, Randal’s, ACME, and other of the company’s retail food outlets.

Internally, Albertsons employees are helping each other with donations to the “We Care Fund”, part of the foundation activiti4es.

In 2019, Albertsons Companies and the foundation donated $225 million in food and financial support to communities, for education, hunger relief, cancer research and treatment, veterans outreach, and for people with disabilities. To that list the company and foundation added COVID-19 relief.

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Getting Money and Help to the People Who Need it

Fifth Third Bank Bancorp (Cincinnati) and the Fifth Third Foundation and the Fifth Third Chicagoland Foundation will direct $8.75 million in funds to support community members.

“Recovery and Resilience Funds” will direct funds through “Strengthening Our Communities” grants of the foundation to support small businesses, affordable housing and homeownership, and economic development. Relief funds are directed for COVID-19 response in areas served by Fifth Third Bank.

The institution is also offering a vehicle payment waiver program; consumer credit card payment waiver; mortgage and home equity program for late payments (with no late fees); small business payment waiver (up to six months for loans); suspension of vehicle repossession actions; suspension of foreclosures. Many of these are for at least 60 and 90 days duration.

Banking units serve Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, W Virginia, Georgia, and North Carolina. The federal bank had $169 billion in assets and 1149 full service banking centers. Money management: Fifth Third is among the largest institutions in the Midwest with $413 billion in assets under care.

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And More Funds for Small Businesses

Facebook launched a $100 million grant program for small businesses that are being impacted by the pandemic – most of the disbursements will be in cash payments, with some credits for business services.

“We’ve listened to small businesses to understand how best we can help them,” explains Facebook COO Sheryl Sandberg. Being helped: 30,000 small business enterprises in 30+ nations where Facebook employees live and work.

Facebook’s estimate is that as many as 140 million businesses use the apps each month to help in management and market of the firm as some 200 million people visit an Instagram Business Profile every day.

According to Forbes writer Maneet Ahuja, such firms as Unashamed Imaging (principal, Anesha Collins), a Florida-based wedding photographers is using Facebook Live and IGTV to keep in touch clients; Heavenly Soap (principal Patti Gibbons) pushes ahead using Facebook. These are the types of firms considered for the program.

Last week Facebook launched Business Hub, with resources for small businesses. Info: https://www.facebook.com/business/boost/resource?ref=alias

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Close to home for some of us on the G&A Institute team who live in suburban Nassau or Suffolk counties, PSEG Long Island and the PSEG Foundation are lending support to the leading food bank in the area – Island Harvest.

The company and its foundation are supporting the Island Harvest Food Bank with a grant of $45,000 to address rising food insecurity – including helping local children without access to school food programs because their schools are closed.

Island Harvest relies on donations of surplus food by commercial establishments, wholesalers, supermarkets, individuals. Each day, surplus bread and other commodities have been donated by local Panera Bread markets, for example.

The electric utility’s regional territory includes the populous Nassau and Suffolk counties (almost 3.5 million population. CEO Daniel Eichorn points out that many of the company’s employees volunteer to help Island Harvest each year and the funds will help as part of the ongoing partnership with the food pantry.

PSEG Long Island is a subsidiary of the New Jersey-based Public Service Enterprise Group Inc, a diversified energy company.

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G&A Institute team note: We continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

The new items will be posted at the top of the blog post and the items today will move down the queue.

We created the tag “Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag “#WeRise2FightCOVID-19” for our Twitter posts.  Join the conversation and contribute your views and news — email info@ga-institute.com

Excellence in Corporate Citizenship on Display in the Coronavirus Crisis

by Hank Boerner – Chair & Chief Strategist – G&A Institute and the G&A team   — starting a new conversation about the corporate and investor response the coronavirus crisis…this is the beginning….

These are the times when actions and reactions to crisis helps to define the character of the corporation and shape the public profiles of each of the corporate citizens. For companies, these are not easy times.

Many important decisions are to be made, many priorities set in an environment of unknown unknowns — and there are many stakeholders to be taken care of.  

Employees – Customers – Suppliers – Regulators – Partners – Investors – Lenders – Communities – Civic Leadership.

We are in the age of the stakeholder – beyond the long-time focus on investors only (the Milton Friedman school of shareholder primacy).

Setting the challenge before corporate leaders for us, The New York Times in a story by Jim Tankersley and Ben Casselman, we read:

“Economists fear that by the time the coronavirus pandemic subsides and economic activity resumes, entire industries could be wiped out, proprietors across the country could lose their businesses and millions of workers could find themselves jobless.”

As the Federal government rushes to aid the American society, CEO Chuck Robbins of Cisco put things in perspective in the story: “It’s critical that D.C. do something fast for companies – if you get 80 percent right today, it’s better than waiting a week and getting it 90% right.”

The good news:  Corporations are not waiting – decisions are being made quickly and action is being taken to protect the enterprise – no easy task while protecting the corporate brand, the reputation for being a good corporate citizen, watching out for the investor base and the employee base — and all stakeholders.

We’re starting this commentary in the first week of the crisis breaking through the barriers of doubt and with reality setting in. What are companies doing? How will the decisions made at the top in turn affect the company’s employees, customers, hometowns, suppliers, other stakeholders? Stay tuned.

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March 20, 2020 – Day Four of the National Shutdown in the Coronavirus Crisis…

Outdoor Heroes and Timberland

(The firm is well known for its shoes and boots and out-of-doors gear)

Message to Consumers
At Timberland, we’ve always cared deeply about nature and people.
With this great passion, comes the responsibility to protect the health and well-being of our community. For this reason, to help slow the spread of the COVID-19 coronavirus and minimize impact, we’ve decided to temporarily close our stores. All retail employees at these locations will continue to receive full pay and benefits during the closure period.

In the meantime, we can stay in touch through our social channels and your can shop from home at our online store with free shipping.
As an outdoor brand, it’s hard for us to suggest that you stay home, but for now it’s advised. Perhaps use this time to plan your next outdoor adventure. Nature will wait for us. #NATURENEEDSHEROES (end)

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Amazon – Hiring Underway in the Dark Valley of Layoff Land

The giant internet retailer Amazon is set on hiring 100,000 workers for warehouse and delivery services to help the company meet the delivery demand during the crisis period. This could be a relief for workers laid off in key industries – restaurants, hospitality, airlines, amusement parks, and other service industry categories.

The company will create both full and part-time positions, paying a minimum of $15 per hour to $17 per hour in the USA, with similar raises in Canada, the UK and EU states.

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Delivering All Those Packages – FedEx on the Line

FedEx says it will not require recipient to physically sign for deliveries during the crisis in the USA. The company has set up COVID-19 safety page for information: https://www.fedex.com/en-us/coronavirus.html

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Paying for Those Deliveries — Chase Bank for Business – Adjusting Branch Hours

Chase Bank notified customers today that branch hours may be adjusted (for in-person or ATM visits). The bank encourages customers to use the Chase Mobil App (bank from anywhere). The bank explains that the branch teams are using EPA-approved disinfectants for cleaning ATM screens and key pads for customer safety.

“Chase for Business” has a “Business recovery page” for the latest information. Chase is encouraging customers to tune in to the advice at: https://recovery.chase.com/customers  — to keep their contact information current and up to date.

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Valley Bank – Relief for Customers — From the Regional Bankcorp Serving New York, New Jersey, Florida and Alabama.

Announcing Relief Measures:

  • The bank will be increasing debit and credit card limits.
  • Increasing the funds held in ATMs for easy access to cash.

For eligible customers (consumer and business) – the invitation is out to connect with the Valley representative to discuss interest and principal deferrals; waiver of overdraft charges; waiver of penalties for early CD withdrawals for emergencies; increased loan limits.

Valley is an SBA lender and will implement the federal government’s emergency plans. Bancorp has total of US$37.5 assets.

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Grubhub – We’ll Save Restaurants $100 Million in the Crisis

CEO / Founder Matt Maloney told CNN that the firm is temporally suspending collection of up to US$100 million in commission fees for delivery etc that the firm collects from vendors.

Grubhub services more than 350,000 restaurants of all types, including McDonald’s, Wendy’s and Subway. But of the total, some 80% are locally-owned businesses.

The announcement was made in Chicago with Mayor Lori Lightfoot and local restaurant owners present and participating.

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Information That Board Members Need in the Crisis

The National Association of Corporate Directors (NACD) is the premier board member professional organizations; both individual and full board membership is offered, as well as membership for board advisors. This is an educational- and informational-focused peer organization for the board room.

For the crisis, NACD is offering limited access to “NACD Directors Daily”® -that is usually for members only; this also has links for board members to access key COVID-19 resources.
For information: Matt Barone, Director, Board Development – www.NACDonline.org

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What is Happening in the Distant Work Site? Verité is the Checker

Verité, the supply chain audit company, communicates that its team members are now working from home and that all offices are closed. The program and project work continues with remote connecting.

The work that usually involves group visits to factories, farms or other worksites is now suspended. Verité is collaborating with funders, partners, clients, other stakeholders to determine the way forward such as adjusting the programs to protect its team members.

The organization notes: This, as vulnerabilities of workers worldwide are increasing. The firm will be back in full swing as soon as “trusted authorities” say that it is OK.

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Burlington Retail Stores – Open But Watching Carefully

Burlington Stores, Inc. (NYSE:BURL) is a well-known retailer of off-price high-quality, branded apparel (and toys, gifts, home goods) with 700-plus stores across the United States (in 47 states and Puerto Rico).

The corporate offices are closed in New Jersey so employees could work at home, and stores’ hours are reduced with evaluation going on about the retail, local store operations.

Today, 100 stores have been closed. The Fortune 500® company “is carefully managing expenses, inventory receipts, capex and balance sheet.

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Update For Greater New York City – Business and Government Partnerships in the five boroughs (counties) of the city.

City Council Member Brad Lander (D-Brookyn) shared this news today:

Essential Businesses: Governor Andrew Cuomo has expanded on business closures. Restaurants, bars and cafes may only serve food take-out and delivery. Gyms, theaters and many other establishments have been ordered to close.

Gatherings of over 50 people are prohibited. (Later reduced further.)

Yesterday, Governor Cuomo ordered that all non-essential businesses reduce their workforce by 50%. He said that essential businesses would include health-care providers, grocery and food production, pharmacies, shipping, media, warehousing, utilities, banks and related financial institutions, and other industries critical to the supply chain.

Everyone is encouraged to work from home wherever possible.

Schools: NYC Schools (with one millions students, largest system in the USA) are closed this week as teachers prepare for distance learning. Grab-and-go meals are available for students between 7:30 and 1:30 am at any public school.

Next week, some schools will open as enrichment centers to provide childcare, food and support for children of essential workers and those who cannot stay home.

Some online learning resources are already available here. NYC is buying and giving out laptops for students who do not have access to technology at home (people can fill out the form to request tech).

Spectrum  is making internet access free for those who do not already have it for the next two months.

Spectrum is service of the franchise holder – Charter Communications, Inc. – the NYC service was formerly owned by Time Warner Cable. The company is offering free access to Spectrum Broadband and Wi-Fi for 60 days for new K-12 and college student households beginning March 16. Click here for more info. 

Hospital capacity: The City and State are taking action to find and create more hospital beds and supplies, as we look ahead to overwhelmed hospitals. They are considering turning spaces like the Javits Conference Center and private hotels into emergency hospitals. The shortage of beds and supplies means that we all need to do our part in preventing hospitals from being overwhelmed.

Paid Sick Leave: The New York State legislature passed legislation yesterday to provide emergency paid sick leave up to two weeks for employees who test positive for the virus or are told to quarantine.

While that is a good step, says Council Member Lander, the legislation leaves out hundreds of thousands of workers in NY who are independent contractors, including many mis-classified workers like food delivery workers and for hire drivers. “I am continuing to push for an expansion of paid sick leave to reach many more people, both now and in the long term”, he declared.

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G&A Institute Team Note:
We will continue to bring you news of private (corporate and business), public and social sector developments as organizations in the three societal sectors adjust to the emergency.

The new items will be posted at the top of the blog post and the items today in this first blog post will move down the queue.

We are creating the tag “Corporate Purpose – Virus Crisis” for this continuing series – and the hashtag #WeRise2FightCOVID-19 for our Twitter posts.  Do join the conversation and contribute your views and news. 

Send us news about your organization – info@ga-institute.com so we can share.   Stay safe – be well — keep in touch!

Affording an Unaffordable Utility Upgrade

Guest Column by John-Michael Cross, Policy Associate, Environmental and Energy Study Institute (EESI)

Last year, I moved into a 115 year-old home after years of living in modern apartment buildings. The house was in pretty good shape, but I knew from a career of advocating for home energy upgrades that it very likely needed efficiency improvements.

And my first Minnesota winter loomed.

I had a better idea than most at the likely price tag and benefits of the upgrades, but I was still left wide-eyed when the bills came due. The rebate checks from my electric utility helped a little, as did the lowered heating bills. But — we only were able to get the work done because my wife and I were fortunate and privileged to have the cash on hand to cover the upfront costs.

So many families are not as lucky and are unable to participate in utility incentive programs – even though these families would stand to benefit the most. In order to help households at all income levels reduce their high energy burdens, particularly in rural areas, utilities need to look at innovative financing models that eliminate upfront costs while increasing home comfort and energy savings.

Help For Rural Electric Cooperatives and Utilities

In 2014, the U.S. Congress created a way for rural electric cooperatives and other rural electric utilities to provide their members with the chance to upgrade their homes and businesses without any initial investment, paying for the insulation or other energy upgrades through a monthly fee on their utility bill.

The program — the Rural Energy Savings Program (RESP) — is administered through USDA’s Rural Utilities Services to provide rural electric utilities with zero-percent interest loans to capitalize customer-focused energy efficiency financing programs.

USDA defines “energy efficiency” broadly in this program – it even includes small-scale renewable energy projects! The utility just has to show that each financed project will cost-effectively lower overall energy costs for the participant. RESP funds can also be used for lighting upgrades, building envelope improvements, HVAC systems, water heaters, water and waste efficiency improvements, fuel switching projects, and permanently-installed energy storage devices.

Cooperatives can even apply for funds to fully replace aging, inefficient manufactured homes.

Note that RESP funds are provided at zero-percent interest for 20 years. Utilities then relend (or invest) these funds to their member-customers at rates of up to five percent for 10 years, though most utilities to date have kept rates below three percent.

Where To Find More Information

My organization, the Environmental and Energy Study Institute (EESI), has worked to promote RESP since its inception, and provides no-cost technical assistance to help interested cooperatives apply for the program.

Because RESP aligns with EESI’s primary goal of accelerating the transition to a new, low-emissions economy based on energy efficiency and renewable energy, we want to see as many rural cooperatives as possible take advantage this program.

We want to see these dollars invested in rural communities, helping lower bills and spurring local economic development. We also push financing models that emphasize equity and inclusion, so that everyone in a utility service territory can participate. (This includes using good bill payment history in lieu of a credit score if the upgrades are expected to produce a positive cash flow.)

Project Examples

Exciting RESP-funded projects are launching around the country. Some important examples:

  • In Washington State, one co-op launched “Switch it Up!” to provide debt-free financing for ductless heat pumps and heat pump water heaters that can cut heating bills in half, as well as the installation of electric vehicle chargers. One member organization that took advantage of this was the Outlook Inn whose owners were able to switch all 17 rooms from expensive propane heat to ductless heat pumps, which they couldn’t have afforded without financing.
  • A group of South Carolina co-ops created the “Help My House” program, which helps their members finance energy efficiency improvements to their homes through their electric bills. One member who took advantage of this program is now saving up to $250 a month on her summer energy bills – even with the loan repayment added to her monthly bill.

Many cooperatives taking advantage of this program have reaped additional benefits through RESP such as reduced per capita energy use and peak load shaving, which can reduce the need for new power generation facilities.

Rural utilities that want to apply should first submit a letter of intent to USDA (the agency provides a sample here). Once approved, the utility must put together the full application. More than $100 million is available in the current round, with letters of intent due by September 30, 2019.

Interested in learning more? Please contact me at jmcross@eesi.org to learn how you can take advantage of this program and what EESI can do to help.

Have You Tuned in to The Green New Deal? The “GND”? — You’d Better!

by Hank Boerner – Chair & Chief Strategist, G&A Institute

Here we are at the start of year 2019 and the nation’s 116th U.S. Congress. Radical and exciting ideas with something for everyone from Wall Street to Main Street to the Corporate Suite and Board Room are now on the table for discussion as this new Congress gets settled in.  We are tuning in to this emerging movement…

Question for you: Have you tuned in to the “Green New Deal”? The “GND” is a concept advanced first by The Green Party in the 2016 election cycle; the concepts gained traction bit-by-bit over time and have been embraced by a fiery new member of the 116th Congress as a platform for re-doing our economic system, our political system, public policies of many kinds.  As well re-structuring our nation’s monetary policy (with creative new stimuli suggested for financing important infrastructure in place to meet climate change challenges) …and more. Much more.

The new champion advancing the GND today is Representative Alexandria Ocasio-Cortez, a first-term democratic socialist from New York City.

The proposals are dramatic, bold, sweeping — with something that some people can love and champion and other condemn and do battle against.

We should recall here for perspective that the original New Deal was ushered in by newly-elected President Franklin Delano Roosevelt upon taking office in March 1933…in the midst of the Great Depression.

Sweeping, radical ideas were then needed to literally save the U.S. economy and avoid slipping into some form of communism, fascism, or worse. The stakes were high.

At the time, the country’s economy – and people! – were being crushed by the negative forces of the Great Depression, which followed the disastrous crash of the stock market in October 1929.

Manufacturers’ lots were filled with unsold merchandise, or in many cases factories were being shuttered and workers laid off. There was a global trade war looming (with passage of the Smoot Hawley protective trade legislation). Fascism was on the rise in Europe. European countries were in an expensive arms race. Many countries were not able to pay their debts. U.S. banks were closing by the scores and then in the thousands in this country. There were few safety nets.

Said President FDR: “I pledge you, I pledge myself, to a new deal for the American people. The country needs, and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something.”

Scientists and experts tell us today that climate change challenges represent the kind of threat that the Great Depression did for our nation, and that time is running short for bold action. 

“Try Something” – and so today in part inspired by the historic (and sweeping, long-lasting) New Deal accomplishments, key elements of our population – Millennials, civic leaders, business leaders, elected members of the House and Senate, NGOs – have been advancing some bold ideas for our consideration. Meet the concept of the “Green New Deal”.

Origins: As explained, elements of the Green New Deal originally were developed by The Green Party of the United States as its 2016 election platform — there were four pillars with pages-upon-pages of detail to explain each:

  • The Economic Bill of Rights
  • A Green Transition
  • Real Financial Reform
  • A Functioning Democracy

You can read the details of the Party’s GND here: https://gpus.org/organizing-tools/the-green-new-deal/

Will There Be Action in the 116th Congress?

Newly-installed member of the House of Representative Alexandria Ocasio-Cortez has introduced an 11-page draft text resolution to form a new select committee in the House to rapidly develop a plan of action to finance and implement the GND.

Her draft bill calls for creation of a Green New Deal (“GND”) Select Committee to be composed of 15 House members appointed by the Speaker of the House with authority to develop a detailed national, industrial, economic mobilization plan, for the transition of the economy to GHG-neutral (drawing down GHGs from the atmosphere and oceans), and to promote economic and environmental justice and equality.

The committee would draw on the expertise of leaders in business, labor, state and local governments, tribal nations, academia, and broadly-represented civil society groups and communities.

The actions taken would be driven by the Federal government in collaboration and co-creation and partnerships with these and other stakeholders:  business, labor, state and local governments, tribal nations, research institutions, and civil society groups and communities, the plan to be executed (for the U.S. to become GHG-neutral) in not longer than 10 years from the start.

  • The final Plan would be ready by January 1, 2020. Draft legislation to enact the Plan would be completed by March 1, 2020.

The Plan for a Green New Deal would have the objective(s) of reaching these “bold” and we can say, “radical” outcomes:

  • Dramatic expansion of existing renewable energy power sources and new production capacity to meet 100 percent of national power demand through renewable sources.
  • Build a national, energy-efficient, smart grid.
  • Upgrade every residential and industrial building for state-of-the-art energy efficiency, comfort and safety.
  • Eliminate GHGs from manufacturing, agriculture and other industries (including investment in local-scale ag in communities across the U.S.).
  • Eliminate GHG emissions from transportation and other infrastructure; upgrade water infrastructure to ensure universal access to clean water (UN Sustainable Development Goal #6).
  • Fund massive investments in the drawdown of Greenhouse Gasses.
  • Make “green” technology, industry, expertise, products, services, a major export of the United States, to become the undisputed international leader in helping other countries transition to completely GHG-neutral economies, to bring about a global Green New Deal.

The draft envisions the Plan to be an historic opportunity to virtually eliminate poverty in the U.S., to make prosperity, wealth and economic security available to everyone participating in the transformation. This could be done through job guarantees to assure living wages to every person.

Among the benefits seen:

  • Diversify local and regional economies.
  • Require strong enforcement of labor, workplace safety and wage standards, including the right to organize.
  • Ensure a “just transition” for all workers.
  • End harm faced by “front line” communities posed by climate change, pollution and environmental harm.
  • Protect and enforce sovereign rights and land rights of tribal nations (there are more than 300 in the U.S.A.).
  • Mitigate deeply-entrenched racial, regional and gender-biased inequities income and wealth.
  • Assure basic income programs and universal healthcare.
  • Involve labor unions in leadership roles for job training / re-training and worker deployment.

How to finance all of this? The draft text calls for financing by the Federal government, using a combination of the resources and abilities of the  Federal Reserve System, a [possible] new public bank, or a system of regional and specialized public banks, public venture funds, and other vehicles or structures.

Interest and returns would then return to the U.S. Treasury to reduce the burden on taxpayers and allow for more investments.

Paying For the GND

In the bill’s draft, a Q&A section notes: Many will say, how can we pay for this?

To which the Representative and supporters say:  Let’s look at some of the ways that we paid for the 2008 bank bailout, aid to the auto industry, extended quantitative easing programs, the same ways we paid for World War II and many other wars. New public banks can be created to ensure credit and combination of various taxation tools, including taxes on carbon and other emissions, and progressive wealth taxes) can be employed.  (The immediate news media frenzy was not over the many elements of the proposed actions but on taxing the rich.)

You can read the entire draft text at: https://docs.google.com/document/d/1jxUzp9SZ6-VB-4wSm8sselVMsqWZrSrYpYC9slHKLzo/edit#

More than 40 members of the new Congress endorsed the move, including Senator Bernie Sanders, Senator Corey Booker, Senator Elizabeth Warren — and a few dozen fellow House members with more sure to join the movement.

Emergent: A Movement?

This is now being described by supporters as a movement that aims to enact no less than dramatic, sweeping economic and climate change policies in the 116th Congress — and to in the process “change politics in America.”

The Controversial Conversation about GND

On the CBS “60 Minutes” program segment that will air this coming Sunday (January 6th), the congresswoman argues that the Green New Deal agenda can be financed by imposing a 70 percent income tax on the wealthiest Americans. That would be “a fair share” in taxes to fund an extensive clean energy infrastructure.

Representative Oscasio-Cortez has described herself as a democrat socialist – in the models set by President Abraham Lincoln (citing the Emancipation Proclamation in the midst of a great civil war) and President Franklin Roosevelt (whose New Deal programs re-shaped the American economy and political system).

She has focused on economic, social and racial justice as key issues to be addressed by the Federal government in her campaigning (she upset a long-standing Democrat House member (4th ranking Dem and Caucus Chair Joseph Crowley) in New York State in the November 2018 election. The Green New Deal would help in those efforts, while stimulating economic growth.

Ocasio-Cortez’s campaign platform included tuition-free education, universal health care and the Green New Deal developed by the Green Party as its platform.

During the 2018 campaign, she spent less than $200,000, compared to her opponent’s purse of more than $3 million.

Media Reactions

The right wing publication Washington Examiner warned that the Green New Deal would add trillions of dollars in debt and would represent “the most radical policy shift in modern U.S. history”. (We would ask: what about success of the New Deal of the 1930s  – was it worth the money invested by government?)

Fox News tells viewers that the GND legislation “would eliminate much of the U.S. fossil fuel consumption, dramatically increase America’s already skyrocketing debt, and transform the U.S. into a European-style socialist nation.”

Unfortunately, mainstream media such as CNN and daily newspapers (like the New York News full page headline) have been focusing on the drama of the proposed “tax on the rich” aspects of the concept and not the meat of the sweeping proposals, which American voters and business leaders might see as immediate and long-term opportunities for creating new wealth and a greatly-enhanced economy with many beneficiaries.

Important addition to the above:  On January 9, 2019, influential author and New York Times columnist Thomas Friedman weighed in.  He called to readers’ attention “A Green New Deal Revisited!” – his column today about the ideas he floated back in 2007 (that prescient commentary was about a Green New Deal), and expanded on in his best-seller, “Hot, Flat and Crowded”.

In that book (published in 2008 by Farrar, Straus and Giroux) has numerous comments on GHGs, energy, energy efficiency, environmental technology, environmentalism, green collar jobs, green hawks, the green revolution, and the Civil Rights movement and WW II analogies to the emerging green revolution.

Friedman today likes the urgency and energy [the representative] and groups like the Sunrise Movement are bringing to this task. He says:  So for now I say:  Let a hundred Green New Deal ideas bloom!  Let’s see what sticks and what falls by the wayside. 

He wrote today in the column:  Who believes that America can remain a great country and not lead the next great global industry?  Not me.  A New Green New Deal, in other words, is a strategy for American national security, national resilience, national security and economic leadership in the 21st Century.  Surely some conservatives can support that. 

Money, Money, Money!

The projected additions to national debt are of course especially in focus for those in opposition to the plan.

In the discussions we should keep in mind that the “tax reform” package passed by the 115th Congress added almost $2 trillion in national debt, with benefits for a narrower band of constituents; the non-partisan Congressional Budget Office (CBO) projected additional debt (from 2018 to 2028) with not too much criticism occurred short-term. (The commentary about the country’s staggering debt has been increasing lately.) The Republicans in Congress have talked about a second round of tax cuts (“tax reform 2.0”), which would add another $3 trillion to the Federal deficit (to be financed by still more debt).

The Social Media Universe Lights Up

In a Twitter post in December, as the social media universe lit up with mentions of the GND, Congresswoman Alexandria Ocasio-Cortez had tweeted: “…and we have #GreenNewDeal lift-off! Never underestimate the power of public imagination.”

While the first action taken by the new member of Congress called for establishing a committee, she writes on Twitter: “Our ultimate end goal is not a Select Committee. Our goal is to treat Climate Change like the serious, existential threat it is by drafting an ambitious solution on the sale necessary – a/k/a Green New Deal – to get it done.”

Note that the Congresswoman has about 2 million Twitter followers.

There’s a very well done commentary on the Green New Deal concepts for you on Vox: https://www.vox.com/energy-and-environment/2018/12/21/18144138/green-new-deal-alexandria-ocasio-cortez

And the Sunrise Movement has information focused on the political side as the public policy debate continues in the new House: https://www.sunrisemovement.org/gnd/

Putting Things in Perspective

We do live in the age of greater prosperity, compared as to the time when President Franklin D. Roosevelt took the reins of the nation at a very dark moment in our history.

Climate change challenges pose threats to the future of this nation, many experts posit, including many elements of the United States government itself.

Then, in the 1930s, one-in-four-households was unemployed. States and many cities were running out of relief money. Farmers were being foreclosed because of crop failures, lack of foreign markets, the failure of the bigger banks they borrowed from, and poor land management (recall the “dust bowl” crisis in the west). In America, fear was rampant – with men and women wondering where was the next meal or dollar coming from.

The New Deal title was inspired in part by a book of the same name by prominent liberal author / economist Stuart Chase, published in August 1932 (the presidential election was that November). At the conclusion of his screed he observed (about the radical recommendations he put on the table for discussion): “We do not have to suppose; we know that these speculations will be met with a superior smile of incredulity. The funny thing about it is that the groups are actually beginning to form. As yet they are scattered and amorphous; here a body of engineers, there a body of economic planners. Watch them. They will bear watching. If an occasion arises, join them. They are part of what [author] H.G. Wells has called the Open Conspiracy.”

The groups he referred to some eight decades ago were the American voters, small business owners, Big Business leaders, investment bankers, trade associations, chambers of commerce, government leaders, labor unions, farmers, and academics.

These are the stakeholders clearly identified and explained in the 2019 House draft text that may or may not gain traction in the House of Representatives and for sure not in the U.S. Senate, even among rank & file Democrats who should be in favor of many of the elements of the proposal as stated so far.

Some of the 1930s ideas of Stuart Chase (far left wing and radical they were at the time!) very quickly ended up as necessary public policy adopted to bring the nation out of the scary depths of the Great Depression by a new head of state (FDR) and his assembled Brains Trust.

The Green New Deal is a blossoming idea – yes, radical, of course! – that will be both loved and hated, criticized and championed by various segments of society.

Something For Everyone!

But there is something for everyone in the package and the Plan that could emerge if the Select Committee is formed and elements of the plan get implemented, as promised with the key elements of the American Society  participating.  The actions of the public and private sectors could be as breathtaking in the sweep of what is to be accomplished as were the achievements of the 1930s New Deal.

Those actions helped to create the most powerful economy and democratic political structure the world has ever experienced.  The laws, regulations, rules, policies and actions shaped the modern U.S. and global economies that have delivered benefits to many of us.

The Intergovernmental Panel on Climate Change (IPCC) cautioned us just a few weeks back that we had about 10 years to reverse course and accelerate measures to address the challenges of climate change. The supporters of the GND movement cite this clear warning as part of the rationale for radical and dramatic thinking, commitment and action over the next decade.

The Fourth National Climate Assessment was released by the Federal government shortly after that, and echoed the rising threats to our economy, businesses, the public sector, and the American nation’s well-being due to the dramatically rising threats inherent in climate change.

For more details on this, see our comments in our November 30 To the Point management brief at: https://ga-institute.com/to-the-point/tune-in-to-this-important-report-the-fourth-official-climate-science-special-report-issued-by-the-u-s-governments-global-change-research-program/

Possible GND Impact on Politics

Some presidential hopefuls have recently been saying that climate change will be among the top — if not the top — issues in 2020 races.

Billionaire Congressman Tom Steyer (California) said that climate change could help Democrats sweep into office in 2020. He told USA Today in December: “When we talk about what’s at stake here, we’re talking about unimaginable suffering by the American people unless we solve the problem over the next 12 years. And I think we are very far from doing that. And it is unclear to me that we can summon that will without having substantial political victories across the board.”

Re-elected House Speaker Nancy Pelosi has said that climate change will become a front-and-center issue if the Democrats take back the house. She told The New York Times in October days before the elections that she would resurrect the defunct Select Committee on Climate Change if the party wins back the House. (The Republican leaders killed the committee in 2011 when they took mid-term power.)

Representative Alexandria Ocasio-Cortez has taken Speaker Pelosi at her word and put the meat on the table with her draft bill.  (During the orientation of the new members, Ocasio-Cortez led a protest outside the Speaker’s office to draw attention to climate change.)

Ocasio-Cortez in the youngest member of the House, from New York’s 14th District in New York City, upsetting a leading Democratic member in the primary. She is a member of the Democratic Socialists of America and was an educator and community organizer in the [NYC] boro/county of The Bronx before running for office.

Background:  She was a winner of an Intel International Science and Engineering Fair in high school; was graduated from Boston University (cum laude); served as an intern in the office of Senator Edward Kennedy; was an organizer in Senator Bernie Sanders’ presidential campaign; was endorsed by Move On, Black Lives Matter, Democracy for America, and others. Including NY Governor Andrew Cuomo, Senators Chuck Schumer and Kirsten Gillibrand, and NYC Mayor Bill deBlasio.

And so against this background — we’ll see where the GND movement goes from here!

Do tune in and learn more about the critical elements of the plan being championed now in the Halls of Congress as the tempo of the conversation increases.  The “60 Minutes” program on the CBS network tomorrow night is sure to create a national buzz, pro and con, and ensure Representative Alexandria Oscasio-Cortez greater notoriety (and both support and condemnation) in the days ahead.

Created January 5, 2019 – updated January 9, 2019

Breaking News: $12 Trillion in Professionally Managed Sustainable Investment Assets — $1-in-$4 of Total U.S. Assets

by Hank Boerner – Chair and Chief Strategist – G&A Institute

Call it “sustainable and responsible investing” or “SRI” or “ESG investing” or “impact investing” – whatever your preferred nomenclature, “sustainable investing” in the U.S.A. is making great strides as demonstrated in a new report from US SIF.

The benchmark report issued today – “The Report on US Sustainable, Responsible and Impact Investing Trends 2018” – by the U.S. Forum for Sustainable and Responsible Investment (US SIF) puts things in perspective for investors and corporate managers:

  • At the beginning of 2018, the institutional owners and asset management firms surveyed reported total sustainable investment at US$12 trillion AUM – that is 26% of the total assets under professional management in the U.S.A. — $1-in-$4 of all investable assets!
  • That’s an increase of 38% since the last US SIF report at the start of 2016. The AUM of sustainable investments then was $8.72 trillion. That was $1-in-$5.
  • And that was an increase of 33% since the survey of owners and managers at the start of 2014.
  • Sustainable investing jumped following the 2008 financial crisis, with growth of 240% from 2012 to 2014.

The US SIF bi-annual survey of investors began in 1995, when the total of sustainable investments professionally managed was pegged at $639 billion. There has been an 18-fold increase in sustainable investing assets since then – at a compound rate of 13.6% over the years since that pioneering research was done.

The researchers queried these institutions in 2018:

  • 496 institutional owners (fiduciaries such as public employee pension funds and labor funds – these represented the component of the survey results at $5.6 trillion in ESG assets**).
  • 365 asset/money managers working for institutional and retail owners;
    private equity firms, hedge fund managers, VC funds, REITS, property funds;
    alternative investment or uncategorized money manager assets);
  • 1,145 community investing institutions (such as CDFIs).

What is “sustainable investing”?  There are these approaches adopted by sustainable investors:

  • Negative/exclusionary screening (out) certain assets (tobacco, weapons, gaming);
  • Positive/selection of best-in-class considering ESG performance (peer groups, industry, sector, activities);
  • ESG integration, considering risks and opportunities, ESG assets and liabilities);
    Impact investing (having explicit intention to generate positive social and environmental impact along with financial return);
  • Sustainability-themed products.

The top ESG issues for institutional investors in 2018 included:

  • Conflict Risk (terror attacks, repressive regimes) – $2.97 trillion impact;
  • Tobacco related restrictions – $2.56 trillion
  • Climate Change / Carbon-related issues – $2.24 trillion
  • Board Room issues – $1.73 trillion
  • Executive Pay – $1.69 trillion

Asset managers identified these issues as among the most important of rising concerns:

  • Climate change and Carbon
  • Conflict risk

Prominent concerns for asset owners included:

  • Transparency and Corruption
  • Civilian firearms / weapons
  • a range of diversity and equal employment opportunity issues.

The Proxy Voting Arena

The shareowners and asset managers surveyed regularly engage with corporate executives to express their concerns and advocate for change in corporate strategies, practices and behaviors through presentation of resolutions for the entire shareholder base to vote on in the annual corporate elections.

From 2016 to 2018 proxy seasons these resolutions were focused on:

  • Proxy access for shareowners (business associations have been lobbying to restrict such access by qualified shareowners).
  • Corporate Political Activity (political contributions, lobbying direct expenses and expenses for indirect lobbying by business groups with allocated corporate contributions).
  • A range of environmental and climate change issues.
  • Labor issues / equal employment opportunity.
  • Executive compensation.
  • Human Rights.
  • Call for independent board chair.
  • Board Diversity.
  • Call for sustainability reporting by the company.

Public employee pension systems/funds led the campaigns with 71% of the resolutions filed in 2016, 2017 and 2018.

Labor funds accounted for 13% of filings.

Asset/money management firms accounted for 11.5%.

A total of 165 institutional owners and 54 asset managers filed or co-filed resolutions on ESG issues at the beginning of the 2018 proxy voting season.

The ESG Checklist

The institutions and asset managers queried could answer queries that addressed these ESG, community, product factors in describing their investment analysis, decision-making and portfolio construction activities. This is a good checklist for you when discussing ESG issues and topics with colleagues:

The “E” – Environmental:

  • Clean technology
  • Climate change / carbon (including GhG emissions)
  • Fossil fuel company divestment from portfolio, or exclusion
  • Green building / smart growth solutions
  • Pollution / toxics
  • Sustainable Natural Resources / Agriculture
  • Other E issues

The “S” – Social (or “societal”):

  • Conflict risk (repressive regimes, state sponsors of terrorism)
  • Equal employment opportunity (EEO) / diversity
  • Gender lens (women’s socio-economic progress)
  • Human rights
  • Labor issues
  • Prison-related issues (for-profit prison operators)
  • Other S issues

The “G” – Corporate Governance:

  • Board-related issues (independence, pay, diversity, response to shareowners)
  • Executive pay
  • Political contributions (lobbying, corporate political spending)
  • Transparency and anti-corruption policies

Product / Industry Criteria:

  • Alcohol
  • Animal testing and welfare
  • Faith-based criteria
  • Military / weapons
  • Gambling
  • Nuclear
  • Pornography
  • Product safety
  • Tobacco

Community Criteria:

  • Affordable housing
  • Community relations / philanthropy
  • Community services
  • Fair consumer lending
  • Microenterprise credit
  • Place-based investing
  • Small and medium business credit

The report was funded by the US SIF Foundation to advance the mission of US SIF.

The mission: rapidly shift investment practices towards sustainability, focusing on long-term investment and the generation of positive social and environmental impacts. Both the foundation and US SIF seek to ensure that E, S and G impacts are meaningfully assessed in all investment decisions to result in a more sustainable and equitable society.

The bold name asset owners and asset managers and related firms that are members of US SIF include Bank of America, AFL-CIO Office of Investment, MSCI, Morgan Stanley, TIAA-CREF, BlackRock, UBS Global Asset Management, Rockefeller & Co, Bloomberg, ISS, and Morningstar.

Prominent ESG / sustainable investment players include Walden Asset Management, Boston Common Asset Management, Clearbridge, Cornerstone Capital, Neuberger Berman, As You Sow, Trillium Asset Management, Calvert Investments (a unit of Eaton Vance), Domini Impact Investments, Just Money Advisors, and many others.

The complete list is here: https://www.ussif.org/institutions

Information about the 2018 report is here: https://www.ussif.org/blog_home.asp?display=118

About the US SIF Report:  The report project was coordinated by Meg Voorhees, Director of Research, and Joshua Humphreys, Croatan Institute.  Lisa Woll is CEO of US SIF.  The report was released at Bloomberg LP HQs in New York City; the host was Curtis Ravenel, Global Head of Sustainable Business & Finance at Bloomberg. q1

Governance & Accountability Institute is a long-time member. EVP Louis D. Coppola is the Chair of the US SIF Company Calls Committee (CCC) which serves as a resource to companies by providing a point of contact into the sustainable investment analyst community

** Institutional owners include public employee retirement funds, labor funds, insurance companies, educational institutions, foundations, healthcare organizations, faith-based institutions, not-for-profits, and family offices.

Global Warming / Climate Change — What Are Current Weather Events and Dramatic Changes Telling Us?

By Hank Boerner – Chair and Chief Strategist – G&A Institute

The National Geographic describes “Global Warming” as a set of changes to the Earth’s climate, or long-term weather patterns, varying from place-to-place.  The dramatic changes in the rhythms of climate could affect the face of our planet – coasts, forests, farms, mountains…all hang in the balance.

So, also hanging in the balance:  the fate of humanity!

Explains NatGeo:  “Glaciers are melting, sea levels are rising, cloud forests are dying, and wildlife scrambles to keep pace.  It’s becoming clear that humans have caused most of the past century’s warming by releasing heat-trapping gases as we power our modern lives.  Greenhouse gases (GhGs) are at higher levels now than in the last 650,000 years.” *

“Climate Change” is the less politically-volatile term used by leaders in the public and private sectors (such as in the numerous shareholder-presented proxy resolutions that are on the ballots of public companies for owner voting and in the language of corporate sustainability reporting).

Carbon Dioxide emissions (CO2) released into the atmosphere have increased by a third since the start of the Industrial Revolution, and so addressing this challenge would logically be a prime responsibility of those who benefited most from the 200-year-plus revolution – pretty much all of us!

The political climate in most of the developed industrial world is mostly reflective of the will to do “something” – witness the almost 200 sovereign nations signing on to the Paris Agreement in 2015 (“COP 21”) to work together and separately to holding the temperature rise to well below 2-degrees Centigrade (3.5F), the pre-industrial levels — and pursuing efforts to limit the temperature rise to 1.5-degrees C above pre-industrial levels. (“As soon as possible.”)

The Agreement also calls for the increasing society’s ability to adapt to the adverse impacts of climate change and foster climate resilience including low GHG emissions development. **

The outlier nation to the agreement, sad to say, is the world’s largest economy and significant GHG emitter, the United States of America, which has begun the withdrawal process from the Paris Agreement.

This week we present a selection of top stories about climate change – and global warming! – to illustrate the effects of a changed climate around the globe.  And to send signals to the doubting policymakers in Washington DC that the threat is real!

The good news is that many corporate managements, powerful institutional investors, and public policy makers in a growing number of leaders in U.S. cities, states and regions are committed to the goals of the Paris Agreement and working to implement steps to hold the line – to build resilience – that will benefit all of society.

We really do have to hurry — take a look at what is happening around our planet:

This Week’s Top Stories:
Drought, Heat Wave, Wild Fires
— Is the Earth Burning Up?

Earth at risk of becoming ‘hothouse’ if tipping point reached, report warns
(Tuesday – August 07, 2018) Source: CNN – Scientists are warning that a domino effect will kick if global temperatures rise more than 2°C above pre-industrial levels, leading to “hothouse” conditions and higher sea levels, making some areas on Earth uninhabitable.

5-year drought raises questions over Israel’s water strategy
(Monday – August 06, 2018) Source: ABC News – For years, public service announcements warned Israelis to save water: Take shorter showers. Plant resilient gardens. Conserve. Then Israel invested heavily in desalination technology and professed to have solved the problem by…

Our climate plans are in pieces as killer summer shreds records
(Monday – August 06, 2018) Source: CNN – Deadly fires have scorched swaths of the Northern Hemisphere this summer, from California to Arctic Sweden and down to Greece on the sunny Mediterranean. Drought in Europe has turned verdant land barren, while people in Japan and…

Are devastating wildfires a new normal? “It’s actually worse than that,” climate scientist says
(Wednesday – August 08, 2018) Source: CBS News – California Gov. Jerry Brown has called the devastating wildfires tearing through Northern California “part of a trend — a new normal.” But one climate scientists says “it’s actually worse than that.”

Europe battles wildfires amid massive heat wave
(Wednesday – August 08, 2018) Source: ABC News – Record-breaking temperatures across Europe have forced people to sleep in a Finnish supermarket, uncovered a piece of World War II history in Ireland and are making it harder to battle the wildfires that have been raging in Spain…

Don’t despair – climate change catastrophe can still be averted
(Wednesday – August 08, 2018) Source: The Guardian – The future looks fiery and dangerous, according to new reports. But political will and grassroots engagement can change this…

Australia’s most populous state now entirely in drought
(Thursday – August 09, 2018) Source: CBS – CANBERRA, Australia — Australia’s most populous state was declared entirely in drought on Wednesday and struggling farmers were given new authority to shoot kangaroos that compete with livestock for sparse pasture during the…

Nearly 140 people dead amid Japan heat wave
(Thursday – August 09, 2018) Source: WTNH – Japan is dealing with a heat wave that had killed 138 people. The heat wave started back in May and has been roasting the country ever since…

Europe bakes again in near-record temperatures
(Thursday – August 09, 2018) Source: Phys.org – Europe baked in near-record temperatures on Monday but hopes were for some respite after weeks of non-stop sunshine as people come to terms with what may prove to be the new normal in climate change Europe…

* Greenhouse Gases are defined as a gas trapping heat in the atmosphere, contributing to the “greenhouse effect” by absorbing radiation:  carbon dioxide/CO2, methane, nitrous oxide, and flouorinated gases (such as chlorofluorocarbons, sulfur hexafluoride).

** The Paris Agreement is at: https://unfccc.int/sites/default/files/english_paris_agreement.pdf

INSTITUTIONAL INVESTORS LAUNCH ALLIANCE FOCUSED ON HUMAN RIGHTS

by Hank Boerner – Chair and Chief Strategist, G&A Institute

ICCR Provides Leadership for Investor Collaboration To Advance Corporate Sector and Investor Action on Human Rights Issues

The recently-launched Investor Alliance for Human Rights provides a collective action platform to consolidate and increase institutional investor influence on key business and human rights issues.

For nearly 50 years, the Interfaith Center on Corporate Responsibility (ICCR) has been engaging with corporate managements and boards, coalescing with asset owners and managers and waging campaigns on key E, S and G issues.

ICCR has become a major influence for investors at corporate proxy voting time, and in ongoing investor-corporate engagements.

Consider:  The member institutions have AUM of US$400 billion and influence many other investors (depending on the issue in focus at the time).

ICCR has 300-plus institutional investor members, many (but not all) are faith-based organizations. A good number of member institutions are leaders in making available sustainable & responsible investment products and services. (See representative names in references at end.)

Key issues in focus for ICC members include:

  • Human Rights (key: human trafficking, forced labor, fair hiring practices)
  • Corporate Governance (board independence, CEO comp, lobbying)
  • Health (pharma pricing, global health challenges)
  • Climate Change (science-based GhG reduction targets)
  • Financial Services (risk management for financial institutions, responsible lending)
  • Food (antibiotics in food production, food waste, labor)
  • Water (access, corporate use of water and pollution)

HUMAN RIGHTS IN FOCUS FOR NEW ALLIANCE

On the last issue – Human Rights – ICCR has long been involved in various Human Rights issues back to its founding in 1971 and has been organizing the Investor Alliance for Human Rights since late-fall 2017.  Here are the essentials:

  • Investor Alliance participants will have an effective “Collective Action Platform” for convening, information sharing, and organizing collaboration on action to make the case to corporate decision-makers and public sector policymakers (and other stakeholders) on the need for urgency in addressing human rights issues.
  • The umbrella of a formal alliance will help individual participants to build partnerships and develop collaboration within their own universes of connections (such as NGOs, other investors, community-based organizations, trade groups, corporate leaders, multi-lateral organizations, and other institutions and enterprises).
  • Among the work to be done is the encouragement and support of building Human Rights criteria and methodology into asset owner and manager guidelines, investing protocols, models, and to integrate these in corporate engagements and proxy campaigns, as well as to guide portfolio management. (Buy/sell/hold decision-making.)
  • All of this will help to expand investor reach and influence and strengthen advocacy for best practices in Human Rights by both companies and investors. Leveraging of broader investor influence is key in this regard.

The Alliance will provide participants with a “rapid response” resource to assure that the “investor voices” are clearly heard in corporate board rooms and C-suites, in public sector leadership offices, and in media circles when there are threats posed to effective actions and reforms in Human Rights issues.

The Alliance is outreaching to NGOs, faith-based institutions, academics, media, labor unions, multi-lateral global institutions, trade and professional associations, corporate managements and boards, and of course to a wide range of asset owners and managers.

# # #

The key player at ICCR for the Alliance is David Schilling, a veteran staff member who is Senior Program Director – Human Rights & Resources. (email:  dschilling@iccr.org)

David joined ICCR in 1994 and has led initiatives on human rights in corporate operations in Africa, Asia and Latin America, often visiting factories and meeting with workers on the ground.

David is currently Chair, Advisory Board of the Global Social Compliance Program; member, International Advisory Network of the Business and Human Rights Resource Centre; member, RFK Center Compass Education Advisory Committee; UNICEF CSR Advisory Group; and, Coordinator (with ICCR member institutions) of the Bangladesh Investor Initiative (a global collaboration in support of the “Accord for Fire and Building Safety”.

# # #

ICCR stresses that it sees its work “through a social justice lens.”  For more than two decades members and staff have worked to eradicate human rights abuses in corporate operations and across global supply chains, such as forced child labor in cotton fields in Uzbekistan.

The organization has an Advisory Committee of Leaders in Business and Human Rights (formed in late-2016).  Members include representatives of Boston Common Asset Management; Shift; Landesa; The Alliance for a Greater New York; Oxfam America; Mercy Investment Services; International Corporate Accountability Roundtable; and Global Witness.

# # #

ICCR has a long history in Human Rights progress.  The organization came together as a committee of the mainstream Protestant denominations under the  umbrella in 1971 to organize opposition to the policies and practices of “Apartheid” in South Africa.

Over time, the U.S. corporations operating in South Africa stopped operations there.  More than 200 cities and municipalities in the United States of America adopted anti-Apartheid policies, many ending their business with companies operating in South Africa.

Protests were staged in many cities and on many college & university campuses, and U.S. and European media presented numerous news and feature presentations on the issue.

In time, the government of South Africa dismantled Apartheid and the country opened the door to broader democratic practices (the majority black population was formerly prohibited to vote).

Over the years since the Apartheid campaign, ICCR broadened its focus to wage campaigns in other societal issues, including:

  • Focus on fair and responsible lending, including sub-prime lending and payroll lending.
  • Putting climate change issues on the agenda for dialogue with corporations, including the demand for action and planning, and then greater disclosure on efforts to curb GHG emissions.
  • Encouraging investment in local communities to create opportunities in affordable housing, job development, training, and related areas.
  • Promoting greater access to medicines, including drugs for treatment of AIDS in Africa, and affordable pricing in the United States.
  • Promoting “Impact Investing” – for reasonable ROI as well as beneficial outcomes for society through investments.
  • Promoting Islamic Finance.
  • On the corporate front, requesting greater transparency around lobbying by companies to influence climate change, healthcare and financial reforms, both directly and through trade associations and other third-party organizations.
  • Opposing “virtual-only” annual corporate meetings that prevent in –person interaction for shareholders.

Proxy Campaigns – Governance in Focus:

ICCR members are very active at proxy voting time.  Among the “wins” in 2017:

  • Getting roles of (combined) Chair & CEO split – 47% support of the votes for that at Express Scripts and 43% at Johnson & Johnson; 39% at Chevron.
  • More disclosure on lobbying expenditures – 42% support at Royal Bank of Canada and 41% at First Energy; 35% at Cisco and 25% at IBM.

# # #

Notes and References:

Information on the new Alliance is at: http://iccr.org/iccr-launches-new-alliance-amplify-global-investor-influence-human-rights

ICCR’s web site is at: www.iccr.org

And at http://iccr.org/our-issues/human-rights/investor-alliance-human-rights

The Alliance initiative is supported with funding from Humanity United and Open Society Foundations.

Influence and Reach:  The ICCR member organizations include the AFSCME union fund, Walden Asset Management, Boston Common Asset Management, Oxfam, The Maryknoll Fathers and Brothers, and Maryknoll Sisters, American Baptist Churches, Mercy Investments, Christian Brothers Investment Services (CBIS), Wespath Investment Management, Everence Financial, Domini Social Investments, Church of England Ethical Investment Advisory Group, Gabelli Funds, Trillium Asset Management, Calvert Group, Clean Yield, The Nathan Cummings Foundation, and other institutional investors.