Monday, November 21, 2011

Nuns buy into Fortune 500 firms to spur social change

An order of nuns has emerged as a powerful voice for corporate responsibility. The Sisters of St. Francis of Philadelphia invest in Fortune 500 companies through their retirement fund and seek socially responsible business reform, traveling to shareholder meetings if necessary. The order's targets have included the CEOs of Goldman Sachs, McDonald's and Wells Fargo. "We want social returns, as well as financial ones. ... We're not here to put corporations down. We're here to improve their sense of responsibility,” said Sister Nora Nash.

“You’re not going to get any sympathy for cutting off a nun at your annual meeting,” says Robert McCormick, chief policy officer of Glass, Lewis & Company, a firm that specializes in shareholder proxy votes. With their moral authority, he said, the Sisters of St. Francis “can really bring attention to issues.”

Read more at NYT.com

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