Home
/
RELIGION & LIBERTY ONLINE
/
How Far Does Faith-Based ‘Shareholder Right to Know’ Go?
How Far Does Faith-Based ‘Shareholder Right to Know’ Go?
Jan 15, 2025 7:54 PM

On January 31, the Interfaith Center on Corporate Responsibility issued a press release, announcing the organization’s “2013 Proxy Resolutions and Voting Guide.” A quick read of the release and ancillary materials, however, reveals that these resolutions have very little to do with issues of religious faith and everything to do with the progressive political agenda.

The ICCR guide “features 180 resolutions filed at panies” that call on shareholders to “promote corporate responsibility by voting their proxies in support of investor proposals that advance social, economic and environmental justice.”

The ICCR boasts that “nearly one third” of this year’s resolutions (52) focus on lobbying and political spending, with the remainder aimed at “health care, financial and environmental reform.” The release ominously asserts: “Shareholders have a right to know pany resources are being used to impact elections and public policy, including regulatory legislation.”

Whatsoever the ICCR resolutions have to do with the respective tenets of their member denominations is left to the readers’ imagination.

Under the guise of faith-based “economic and social justice,” however, the ICCR is attempting to prevent corporations from engaging in entirely legal and ethical efforts to work on their shareholders’ and customers’ behalf. As noted previously, initiatives such as the ICCR’s are an effort to force corporations to disclose efforts on their part to ensure corporate sustainability and shareholder profitability – endeavors protected by the U.S. Supreme Court’s Citizens United ruling.

Forcing corporations to disclose donations to the American Legislative Exchange Council, lobbying firms, think tanks and trade groups, for example, flies in the face of U.S. law, and hinders these groups from exercising constitutionally guaranteed rights to work for the benefit of the corporations who create jobs and provide goods and services for the world’s citizenry.

All this presupposes corporations and the wealth, jobs, goods and services they generate are an inherent evil if found lacking the ICCR’s views on social, economic and environmental justice. Nothing could be further from the truth. Aside from a few admittedly bad actors, corporations strive to benefit society as a whole – failure to do so would assuredly result in panies winding up atop the dustbin of entrepreneurial history.

In any event, steering corporate policies to reflect ICCR’s progressive agenda would result in more of a secular rather than a spiritual victory. Such efforts, in Competitive Enterprise Institute President and Co-Founder Fred L. Smith’s words, have a tendency to transform private corporations into public utilities by forcing them “to perform whatever duties are politically attractive at any one time … To ‘socialize’ this process is to reduce the ability of individuals to advance their goals, placing the values of politicians as paramount.”

Hamstringing pany’s efforts to pursue less egregious regulatory enforcement through lobbying or draft legislation, for example, establishes more government authority not necessarily in the best interests of the corporation in question. Nor is it likely that politicians and bureaucrats understand fully the unanticipated negative consequences of realizing their goals. As Smith noted: “The corporation is an extremely valuable way of organizing large numbers of people to produce goods and services efficiently—that is, to create wealth. That wealth then flows into the hands of shareholders, workers, customers, and suppliers, who are then empowered to advance their own individual goals and values.”

The ICCR would do far better by following real religious authority rather than submitting to trendy secular tracts on what constitutes economic, environmental and social justice. Two papal encyclicals e to mind: Quadragesimo anno (Pius XI, 1931) and Centesimus annus (John Paul II, 1991).

While both works identify the proper societal role panies as working for mon good, they also acknowledge the necessity of the profit motive for all involved. Nowhere in either document, however, do the authors make a case for transparency of how corporations advocate in best interests of their shareholders and customers.

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Study: How minimum wage increases hurt consumers and the poor
In surveying the damage caused by arbitrary increases to the minimum wage, our attention is typically drawn to stunted job growth among low-skilled workers or tragic tales of shuttered businesses. But are there other deleterious effects beyond those felt in business and the labor market? What about the impact on the actual price of goods?We are constantly told that businesses will simply “pass along the costs” to the consumer, but does the data actually prove that out? If so, which...
Why government is not just a necessary evil
In the Federalist Papers James Madison claimed that, “If men were angels, no government would be necessary.” But is that true? James R. Rogers, an associate professor of political science at Texas A&M University, explains why some form of government would be necessary even if man were still in a prelapsarian state of nature: [E]ven without the Fall, there would be a role for civil government for the duly recognized person who exercises civil authority. Even in an unfallen society,...
Asymmetric information in health insurance
Note: This is post #65 in a weekly video series on basic microeconomics. In this video by Marginal Revolution University, Tyler Cowen discusses asymmetric information, adverse selection, and propitious selection in relation to the market for health insurance. Health insurance e in a range of health, but to panies, everyone has the same average health. Consumers have more information about their health than do insurers. How does this affect the price of health insurance? Why would some consumers prefer to...
Ending America’s bigoted education laws
WhenJames Blaineintroduced his ill-fatedconstitutional amendmentin 1875, he probably never would have imagined the unintended consequences it would have over a hundred years later. Blaine wanted to prohibit the use of state funds at “sectarian” schools (a code word for Catholic parochial schools) in order to inhibit immigration. Since the public schools instilled a Protestant Christian view upon its students, public education was viewed as a way to stem the tide of Catholic influence. While the amendment failed in Congress, supporters...
Pope Francis on ‘the entrepreneurial world,’ human dignity, and family at Davos
Thousands of world leaders have gathered in the Swiss Alps, as the four-day-long World Economic Forum began today in Davos. Among the messages the elites heard was one written by Pope Francis which touched on the importance of family, human dignity, and the role of “the entrepreneurial world” in fulfilling the “moral imperative” to create an uplifting economy for all. Forum attendees should work toward eradicating unemployment, corruption, and unethical technological developments. The address – which was written on January...
What you should know about Jubilee Years
Many politically progressive Christians have latched on to the concept of a “Jubilee year” as a biblically endorsed excuse for debt cancellations and as a way to “dismantle economic inequality.” But as a new study by Charles A Goodhart and Michael Hudson explains, Jubilee Years didn’t originate in ancient Israel, they weren’t really about egalitarianism, and they can’t readily be applied outside of agrarian based economies. Here are a few highlights from their paper: The Israelites borrowed the idea from...
The euro, Brussels, and the Russian bear
The government of Poland is part of the new surge of populism, openly defying the European Union on numerous policy fronts and rebuffing calls for an “ever-closer union.” So, why did its prime minister recently raise the possibility of adopting the euro? What is happening, and how should people of faith think about a single European currency? Are there moral issues at stake? “Adoption of mon euro currency should be understood first and foremost as politics, and only then as...
Apply today for a 2018 internship at Acton
A 2016 NACE Center report on millennial hiring indicated that internships help 81.1 percent of graduates “shift their career directions either slightly or significantly.” At Acton, we place an emphasis on assisting young men and women to discover their vocational calling through internships. The holiday season may have just ended, but we already find ourselves anticipating the energy and enthusiasm that 18 young leaders will bring to the Acton office this summer. In addition, we have re-branded the Acton summer...
The 5 biggest problems with Oxfam’s 2018 income inequality report
Oxfam has just released its annualreport, and the media have dutifully covered its conclusion that “82% of all growth in global wealth in the last year went to the top 1%, while the bottom half of humanity saw no increase at all.” Here are five significant concerns every Christian should have with it: Inequality is not the same as poverty The report admits, “Between 1990 and 2010, the number of people living in extreme poverty (i.e. on less than $1.90...
How a universal income could discourage meaningful work
In his popular book, Coming Apart, Charles Murray examined the key drivers of America’s growing cultural divide, concluding that America is experiencing an “inequality of human dignity.” Such a divide, Murray argues, is due to a gradual cultural drift from our nation’s “founding virtues,” one of which is “industriousness.” “Working hard, seeking to get ahead, and striving to excel at one’s craft are not only quintessential features of traditional American culture but also some of its best features,” Murray writes...
Related Classification
Copyright 2023-2025 - www.mreligion.com All Rights Reserved