Home
/
RELIGION & LIBERTY ONLINE
/
Religious Left Shareholder Activists Climb Aboard the Laudato Si Bandwagon
Religious Left Shareholder Activists Climb Aboard the Laudato Si Bandwagon
Jan 29, 2026 2:13 AM

The release last week of Pope Francis’ Laudato Si unleashed a heaven-rending chorus of hallelujahs from the religious left. The activist shareholder investors in the choir loft, those affiliated with the Interfaith Center for Corporate Responsibility, were no exception. No sooner had the ink dried on the paper on which the encyclical’s printed than ICCR members hauled out the hyperbole. For example:

Nora M Nash, OSF: Laudato Sii (Be Praised) will rise up and the cry of Mother Earth will be heard once again from the Amazon Rainforest to the Tiadaghton Forest; from Navidad Bianco Shanty Town in Mexico to Rana Plaza in Bangladesh; from the Great Mississippi to the Three Gorges Dam; from the oil fields of Alaska to mines of the Central African Republic. A new “Canticle of the Sun” will promote dynamic engagement across our fragile munity.

And this hubristic howler:

Zevin Asset Management: Zevin Asset Management is proud to be joined by Pope Francis in our focus on the urgency of climate change. The Papal Encyclical is evidence of the universal nature of the problem and we are hopeful it will inspire universal solutions. We anticipate that it will direct more investors to take up the issue of climate change solutions in their investment decisions.

To which this writer can only respond (sarcastically, of course): “Wow, the Pope is climbing aboard the Zevin bandwagon? Well, it’s about time!”

Sarcasm aside, it’s a shame if not a sin that Zevin and its ICCR cronies don’t recognize the harm caused by their shareholder activism. This writer has submitted ample word counts discussing the negative impact of ICCR resolutions on fellow investors, panies in which they invest and panies’ clientele. And, yes, this brand of shareholder activism also negatively impacts panies’ economic footprint in munities and states in which they operate.

es another Proxy Monitor report from the Manhattan Institute Center for Legal Policy’s James R. Copland, which bolsters your writer’s previous assertions with yet more empirical proof. Copland researched the shareholder proposals submitted by public employee unions, including California Public Employees’ Retirement System with $297 billion in assets; California State Teachers’ Retirement System ($187 billion); New York State Common Retirement Fund ($178 billion); New York City Retirement Systems ($159 billion); and Florida State Board of Administration ($155 billion). . Not surprisingly, the groups upon which Copland’s research focuses reflect the very same issues and points-of-view as ICCR (as well As You Sow, another religious group of shareholder activists):

Section I examines such funds’ shareholder-proposal activism, over time and by subject matter, as well as voting results. Section II looks at how their shareholder-proposal activism may have impacted subsequent share value in panies. The study concludes that these publicly traded pension funds’ shareholder-proposal activism did not tend to create share value; and that the New York State fund’s activism—which traces to 2010 under ptroller Thomas DiNapoli—has been negatively associated with subsequent share-price movement relative to the broader stock market.

Copland continues:

Just as public employee pension funds vary in their propensity to introduce shareholder proposals, they vary in the types of proposals introduced. Although most of the 2015 New York City pension funds’ shareholder proposals involve proxy access, a corporate-governance concern, most of the City funds’ proposals historically have involved social or policy issues…. 62 percent of the New York City funds’ shareholder activism over the last decade has involved social or policy concerns with an attenuated, if any, relationship to share value—a number deflated by this season’s proxy-access push. (While 14 percent of the shareholder proposals that New York City funds have introduced over the decade involve proxy access, 22 of the 23 proxy access proposals were filed in 2015.)

Copland notes the percentages of public-employee shareholder resolutions by topic: Lobbying and Political Spending (17 percent); Executive Compensation (14 percent); “Other Social Policy” (12 percent); and Environment (8 percent) for the years 2006 to 2015. As suspected, very few of these resolutions, if passed, would enhance shareholder value. In fact, he points out such resolutions harm shareholder value whether they are adopted or not.

Critics of pension funds’ shareholder activism worry that “unions and state and local governments whose interests in jobs may well be greater than their interest in share value, can be expected to pursue self-interested objectives rather than the goal of maximizing shareholder value”—a concern articulated by the U.S. Court of Appeals for the D.C. Circuit in 2011, when it threw out the Securities and Exchange Commission’s promulgated mandatory proxy access rule (one substantially similar to that currently being advanced by the New York City funds’ initiative). Perhaps owing to these concerns, the two largest mutual fund groups, Fidelity and Vanguard, have largely opposed the New York City funds’ proxy access proposals.

Indeed, the evidence does not support the public pension funds’ claims that their shareholder-proposal activism enhances share value: the Fortune panies targeted by shareholder proposals sponsored by the five largest state and municipal pension funds saw their share price, in the subsequent year, underperform the broader S&P 500 index (by 0.9 percent), with broad variations….

These findings substantially undercut the hypothesis that public pension funds’ shareholder-proposal activism adds to share value for the average diversified investor—and suggest such efforts may actually destroy value.

Likewise, one can draw the same conclusions for ICCR and AYS shareholder resolutions. Rather than congratulating themselves that Pope Francis shares their moral high ground regarding climate change and the incumbent belief human activity is causing it, ICCR and AYS might actually look at how their activities are harming shareholder values and their fellow investors.

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
How the Department of Energy made your clothes less clean
Note: This is post #38 in a weekly video series on basic microeconomics. What happened to the cleanliness of your clothes after the U.S. Department of Energy issued new washing machine requirements? The requirements — which require washers to use 21% less energy — mean that washers actually clean clothes less than they used to, says economist Alex Tabarrok. In this video by Marginal Revolution University, Tabarrok considers whether mand and control” is an efficient way to achieve the desired...
‘Pro Rege, Vol. 2’: Kuyper on Christ’s kingship in everyday life
How are we to live in a fallen world under Christ the King? In partnership with the Acton Institute, Lexham Press has now released Pro Rege, Vol. 2: Living Under Christ the King, the second in a three-volume series on the lordship of Christ (find Volume 1 here). Originally written as a series of articles for readers ofDe Herault (The Herald), the work serves as plement to Kuyper’s three volumes on Common Grace, focusing on Christ’s claim that “All authority...
5 Facts about refugees in America
Today is World Refugee Day, an annual observance created by the United Nations to memorate the strength, courage and perseverance of millions of refugees.” Here are five facts you should know about refugees and refugee policy in the United States. 1. The U.S. government defines “refugee” as any person who is outside any country of such person’s nationality or, in the case of a person having no nationality, is outside any country in which such person last habitually resided, and...
Liberalism in all things except liberalism
Samuel Gregg, director of research at the Acton Institute, recently published a review of Maurice Cowling’s 1963 book Mill and Liberalism,in which Cowling warnsof the tendency towards“moral totalitarianism”inJohn Stuart Mill’s “religion of liberalism.”Gregg acknowledges fifty-four years after Cowling’s warning, “significant pressures are now brought to bear on those whose views don’t fit the contemporary liberal consensus.” The book’s analysis “provides insights not only into liberal intolerancein our time but also into how to address it.” Mill was not the “secular...
Let’s bring back the stigma of being a ‘Deadbeat Dad’
“Deadbeat Dads”—absent fathers who don’t provide financial support for their children—are one of the most significant factors contributing to child poverty in America. So why do some single women have children outside of marriage when they know they will receive little to no support from the child’s father? A 2014 study from the University of Georgia and Boston College attempts to answer that question. The authors created an economic model to simulate a scenario in which every absent father was...
Protecting private property: The road to sainthood?
The decision to protect private property from state control played a pivotal role in the ing beatification of a Catholic martyr. On June 25 in Vilnius, the Roman Catholic Church will beatify Archbishop Teofilius Matulionis. The ceremony will mark the first time the Vatican has recognized a Soviet-era martyr from Lithuania, and the first Lithuanian beatified in his native land, according to the local bishops’ conference. Archbishop Teofilius was born in 1873 in the village of Kadariškiai. He was ordained...
Attacking Finsbury Park’s peaceful Muslims violates Western values
Just after midnight local time on Monday, June 19, a man deliberately ran an oversized van into a crowd of pedestrians in London, seeking to crush out as many lives as possible. The scene has e familiar, from Jerusalem to Berlin to London’s seat of power in Westminster. This time, though, it was a British driver targeting Muslims exiting a mosque after Ramadan prayers. An elderly man had collapsed outside the Muslim Welfare House, not far from the Finsbury Park...
We need a more Spock-like politics
James Hodgkinson opened fire on a group of congressmen after ascertaining they were Republicans. He wounded several people and was killed himself by Capitol police, who were present to protect House Whip Steve Scalise. Hodgkinson was an ardent Bernie Sanders supporter and had a social media history indicated severe disdain of President Trump. The first thing to be said is that some people simply e unbalanced. There are problems of mental illness, drug imbalances, traumatic events and other catalysts for...
Exulting in the monotony of fatherhood
Fatherhood is a wild ride, yet in my own personal reflections on and around Father’s Day, I’m routinely reminded that amid and alongside all the adventure, the challenges of fatherhood mostly play out in the small and intimate moments of daily life. Those daily struggles and weekly rhythms are profound and important, but they can also feel excessively monotonous and mundane. Much like the challenges we face in in our daily work and economic action, finding flourishing in the family...
The solution to healthcare is solidarity, not socialism
“The answer to the healthcare conundrum is not be found in Congress or in the White House, or in any draconian centre of usurped power,” says Joseph Pearce, “it is to be found on our own doorstep, in our own homes and in the homes of our neighbors.” Put simply, the principle of subsidiarity rests on the assumption that the rights of munities—e.g., families, neighbourhoods, private associations, small businesses —should not be violated by the intervention of munities—e.g., the state...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved