Skip to comments.Executive Council Will Consider Adding to No-Buy Stock List
Posted on 08/08/2005 6:12:28 PM PDT by sionnsar
At its October meeting, the Executive Council of the Episcopal Church will debate proposals designed to bring peace to the Middle East, including adding corporations that profit from the Israeli occupation of Gaza and the West Bank to its no-buy list of stocks. Executive Council meets Oct. 7-10 in Las Vegas.
The stocks of 32 publicly traded corporations, as of May 2005, are labeled no-buy by the Socially Responsible Investing (SRI) committee of the National Concerns Committee of Executive Council.
Under the SRI guidelines, corporations that produce tobacco or tobacco-related products may not be held in the Churchs portfolio, as well as shares of companies conducting business in Sudan or benefiting the rebel-controlled government of the SPLA may not be held.
The Church also may not own shares in defense contractors if the revenues generated by defense or military contracts exceeds 50 percent of the companys total revenue.
Companies that fall afoul of these guidelines include BP Amoco, Eastman Chemical, Lockheed Martin, Loews, Northrop Grumman, RJR Nabisco, and Union Camp.
The Presbyterian Church USAs Mission Responsibility Through Investment (MRTI) Committee has taken the lead in targeting corporations for divestment over their support for Israel.
Caterpillar, Citigroup, ITT Industries, Motorola and United Technologies will be engaged by the Presbyterian Church through dialogue, shareholder resolutions to change their business practices which inflict harm on the innocent, and delay movement toward a just peace, Bill Somplatsky-Jarman of the MRTI Committee said Aug. 5.
If these dialogues fail, he noted, divestment is an option that the General Assembly may consider.
At the Louisville meeting of Executive Council June 13-16, guests from the Presbyterian Church shared the results of their work in bringing economic pressure against Israel with members of the Council.
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More shares for me. Thank you.
People love empty gestures don't they?
It's not about actually accomplishing anything, it's about "feeling good" , good and self-righteous and holier than thou.
Smug, self-righteous, condescending.
Yes, they do. And these fiddle, while Canterbury burns.
These folks are just incredibly arrogant!
We should develop a FreeRepublic list of companies that support traditional values, low taxes, free speech, strong defense and Israel and disseminate the list to conservatives across the world!
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