Episcopal Press and News
Authorization Given to Committee on Social Responsibility in Investments
Diocesan Press Service. May 3, 1973 [73124]
GREENWICH, Conn. -- The Executive Council of the Episcopal Church authorized its Committee on Social Responsibility in Investments to file stockholder resolutions with several companies doing business in South Africa.
The Council gave the committee approval to file resolutions with General Electric, International Business Machines, Caterpillar Company, and Gillette, asking the companies to disclose details of their involvement in South Africa. A similar resolution was filed with IBM in 1973 and was supported by 2.6 percent of the vote at the corporation's annual meeting on April 30.
Approval was given to the committee to file a shareholder resolution with Phillips Petroleum Company, or other companies in which the church owns stock which are operating in Namibia (South-West Africa), asking that operations be discontinued in that country. A similar resolution filed with Phillips in 1973 received 4.5 percent of the votes at the annual meeting April 24.
A third resolution was adopted, giving the committee authorization to file shareholder resolutions with General Motors Corporation, Phillips Petroleum Company, International Business Machines, General Electric, Standard Oil of New Jersey, Minnesota Mining and Manufacturing Company, and Eastman Kodak, or any other company in which the church owns stocks which is operating in Namibia. The resolution which was authorized calls on the companies to establish a South African Review Committee to "evaluate the corporation's performance in South Africa and, where appropriate, make recommendations for change in company policy or practices." The resolution also calls for an amendment to the by-laws of the companies to provide non-exploitive and non-discriminatory employment practices.
The Council authorized the committee to file resolutions with American Metal Climax, similar to those submitted to that company last year, concerning steps it has taken to guard against ecological damage from its operations.
In the event the Securities and Exchange Commission does not require any of these companies to include the adopted resolutions on its proxy statement, the committee was authorized "to appeal or otherwise litigate such Commission decisions within the financial limits of the Committee's budget and other financial resources available to it."
The Council approved the following program recommendations of the committee for 1973-74 :
1. Continued participation in the Inter-Faith Committee (on Social Responsibility in Investments.
2. Support for research on social responsibility of corporations.
3. Sponsor educational programs within the Church on social responsibility in investments, and on specific issue areas. Join with others in general educational programs aimed at institutional investors.
4. Continued development of Guidelines for Developing Social Criteria for Areas of Special Concern.
5. Support for development of new models for investment.
6. Develop avenues for disseminating public interest proxy information.
7. Support for efforts to broaden the disclosure and reform the proxy requirements of the Securities and Exchange Commission.
8. Continue activities related to ecological concerns.
9. Support the Diocese of Puerto Rico regarding proposed copper mining in Puerto Rico.
10. Continue activities related to Southern Africa including withdrawal, disclosure, and positive employment practices.
11. Continue to explore, examine and assist, and/or cooperate with others, especially local groups, in examining the record of corporate practices as they affect minority group persons, military contracting, consumer protection, and ecology.
The only challenge to the program recommendations was a proposed amendment to delete "military contracting" from item 11. The amendment was defeated 17-10.
The following persons were elected by the Council for three year terms on the Committee on Social Responsibility in Investments: Ms. Virginia Resseger, Philadelphia, Pa.; the Rev. Edgar Lockwood, Washington, D.C.; Mr. Philip Masquelette, Houston, Tex.; the Hon. William H. Booth, New York City, and Mr. Jack Wheeler, New Haven, Conn.
