ICCR Brokering Session Addresses Third Aspect of Social Investing
In our Coalition we focus a lot on such staples of social investing as entering into dialog with companies we’ve invested in, preparing shareholder resolutions, and even considering divestment. On February 5 in New York, however, the Interfaith Center on Corporate Responsibility dealt with another important aspect of our business when it hosted investors and community economic development groups in a daylong Brokering Session on economic development in disadvantaged communities underserved by traditional financial institutions. Over 100 people attended the annual event at which 43 religious and socially responsible investor institutions met 32 economic development institutions to discuss how socially responsible investors can revitalize low income communities.
“Investments in economic development are a key component of the socially responsible investor’s portfolio,” said Sister Patricia Wolf, RSM, ICCR’s Executive Director. “They are an alternative method of faith-based institutions to promote empowerment and economic revitalization in economically marginal rural and urban areas around the world.” It is estimated that religious investors presently have some $900 million in community development projects.
The keynote speaker for the 2002 Brokering Session was Connie Evans, President and CEO of Women’s Self Employment Futures. The recipient of numerous national and Chicago civic and business awards, Ms. Evans presented “New and Exciting Ways Investment Leaders Can Address Community Needs.” The luncheon address was given by Clara Miller, President and founder of the Nonprofit Finance Fund, who discussed the “Impact on Community of September 11th.” There was also a panel discussion, open microphone sessions, and an opportunity to learn more about the institutions by visiting the booths they had set up around the room.
These institutions ran the gamut from Community Development Banks in large U.S. cities wishing to issue federally-insured certificates of deposit to others doing development work in Haiti and Nicaragua and hoping to issue unsecured notes. You may contact the SRIC office for an annotated list of these exhibitors or for other information.