Most people cannot explain a
derivative, a hedge fund or a non-linear payoff diagram. But the Missionary Oblates of Mary Immaculate at the Justice, Peace and Integrity of Creation office (JPIC) can not only explain these complicated financial terms, they are working to make sure these transactions do not have an adverse effect on the poor.

The Missionary Oblates’ JPIC office
promotes responsible, faith-consistent
investing that seeks to create a more
equitable and sustainable economy
for poor people in the United States and throughout the world.

“Catholic social teaching is replete
with references to the promotion of the common good, and a renewed
commitment to the fulfillment of its
demands can serve to guide all of our
decisions and actions in today’s challenging financial environment,” said Fr. Séamus Finn,O.M.I.Director of the JPIC office.

One avenue of reform through which the Oblates are extending and deepening their missionary vocation is through the Oblate Faith Consistent Investment program. This program challenges corporations to integrate ethical standards in their social, environmental and financial policies. One focus of this program has been to publicly call out corporate CEOs and boards of directors over the dramatic disparity between the compensation of executives and their employees.

For many years the Missionary Oblates of Mary Immaculate have been filing resolutions and attending annual shareholder meetings calling on corporations to act in a fair and equitable manner and to take into account the impact of their policies and products on people and on the environment. Core issues raised in recent years during the engagement with corporations have included risk management polices and structures, transparency and honesty in marketing of financial products and the impact of their policies on liquidity and instability on the global financial system.

Over the past year banks and investment firms have borne the brunt of
the JPIC’s efforts. The Missionary Oblates of Mary Immaculate have engaged in corporate meetings with leaders at Goldman Sachs, JPMorgan Chase, Bank of America,Citigroup and other major actors
in the financial sector.

“If taxpapers are going to be left holding the bag when major financial
institutions are in danger of bringing down the entire financial system then they should be able to rely on their elected representaives and government officials to set and enforce rules of conduct for the behavior of these institutions. Through this process they can unite with other concerned active shareholders in providing guidance to management,” said Fr. Séamus. When President Obama signed the
Dodd-Frank Reform and Consumer Protection bill into law in July, a first step was taken to make dramatic changes in Wall Street. But the impact of the law will depend in large measure on the regulations that are now being written to implement it. Ensuring that these regulations are as strong and clear as possible is another priority of the JPIC office.

The mission of the Church and of the Missionary Oblates is to shine the light of the Gospel thoughout all corners of the world and into every dimension and aspect of human activity. By bringing faith principles to bear in the world of finance and business the Missionary Oblates of Mary Immaculate are opening a new field of missionary activity and responding to the call of the Church for a new moment of evangelization. Through the Missionary Oblate of Mary Immaculate’s JPIC office, Catholic social teaching principles are being applied to the process of corporate decision making and providing a moral
compass for those decision makers.