The Power of Religion To Influence Corporate Responsibility

The recent experience of the near calamitous meltdown of the financial system was a clear indication of what can happen when unbridled greed and inadequate regulation are given free rein. The controversies swirling around News Corp are another ugly example of what happens when an ethical values system isn't in place in the boardroom and powerful, intimidating personalities are given permission to create a culture that prizes "scooping" their competitors over serving the public good.

The question is: what can these debacles teach us about the role of ethics and morality in the marketplace and, perhaps more importantly, are we ready to learn?

As the director of the Faith Consistent Investment ministry of my congregation, I have been engaged in shareholder advocacy and corporate social responsibility since the early 70s. Recognizing the enormous influence global corporations have to impact the "common good", my colleagues and I press CEOs and management to scrutinize their business practices on a myriad of issues from policies on lending and executive compensation, to water use in drought-prone areas and to human rights abuses in the supply chain wherever they source products or services. In the early 90's I began to notice that corporate management referred quite often to the unique culture of their particular company and the values and practices that flowed from that culture. It became clear to me that there was a concerted effort on the part of responsible management to codify these values within the context of an identity statement that was part of the organizational DNA that would govern both its internal and external behavior.

For more: Rev. Seamus P. Finn, OMI: The Power of Religion To Influence Corporate Responsibilit