As many of you are probably aware, earlier this summer BP was issued a permit to increase waste discharge from their Whiting, IN oil refinery into Lake Michigan. This controversial action was met with rigid opposition from many people in the region (and around the country), especially those who draw their drinking water from the lake.

With Goshen less than a hour from Lake Michigan, the Whiting Refinery concerns hit very close to home. This situation (which, as you may know, has resolved itself already) is also an excellent example of the challenges major corporations face in our world today. Soon after the controversy came to the fore, I was part of a call (comprised of socially responsible institutional investors around the country) with BP raising our concerns and challenging them to find a way forward that both met their need for growth, but in a way that also met the needs of the environment. As there is increasing demand for energy in our world, we need companies like BP to find ways to meet this demand in new and creative ways. In the face of social challenges, an important part of our role as social investors is to keep the company from withdrawing (and doing the same or worse elsewhere) and plowing new ground that moves us toward a sustainable future.

We are pleased with the company’s response and hope it sets a model for others in the oil and gas sector–step up to the challenge! My letter thanking BP America President and Chairman, Bob Malone, can be accessed through the link below:

BP Whiting Refinery Appreciation letter (521 kb Word)

The following article was in the New York Times Magazine from August 12, and is now posted on CommonDreams.org:

Resolved: Public Corporations Shall Take Us Seriously

It documents how members of the Interfaith Center on Corporate Responsibility (ICCR) and other social investors travel to Dallas, strategize, and raise social issues at ExxonMobil’s annual shareholder meeting. The article is helpful in explaining how this process works, and the motivations for doing it.

While MMA does not invest in ExxonMobil for human rights and environmental reasons, we support the efforts of those who wish to change Exxon’s policies for the better. Mark and I collaborate with the people featured in the story on a variety of issues at other companies.

Mennonite Economic Development Associates (MEDA) has published an article on the impact of microfinance in emerging markets. MEDA has been active in the promotion of microenterprise to reduce poverty since 1953, and recently teamed with MMA to launch the OneWorld Community Investment Program. Here is an excerpt from the article:

“These investors are part of a new investment class known as Socially Pro-Active Investments (SPI). They have eagerly moved beyond Socially Responsible Investing to something more purposeful. Rather than simply screening out the bad companies, SPI investors seek out firms that are having a direct positive impact on poor communities. Moreover, rather than sticking only to publicly traded companies, they are willing to invest directly.”

For the full article:

SRI on Steroids: What is Socially Pro-Active Investing? (112 kb PDF)