New York — Members of
the PC(USA)'s Mission Responsibility Through Investment (MRTI) committee held
private talks with senior officials from Citigroup, Inc. and ITT Industries over
the past twenty-four hours. These conversations continue the committee's process
of corporate engagement regarding particular business practices as they relate
to human rights concerns in Israel and Palestine.
The meeting with Citigroup included a review of Citigroup's policies related
to due diligence and monitoring to identify potential money laundering. The group
also addressed how to be proactive in the region's economy. Both groups agreed
that microfinancing was a viable area of growth that could lead to a more just
economy and will consider future conversations to discuss how the private and
religious sectors could foster that development. MRTI has enjoyed a long, productive
relationship with Citigroup on community investment issues.
Citigroup was selected for engagement due to the transfer of funds to Arab
Bank from U.S. charities later seen to be fronts funneling money to terrorist
organizations. Some of these funds allegedly ended up as payments to the families
of Palestinian suicide bombers.
Earlier today the MRTI committee meet with senior officials of ITT Industries.
The conversation included a sharing of opinions and ideas regarding company policies
and the Church's concerns.
ITT Industries is a diversified manufacturer that supplies the Israeli military
with communications, electronic and night vision equipment used by its forces
in the occupied territories.
Citigroup and ITT are two of five companies selected by the PC(USA)'s MRTI
committee for engagement due to their strategic involvement in Israel and Palestine,
in hopes of enlisting the companies in the promotion of peace and justice in
the region. The Committee's action is in response to a resolution passed in 2004
by the Church's General Assembly and is consistent with the Church's long-standing
practice of ensuring its investments are used to further the Church's mission.
Engagement with Motorola, another of the five companies selected by MRTI,
began in November of 2005. Other corporations that are being invited into engagement
by PC(USA) on the matters of human rights, peace and justice in the region include
Caterpillar and United Technologies.
Because corporate engagement is a phased, deliberate process requiring extensive
dialogue and shareholder activity prior to a specific divestment recommendation,
MRTI does not anticipate recommending any divestment action to the Church's next
General Assembly, to be held in June of this year.
The Presbyterian Church (U.S.A.) has 2.3 million members
from the fifty states and Puerto Rico. It has been involved in the Middle East
for over 150 years. The Church's mission strategy encourages and supports a Christian
presence in the region, through ministries of education, healthcare and evangelism.
Our work with Christian partners also informs our deep concern for human rights
issues. In Israel/Palestine, the Church has been a consistent advocate for Israel's
right to exist and Palestinians' right to self-determination. It has also spoken
out consistently against violence; terrorism; anti-Semitism; the occupation of
the West Bank, Gaza, and East Jerusalem; and the separation barrier. |
