Resolution on Socially Responsible Investment

Adopted at 2000 Midwinter Meeting

WHEREAS Council Document 55 (1998) on Socially Responsible Investment was referred to BARC for financial implications on June 29, 1998; and

WHEREAS a model code based on the South African Council of Churches investment code was attached to the original resolution; and

WHEREAS a report was presented to the ALA Council on January 21, 1999 (1998-99 CD #3) asking for more time to develop additional information; and

WHEREAS the latest report from the ALA Executive Board's Finance and Audit Subcommittee did not seriously examine the various types of investment options available, and made no reference to the model investment code (1999-00 EBD #4.4, November 7, 1999); and

WHEREAS the report only advocates the possibility of individual challenges to specific investments after the fact; and

WHEREAS there is no acknowledgement in the report that socially responsible investments can yield high returns; and

WHEREAS the value of socially responsible investment is an inherent value; and

WHEREAS the report incorrectly dismisses the value of investments in mutual funds of any type; therefore be it

RESOLVED that SRRT requests that an ad hoc committee of Council be empowered to revisit the socially responsible investment issue and report back at the July 2000 Annual Meeting.

SRRT Newsletter Issue 134, p. 4