A pioneering association in Socially Responsible Investment

To ensure a dignified old age for elderly sisters, since the early 1980s, religious congregations in France have been seeking ways to achieve this goal, in a context of ageing institutions. The Infant  Jesus Sisters  are no exception to the rule.

It all began with Sister Nicole Reille,  Canoness of Saint Augustine, and the general bursar of the Congregation of Notre Dame, informed her superiors of her desire to invest money in shares or bonds in order to provide the best possible support for the retirement of the members. But a question quickly arose: how could large sums of money be managed in a way that reflected the values of justice and respect for people and the environment? It was unthinkable, for example, to finance companies that exploited Third World populations.

An original initiative at the time

With a dozen or so  fellow bursars’ – including Anne Marie Louboué, Infant Jesus Sister – Sr Nicole  began to reflect. The small group sought advice from financial specialists, business leaders, human resource and social relation managers, trade union representatives, etc., as well as economic theorists and theologians, all of whom were researching business ethics. These discussions and exchanges led to the creation of the association Ethique et Investissement (Ethics and Investment) in 1983. Criteria for ‘good investment’ are defined in a charter.

With an investment bank, Meeschaert Bank, an investment fund called ‘New Strategy 50 is created. ‘It can be considered the first ethically responsible investment in France,’ says Sister Marie-Thérèse Thibaut, current provincial bursar of the   French Unit (EJNB).

A variety of missions

Since then, the association has continued to grow. Today, it has around a hundred members, including congregation bursars, investors and financial specialists. It organises workshops and two debates a year on current issues, with business leaders, Christian moralists, philosophers and sociologists, presenting complementary perspectives. Sr Marie-Thérèse tells us a little more about this: ‘The next one will take place in November. It is entitled 'Arms Financing: can we separate the just from the unjust, the civil from the military, the public from the private? A vast question!’

The association also provides training, ‘for example, on how to conduct a prospective study on the future finances of our institute of the  of the Infant  Jesus Nicolas Barré, particularly in the context of a demographic shift from the North to the South.’

Every quarter, an ethics committee meets to examine companies' behaviour in terms of respect for the planet, human relations and governance.

‘I am a member of the association's Board of Directors, which I learned about from the bursars who preceded me and during the training I received. Meeting people who are very different and far removed from my usual environment is very enriching,’ concludes Sr Marie-Thérèse. I discovered that it is possible to be concerned about finances and financial returns and still care about social and international justice. What I also like is that the association allows us to ask the right questions. Today, the issue of ‘ethical’ investments is much more central. A good understanding of these issues allows me to remain responsible and to make investments in accordance with our charism." 

French television today devoted an hour-long programme to the global development of this prophetic initiative. Sr Marie-Thérèse took part in the programme.