Northwest Coalition for Responsible Investment Rising Together for 30 Years
Annual Report 2024 | NWCRI - A program of the Intercommunity Peace & Justice Center Northwest Coalition for Responsible Investments (NWCRI) celebrates its 30th anniversary of faith-based shareholder advocacy calling for corporations to align their practices with the values of justice, the inherent dignity of all people, a just economic transition, a sustainable environmental future, and responsible governance. Shareholder advocacy is a tool for social change grounded in the belief that the economy must work for the common good and the planet must be preserved for future generations. We rise together to bring the voices of marginalized and impacted communities to curtail and hold accountable harmful corporate behavior. Another tool for social change is regulation and policy changes. In this year, an unprecedented year of national elections, when 60 nations with almost 50% of the world’s population are holding elections, voters will play a crucial role in effecting policies. As we face the worsening existential threats of climate change, widening inequalities, and rising authoritarianism, our vote is more consequential than ever. This November shareholders and impacted communities will have their chance to affect Environmental Social Governance (ESG) policies with national and global implications through their vote. NWCRI and the Interfaith Center on Corporate Responsibility (ICCR) have engaged pharmaceutical companies for years on increasing access to their products to reduce harm, improve outcomes, diminish the regulatory and reputational risk posed by increasing high drug prices that limit equitable access and affordable medicines. According to a 2023 poll 30% of Americans do not take their medications as prescribed due to cost.1 In 2022, the Inflation Reduction Act (IRA) enabled the US government to negotiate on commonly used expensive Medicare drugs
that have no generic competitors. According to the Biden administration, the first ten negotiated drugs whose prices range from $517 to $14,934 for a 30-day supply account for more than 20% of Medicare’s Part D total annual expenditure. Pharmaceutical Companies along with the US Chamber of Commerce of Ohio have sued in federal courts, challenging the constitutionality of the law giving Medicare the ability to negotiate prices. Thirty institutional investors sent letters challenging these Pharma companies for opposing the government's attempt to negotiate prices on behalf of Medicare recipients. So far, they have lost seven such challenges. The negotiated reduction of list price ranging from 38% -79% will go in effect in 2025. Since its inception NWCRI along with ICCR colleagues, motivated by moral, ethical, and faith values, have engaged companies to bring the voices of impacted communities and people on the margins to the corporate table.
Over the last 30 years the coalition has brought over 1260 resolutions to more than 110 Corporations! This year, NWCRI brought 15 justice issues to the boardrooms of 37 Corporations, filed 41 shareholder resolutions, and participated in over 40 dialogues. We engaged corporations on issues ranging from the right to healthcare and affordability of medicine, living wages, workers and children rights throughout the supply chain, online child safety, externalization of the cost of gun violence, indigenous rights, and environmental justice. In the subsequent pages are a few highlights! 1. https://bit.ly/public-opinion-prescription-drugs-and-prices