Veris Statement on Senate Vote to Overturn Final DOL ESG Rule

As part of the attacks on ESG, an important vote was passed by the US Senate which is worthy of note to all ESG investors and the Veris network. The US Senate passed House Joint Resolution 30 (H.J. Res 30), the Congressional Review Act (CRA) Resolution to overturn the U.S. Department of Labor’s (DOL) final rule on “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.” The resolution now goes to President Biden’s desk where he is expected to veto it.

Veris supports the statement made by Bryan McGannon, Managing Director of US SIF: The Forum for Sustainable and Responsible Investment:

“We urge the President to quickly veto the resolution and allow the marketplace to continue to fulfill their fiduciary duty to plan participants and meet the growing demand for sustainable offerings in retirement plans. The Department of Labor’s ESG rule is a sensible policy allowing retirement plan fiduciaries to consider all financially relevant information when making investment decisions. This benefits plan participants and it ends the retirement policy pendulum between administrations. These gains are undermined by the March 1 vote to kill the rule. The DOL’s final rule does not mandate the consideration of environmental, social and governance (ESG) criteria, as proponents of the CRA suggest. In fact, the rule re-affirms ERISA’s long-standing principle that the duties of prudence and loyalty require ERISA plan fiduciaries to focus on relevant risk-return factors and not subordinate the interests of participants and beneficiaries.”

We hope that you will support this call for President Biden to veto the resolution. We will also keep you updated on any further federal level attacks on our sector.

Sincerely,

Veris Wealth Partners

Veris is B Corp Certified and proud to be part of this community.

Why Veris is a B Corp

By Nicole Davis, Partner and Senior Wealth Manager


Veris Wealth Partners is a Certified B Corporation because we believe in the power of business as a force for good. We are proud of our B Corp status and the growth we have seen within this movement continues to inspire us. When our firm first earned certification in 2011, there were only 400 B Corps in the world. As of today, there are over 6000 companies representing over 150 industries in the global community of Certified B Corps.1

There are many reasons why a company might consider becoming a B Corp. Certification offers a variety of benefits, not only to the companies that go through the process, but also to the employees who work for them, the communities they are part of, and to the environment. Here are a few examples of the benefits of B Corp Certification that we have seen at Veris. 

Regular assessments help us track our impact and improve.

The B Corp framework helps us track our impact on an ongoing basis and make improvements across every aspect of our business. B Lab Global also shares profiles of all current B Corps on their website so that companies can easily compare their impact against other organizations. 

To maintain B Corp status, a company must regularly undergo the B Impact Assessment process. The B Impact Assessment is a digital tool designed by B Lab to help companies measure, manage, and make changes that help them make a more positive impact on the environment and their employees, clients, suppliers, shareholders, and communities.2 Veris Wealth Partners recently completed the B Impact Assessment and our firm’s Overall B Impact Score is 144.8.3 

B Corp’s framework offers guidance on sustainability & responsibility issues that can be helpful to businesses of any size, industry, or geographic location.

B Corp’s framework was designed to offer useful guidance to many different types of businesses that seek to follow the best practices for responsible and sustainable business. We believe that the B Corp framework is a valuable tool for any company that wishes to improve its operations – whether it is a small, founder-led venture or a multinational corporation.

We build relationships with other B Corps.

Being part of this amazing community also grants us the opportunity to engage with business leaders who share our vision for the future and to have meaningful conversations about what it takes to be a sustainable and responsible business in today’s rapidly changing world. Being part of this community also helps us discover and connect with potential partners, vendors, and collaborators that share our commitment to sustainability and responsibility.

Certified B Corporations share knowledge, answer questions, and trade examples of initiatives that worked with other companies in the community.

B Corps learn from each other. Within the community, you can find other B Corps that truly understand your unique challenges because they are in the same industry or are the same size or operate under the same state laws and are also trying to be a force for good in the world. You can ask questions and receive helpful guidance from other business leaders who have struggled with similar issues.

We help each other solve challenges by offering examples of innovative programs in action and data showing the real impact of those efforts. By sharing what has worked for your business, you can inspire other companies to make improvements that benefit both people and the planet.

Certification is validation of an organization’s commitment to creating positive change.

B Corp status signals that you are in business for the benefit of all stakeholders – your employees, community, and the environment – not just your shareholders. Earning B Corp Certification is third party validation that your business is actually walking your talk – which is especially important in this time of rising levels of greenwashing and impact washing.

We believe the B Impact Assessment process can be helpful for any business.

Even if you are not yet ready to become a B Corp, we believe there is significant value in undergoing the B Impact Assessment process, measuring your impact, and seeing where you can make improvements.

We think that learning what really good companies are doing for their employees and comparing your efforts against your peers can help business leaders make improvements that may bring benefits for your business and every stakeholder that is impacted by what you do.

How to Become a B Corp

If you are ready to take the next step, connect with B Lab – the nonprofit organization that certifies B Corporations around the world. Your company will need to take several steps to prove to B Lab that your business is eligible for certification:

  • “Demonstrate high social and environmental performance by achieving a B Impact Assessment score of 80 or above and passing (B Lab’s) risk review. Multinational corporations must also meet baseline requirement standards.
  • Make a legal commitment by changing their corporate governance structure to be accountable to all stakeholders, not just shareholders, and achieve benefit corporation status if available in their jurisdiction.
  • Exhibit transparency by allowing information about their performance measured against B Lab’s standards to be publicly available on their B Corp profile on B Lab’s website.”4

Learn more about B Corp eligibility and the pathways to becoming a Certified B Corp from B Lab.


Nicole Davis is a Partner and Senior Wealth Manager at Veris Wealth Partners. Learn more.

Sources

1 https://www.bcorporation.net/en-us/

2 https://www.bcorporation.net/en-us/programs-and-tools/b-impact-assessment

3 https://www.bcorporation.net/en-us/find-a-b-corp/company/veris-wealth-partners

4 https://www.bcorporation.net/en-us/certification


The information above is provided for informational purposes only and solely reflects the views of the authors. Additionally, this document contains information derived from third party sources. Although we believe these third party sources to be reliable, we make no representations as to the accuracy or completeness of any information derived from such third-party sources and take no responsibility therefore.


2022 Impact Report

Veris Celebrates 15 Years of Impact in our 2022 Impact Report

In this season of thanks, we are grateful to be celebrating our firm’s 15th Anniversary with the release of our 2022 Impact Report.

In this year’s Impact Report, we illustrate the positive social and environmental progress we have helped create, thanks to our wonderful clients, team, investment managers and industry partners.

Download Report
2022 Impact Report

As our CEO Stephanie Cohn Rupp writes, “Through a great recession, volatile markets, a global pandemic, and attacks against our sector steeped in deep misunderstanding, Veris has grown. We owe this to our wonderful clients who believe finance can be a force for justice and sustainability, to our talented team, and to our founders – whom I thank for making such a powerful dream a reality.”

This Impact Report also offers highlights from our history as one of the oldest independent wealth management firms with a 100% focus on authentic ESG and impact investing, our work in shareholder activism, efforts to dismantle obstacles to diversity, equity, inclusion, and belonging within Veris and across the industry, and much much more. We hope you enjoy it and we welcome your thoughts.

From all of us at Veris, we wish you a very Happy Thanksgiving!

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Download 2022 Impact Report
Don't Say Gay

Veris Condemns Violence Against the LGBTQ Community

“Places that are supposed to be safe spaces of acceptance and celebration should never be turned into places of terror and violence. Yet it happens far too often. We must drive out the inequities that contribute to violence against LGBTQI+ people. We cannot and must not tolerate hate.”
– President Biden’s Statement on the Shooting in Colorado Springs 1


Veris Wealth Partners is outraged at yet another violent attack on the LGBTQ+ community and we are heartbroken for the victims. We honor the memories of the five people who were killed in the Saturday night shooting at Club Q in Colorado Springs and express our sympathy to the wounded.2

Veris firmly believes that LGBTQ rights are human rights and that violent acts like these are intended to harm not only the victims, but the entire community by destroying any sense of safety in the spaces where lesbian, gay, bisexual, trans, and queer people gather. We also believe that the rise of cruel anti LGBTQ rhetoric and legislation like the “Don’t Say Gay” law in Florida has contributed to a rise in violent acts against this community.3

We believe that the shocking number of mass shootings in the United States4 shows that all Americans are at risk of gun violence, but the data shows that LGBTQ individuals are particularly vulnerable – especially trans people of color.5 This cruel and cowardly act in Colorado coincided with the annual Transgender Day of Remembrance. The LGBTQ rights advocacy group Human Rights Campaign (HRC) has tracked the deaths of over 300 transgender people due to violence over the last decade and that two-thirds of those deaths were caused by gun violence.6 Before the shooting in Colorado, HRC had tracked the deaths of 32 transgender and gender non-conforming people in 2022 alone.7

We agree with the statement issued by HRC President Kelley Robinson in the aftermath of the attack in Colorado: “We must rise against hate in the strongest possible terms, we must stand together in solidarity and love with our LGBTQ+ family in Colorado Springs and demand an end to this epidemic of gun violence. From Pulse to Colorado Springs to so many other lives stolen from us— this has occurred for far too long.”8

Organizations Providing Support to the LGBTQ Community



The information above is provided for informational purposes only and reflects the views of the authors. Additionally, this document contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information derived from such third-party sources and take no responsibility, therefore.


Sheryl Kucer Businesswire article

Sheryl Kucer Named COO of Veris Wealth Partners

We are thrilled to welcome Sheryl Kucer to Veris as our new Chief Operating Officer.

Sheryl brings to the role over 15 years of operational and human capital experience and her deep commitment to the Veris values of social justice, racial and gender equity and environmental sustainability.

Sheryl Kucer

Sheryl’s experience will help ensure that Veris continues to innovate and evolve while remaining a leader in the impact investing movement. She most recently served as Chief Operating Officer and Chief Compliance Officer at Dyson Capital Advisors.

Sheryl said that she is excited to be joining Veris at this moment in history because “thoughtful and forward-thinking impact investment is needed more than ever” and that she is “grateful to have the opportunity to align with a firm and a client community whose values so deeply mirror my own.”

Businesswire logo
Read more about our new COO
Sheryl Kucer Businesswire article

Veris Wealth Partners Signs Onto The SME Climate Commitment to Achieve Net-Zero Emissions

Veris Wealth Partners is pleased to announce that we have formalized our longstanding goal to achieve Net-Zero carbon emissions by signing onto The Small and Medium Enterprise (SME) Climate Commitment. By making this commitment, Veris has pledged to:

  • Reduce our greenhouse gas emissions by 50% before 2030*
  • Achieve Net Zero Emissions before 2040
  • Disclose our progress on a yearly basis

Reducing our carbon footprint has been important to Veris since our firm’s inception. Long before we took this pledge, we made an internal commitment to reduce our carbon footprint and offset 100% of carbon used in our operations. We currently offset 100% of carbon emissions through fellow B Corp NativeEnergy, which uses high quality offsets certified by third parties such as the Gold Standard and Verified Carbon Registry. By signing onto the SME Climate Commitment, Veris publicly reconfirms our belief that climate change poses grave threats to the natural world, humanity, and the global economy and our conviction that all businesses have a responsibility to be part of the solution.

Net-Zero Action Steps

In accordance with our Climate Commitment, Veris will take the following action steps: Measurement – Veris will continue to measure our firm’s carbon footprint on an annual basis. Reduction – Veris will continue to seek innovative ways to reduce our emissions firmwide and adopt new practices to make progress towards our goal of net zero. Reporting – We have historically included data about our firm’s annual carbon footprint in our annual Impact Report and we will continue to do so to mark our progress.

Join the Effort to Achieve Net-Zero & Fight Climate Change

The SME Climate Commitment was designed to spur more small and medium sized organizations to take bigger steps to achieve our shared goal of emitting Net-Zero carbon emissions and is part of the United Nations Race to Zero Campaign. We believe that public accountability is a powerful tool to drive behavior change and we encourage more business leaders to join us in signing onto a Net-Zero commitment.

*Veris uses 2019 GHG emissions as the baseline year for GHG emissions to reduce by 2030.

A Look at a Few of the Potential Benefits & Limitations of The Inflation Reduction Act & Biden Student Loan Forgiveness Plan

by Tim Kingsbury, Wealth Manager at Veris Wealth Partners


August 2022 saw encouraging news coming from Washington with the passage of the Inflation Reduction Act (IRA)1 and the introduction of the Biden Student Loan Forgiveness plan.2 The potential effects of these initiatives are too extensive to unpack quickly, but this brief overview offers insights into a few of the most promising benefits and some of the limitations.

Inflation Reduction Act / IRA

The IRA is an extremely complex piece of legislation that includes new spending, taxes, and policies that touch on climate and our environment, energy, manufacturing, transportation, health care, and other important parts of our society and our economy.3

Here is a look at a few of the credits and rebates included in the legislation that are likely to have a major impact for Americans and for our environment.

The IRA’s EV Tax Credit

Tax credits are a dollar-for-dollar reduction in tax liability so they are more valuable than a tax deduction. The IRA includes a $7,500 New Electric Vehicle Tax Credit including two separate credits that take into account where the battery minerals were sourced and assembled.4 After the IRA was enacted on August 16, 2022 the tax credit was immediately effective for qualifying electric vehicles for which final assembly occurred in North America.5

We believe that one major potential positive impact of the IRA’s new credit is that it is likely to accelerate the onshoring of EV battery manufacturing in the United States so that we see significant growth over time. More information and changes to the eligibility requirements will be forthcoming in 2023.

Limitations

  • The IRA sets a Manufacturers Standard Retail Price (MSRP) cap of $55k for cars and $80k MSRP cap for new vans, trucks and SUVs. Vehicles priced over that amount do not qualify for the credit.
  • Before 2023, manufacturer sales caps of 200,000 vehicles are in effect that may negate the new tax credit, including vehicles from Tesla, GM and Toyota. Please refer to the Department of Energy’s list or use their VIN number decoder for availability as this is subject to change. Beyond 2023, manufacturer sales caps are lifted.
  • The law sets a Modified Adjusted Gross Income (MAGI) limit of $150k for individuals, $300k married filing jointly and $225k head of household.6
  • Note that the $4,000 Pre Owned Electric Vehicle Tax Credit, for model years at least two years earlier than year of purchase, are subject to MAGI limit of $75k individual, $150k married filing jointly and $112.5k head of household.

Prior to purchase, please consult your accountant or CPA to double check eligibility, as some provisions may change.

IRA High Efficiency Home Rebates

The IRA also offers incentives designed to help homeowners pay for more environmentally friendly and energy efficient home technologies, including a variety of rebates:7

  • $8,000 for heat pumps
  • $1,750 for heat pump water heaters
  • $840 for a heat pump clothes dryer or electric stove
  • $4,000 for electrical panel upgrades
  • $2,500 for electrical wiring improvements
  • $1,600 for insulation and sealing
  • And more…

Beginning sometime in 2023, various point of sale rebates should come online once additional guidelines are released.

Limitations

  • The law sets a collectable maximum of $14,000 in high efficiency home rebates.
  • To be eligible for these rebates, household income cannot exceed 150% of area median income as calculated by HUD. Fannie Mae provides an area median income lookup tool, but please consult your accountant or CPA to double check eligibility.

IRA Residential Clean Energy Credit

A tax credit for installing clean household energy such as solar (PV panels, batteries, setup costs etc.), wind, or geothermal has been raised from 26% to 30% from 2022 to 2032 – independent of the prior $14k High Efficiency Home Rebate cap.7

Student Loan Forgiveness Plan

The cost of college has soared over the last few decades, with the average price of tuition, fees, and room and board for an undergraduate degree jumping 169% between 1980 and 2020.8 Over the same period of time, government investment in financial support for students has declined.9 Massive amounts of student loan debt is the result. The Department of Education now estimated that the average American undergraduate student now graduates with nearly $25,000 in student loan debt. Those debts have a disproportionately high negative impact on middle class and lower income families, particularly on people of color, which many experts point to as a cause of the widening racial wealth gap in this country.10

To respond to this growing crisis, President Biden, Vice President Harris, and The Department of Education introduced a Student Loan Forgiveness Plan this August designed to provide relief to low and middle income federal student loan borrowers.11 This plan may yet be challenged at the Supreme Court, but currently it includes:

  • $10k of student loan forgiveness, plus an additional $10k if Pell Grants are held, if income was under $125k for individuals or $250k Married Filing Jointly/Head of Household for either years 2020 or 2021. Parents with PLUS loans are also eligible, subject to income limits.
  • The Federal student loan repayment freeze was extended until the end of 2022.
  • Monthly payments for income driven repayment plans were cut to 5% of a borrower’s discretionary income – down from 10% of discretionary income.
  • Monthly payments for graduate loans will be capped at 10% of discretionary income, down from 20%.
  • Balances will not increase as a result of accrued income as long as monthly payments are made on time.
  • Remaining balances will be totally forgiven after 20 years of payments or 10 years of payments if the balance is $12k or less.

Anyone who believes they are eligible should consult an accountant or tax professional for exact qualifications.

More Information Coming in 2023

We welcome these developments and we eagerly await additional information and guidelines. As 2023 approaches, these new policies will become more concrete and clear.

If you think you may benefit from the IRA or Student Loan Forgiveness plan, please consult your accountant/CPA, financial advisor, or wealth manager before taking any action.


Tim Kingsbury is a Wealth Manager and CERTIFIED FINANCIAL PLANNER™ professional. He is located in the New York office of Veris Wealth Partners and is focused on helping clients meet their financial and impact goals. Learn more.


The information above is provided for informational purposes only and reflects the views of the authors. Additionally, this document contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information derived from such third-party sources and take no responsibility, therefore.


ESG Critics Are On The Wrong Side of History

by Stephanie Cohn Rupp, CEO of Veris Wealth Partners

Don’t take the wrong side of an argument just because your opponent has taken the right side.”                                                                                                                                              — Baltasar Gracián


Environmental, Social, and Governance (ESG) investing is facing a new round of criticism from American conservative leaders. Senator Ted Cruz, to offer one example, has framed BlackRock’s ESG policies as “abusing the market.”1 More alarming to me, are the new state-level policy attacks on ESG led by elected officials from across the United States. To offer three recent examples: 

  • Governor Ron DeSantis and trustees of Florida’s State Board of Administration passed a resolution barring state pension funds managers from considering ESG criteria.2
  • Texas State Comptroller Glenn Hegar banned state and local entities from doing business with ten banks that the state accused of boycotting the oil and gas industry.3
  • The State of West Virginia and its State Treasurer now refuse to do business with financial institutions that divest from fossil fuels.4

As I see it, these actions demonstrate a lack of concern for the financial performance of the pension-holders they supposedly wish to protect – as well as a lack of regard for the views of a vast majority of the American people. A recent Pew study showed that 69% of American adults want the US to focus on developing the infrastructure for wind, solar, and other alternative energy sources instead of expanding the production of oil, coal, and natural gas.5

I have spent the last twenty years of my career in global Impact and ESG investing, serving clients from across the political spectrum. From my perspective, these condemnations and policies designed to defend the fossil fuel industry show a deep misunderstanding of ESG investing and lack of knowledge about important megatrends that are shifting the views of Republicans and Democrats alike and shaping a future that will look very different from today.

These anti-ESG positions are, in my view, dangerously on the wrong side of history.

ESG Critics’ Biggest Mistake: Ignoring Stranded Assets

I believe the greatest mistake of policymakers enacting bans on ESG investing is that they are ignoring the risk of “stranded assets.” 

Lloyd’s defines stranded assets as those that “have suffered from unanticipated or premature write-downs, devaluation or conversion to liabilities” typically because of environmental changes caused by climate change.6  

By continuing to invest in fossil fuels, the pension systems of West Virginia, Texas, and Florida – and the pensioners who depend on them – will continue to be exposed to oil and gas and the risk of stranded assets.

Though fossil fuels continue to dominate the global energy system today, we are about to experience a sharp decline in their use because of new government regulations, sharp changes in consumer behavior, and the potential for legal action against emitters. Researchers have forecasted that 60% of oil and fossil methane gas, and 90% of coal will remain in the ground for the planet to not exceed a 1.5 °C carbon budget.7 These “assets” will remain stranded.

Stranded asset risk is not fully reflected today in the value of companies that extract fossil fuels. If this risk was priced in, as I think it will be in the future, this would result in a sudden drop in value that would affect investors and shareholders.

Whether you believe in climate change or not — as an investor, it is a dangerous bet to continue to invest in an industry which has a high probability of becoming obsolete. Returns to pensioners will most probably suffer as a result.

Error #2: Ignoring that Energy Companies are Making Net-Zero Commitments and Transition Plans

Several energy companies have now made Net-Zero commitments. Exxon-Mobil pledged net-zero carbon emissions from operations by 2050.8 Shell’s target is to become a net-zero emissions energy business by 2050.9 Why would policymakers force their states’ pensioners into investments in soon outdated energy, even while the energy companies are making these commitments and embarking on the energy transition?

In contrast, the states of Texas and Florida have yet to make a Net Zero commitment.

Error #3: Misreading *Republican* Opinion

The Republican politicians that are taking action against ESG are apparently not paying attention to the shifting views of their own voters. A Pew research study found that 88% of Republicans are supportive of specific policies to reduce climate change, such as planting a trillion trees to absorb carbon emissions, while 73% of Republicans are supportive of providing a tax credit to businesses to develop carbon capture and storage.10 My own experience supports polling data indicating that a vast majority of right and left-wing asset owners want to combat climate change.

Anti-ESG politicians should take note that voters from the opposing parties are not as far apart on this issue as it might seem. Another Pew study indicates that 77% of all Americans (including Democrats, Republicans and Independents) wish to prioritize renewables over fossil fuels.11

If we look at Pew’s findings broken down by political affiliation and gender, 66% of Republican women wish to move away from fossil fuels and 60% of Republican men agree.12 This data suggests that Republican women are more concerned about climate issues than Republican men. It is notable then that McKinsey projects that more than two-thirds of wealth in the US will be held by women by 2030.13 I believe this massive wealth transfer to women will cause a tidal wave of ESG investing — especially in climate solutions. Conservatives may now attack ESG investing as “woke,”14 but the data suggests that wealthy Republican women will increasingly invest in the clean energy transition.

A Majority of Americans Want Climate Solutions – More of our Leaders Need to Get on the Right Side of History 

Partisan voters and investors obviously still have polarized views on many issues, but all evidence suggests that they are now largely in agreement on climate change.

I believe that these myopic bans on ESG investing in Texas, Florida and West Virginia pose real world risks, not only to the pensioners of these state systems, but to all humanity – by supporting policies that exacerbate global warming and its catastrophic consequences.

I call on every American voter and every investor who agrees with me to send a message to the leaders who are on the wrong side of history – both with your votes and with your dollars.


Stephanie Cohn Rupp is the CEO of Veris Wealth Partners. She has worked globally in Impact and ESG investing since 2001 and is a Board Director of US SIF. Read Stephanie’s full bio.

The above article was originally published on the Medium.com website on August 31, 2022.

References

1 https://www.cnbc.com/2022/05/24/sen-ted-cruz-blasts-larry-fink-over-woke-shareholder-votes-on-climate.html

2 https://www.nytimes.com/2022/08/24/business/dealbook/desantis-florida-esg-investing.html

3 https://www.texastribune.org/2022/08/24/texas-boycott-companies-fossil-fuels/

4 https://www.nytimes.com/2022/07/28/business/west-virginia-fossil-fuel-banks.html

5 https://www.pewresearch.org/science/2022/03/01/americans-largely-favor-u-s-taking-steps-to-become-carbon-neutral-by-2050/

6 https://www.lloyds.com/strandedassets

7 https://pubmed.ncbi.nlm.nih.gov/34497394/

8 https://corporate.exxonmobil.com/News/Newsroom/News-releases/2022/0118_ExxonMobil-announces-ambition-for-net-zero-greenhouse-gas-emissions-by-2050

9 https://www.shell.com/powering-progress/achieving-net-zero-emissions.html

10 https://www.pewresearch.org/fact-tank/2021/07/23/on-climate-change-republicans-are-open-to-some-policy-approaches-even-as-they-assign-the-issue-low-priority/

11 https://www.pewresearch.org/science/2019/11/25/u-s-public-views-on-climate-and-energy/ps_11-25-19_climate-energy-00-014/

12 https://www.pewresearch.org/science/2019/11/25/u-s-public-views-on-climate-and-energy/ps_11-25-19_climate-energy-00-014/

13 https://www.pnc.com/insights/wealth-management/business-continuity-and-succession-planning/preparing-for-the-great-wealth-transfer-to-women.html

14 https://www.bloomberg.com/news/articles/2022-09-01/woke-inc-author-s-firm-targets-blackrock-esg-investing


The information above is provided for informational purposes only and reflects the views of the authors. Additionally, this document contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information derived from such third-party sources and take no responsibility, therefore.


The End of Roe

With sorrow — for this Court, but more, for the many millions of American women who have today lost a fundamental constitutional protection — we dissent.1

– Supreme Court Justices Stephen Breyer, Sonia Sotomayor, and Elena Kagan


Veris Wealth Partners condemns the Supreme Court’s disgraceful decision overturning Roe v. Wade.

We share the sorrow expressed by Justices Breyer, Sotomayor, and Kagan in their dissenting opinion in the case of Dobbs v. Jackson Women’s Health Organization and we find it appalling that women in the United States no longer have a federally guaranteed constitutional right to abortion access.

The Immediate and Future Impact of this Decision

At least 26 states are expected to ban abortion in the coming days.2 No one is exactly certain of what may come next, but the dissenting Justices wrote, “Whatever the exact scope of the coming laws, one result of today’s decision is certain: the curtailment of women’s rights, and of their status as free and equal citizens.”

In their response to the decision, the ACLU wrote that “Forcing women and other people to carry a pregnancy against their will has life-altering consequences, including enduring serious health risks from continued pregnancy and childbirth, making it harder to escape poverty, derailing their education, career and life plans, and making it more difficult to leave an abusive partner. This decision could also lead to pregnancy losses being subject to suspicion, investigation, and arrest, and patients and doctors being thrown in jail.”3

The response issued by the Association of American Medical Colleges (AAMC) sounded the alarm that almost half of US OB-GYN residency programs are located in the 26 states where abortion is expected to be outlawed. They make the point that it will now be challenging, if not impossible, for a great number of American medical school students to get vital training not only in abortion care, but also in treating women who are suffering miscarriages and other related OB-GYN issues.4

Another impact of this decision is that other rights are likely at risk. In his concurring opinion to the Dobbs decision, Justice Clarence Thomas wrote that the Supreme Court “should reconsider all of this Court’s substantive due process precedents, including Griswold, Lawrence, and Obergefell”.5 These are the decisions that guaranteed access to contraception, struck down sodomy laws and legalized same-sex marriage.

Action Steps

The next elections will be crucial to determining what comes next. Many say that this decision to overturn Roe was the result of 50 years of activism, voting, and political maneuvering from the anti-choice movement. We believe we all must rise to this moment and do what we can to fight for women’s rights, for human rights, in the United States.

Please vote.

Please support organizations that are still providing reproductive health care and those that are fighting for reproductive rights for women in the United States including:

Veris Wealth Partners reaffirms our commitment to continue to support the reproductive rights of women and girls in the United States.

Sincerely,

Veris Wealth Partners



The information above is provided for informational purposes only and reflects the views of the authors. Additionally, this document contains information derived from third-party sources.  Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information derived from such third-party sources and take no responsibility, therefore.


Veris Wealth Partners Supports Women’s Reproductive Rights

“Restrictive abortion regulation can cause distress and stigma, and risk constituting a violation of human rights of women and girls, including the right to privacy and the right to non-discrimination and equality, while also imposing financial burdens on women and girls.” 1 -The World Health Organization


Since 1973, American women have had a federally guaranteed constitutional right to abortion access. A leaked first draft of Justice Samuel Alito’s majority opinion has given us early warning that the Supreme Court is preparing to take that right away by overturning Roe v. Wade.2

Veris Wealth Partners affirms our support for women’s rights – including women’s right to have control over their bodies. We are unapologetically pro-choice. We believe that access to abortion is a basic right to medical care. We also condemn any effort to demonize abortion, as women often make this choice with anguish.

The Potential Consequences of the End of Roe

Striking down Roe v. Wade means the states will decide this issue. After Roe falls, over half of all states are expected to outlaw abortion3 and in some cases deem doctors, medical teams, and patients as criminals.4 The state of Texas, for example, has already passed a “trigger-ban” ordering that anyone arrested for performing or inducing an abortion be charged with a first-degree felony5 – punishable by life in prison and up to a $10,000 fine.

We believe that this decision will negatively impact millions of women in the United States – including those who are likely to resort to dangerous, and often deadly, non-medical methods of abortions. According to the World Health Organization, “unsafe abortion is a leading – but preventable – cause of maternal deaths and morbidities” globally.6

Our leading health institutions do not support the decision to overturn Roe v. Wade. Dr. Gerald Harmon, president of the American Medical Association, responded to Alito’s leaked draft by saying, “With deliberations underway, we strongly urge the Court to reject the premise of the draft opinion and affirm precedent that allows patients to receive the critical reproductive health care that they need. Allowing the lawmakers of Mississippi or any other state to substitute their own views for a physician’s expert medical judgment puts patients at risk and is antithetical to public health and sound medical practice.”7

The Outsized Impact of this Decision on Marginalized Women & Girls

Because of long-standing inequities in our country, women and girls from marginalized backgrounds are expected to experience the worst impacts of the Supreme Court’s decision.8 Lack of access to adequate healthcare and contraception means that women of color are more likely to experience unintended pregnancy than white women.9 Evidence of racial disparities in women’s access to health care can already be seen in maternal mortality data. Research compiled by the CDC in 2020 showed that the maternal death rate for Black women was 2.9 times greater than the rate for non-Hispanic white women.10 The worst negative economic impacts of this decision are also expected to disproportionately fall on BIPOC women.11

Additional Support is Needed for Women and Families in the United States

Many women choose abortions because they cannot afford to raise a child.12 In addition to full reproductive rights, we believe that women and their families also need access to:
● Affordable healthcare
● Family planning and contraceptives (including education and training)
● Policies that support mothers and families
● Paid family leave
● Affordable childcare
● Workplaces that support parents through scheduling, pay, benefits…etc.
● Tax policy that provides financial benefit to family caregivers

Actions We Are Taking

Veris made a corporate donation to Planned Parenthood Federation of America in May 2022, which was matched by Partners within the firm.

Through our investment managers, Veris clients have taken meaningful actions related to reproductive rights:

● As You Sow filed four resolutions related to sexual and reproductive health in 2022.13 30 Veris clients have endorsed two separate reproductive rights resolutions “Report on risks of policies restricting reproductive rights and strategies to minimize or mitigate risks”.

 – 23 Veris clients endorsed this resolution for TJX Companies
– 7 of our clients endorsed this same resolution for Kroger.

● Another Veris investment manager has filed shareholder resolutions and engaged with portfolio companies on reproductive health & rights and political donations to organizations that are anti-abortion.14

● Another manager provided Veris with proxy voting guidelines for abortion/right to life issues.15

As we know the cost of keeping a child is sometimes prohibitive to women in a precarious financial situation, we have also taken action to support paid family leave. In support of mothers, in 2021 we worked with the Paid Leave for the United States (PL+US) campaign to advocate for a national paid family leave bill in the Build Back Better package. We signed on to the initiative and Alison Pyott met with US Senator Jeanne Shaheen’s office to voice our support. We also provided statements of support including why as a small business this was important to us and our recent paid family leave policy change at Veris. We will continue to support the PL+US network efforts.

What You Can Do

Vote.

Call your congressional representatives and urge them to act to protect women’s access to reproductive choice and health care.

Support organizations that are working to help women get the health care information and services they need while helping to protect reproductive rights for women in the United States:

Planned Parenthood
NARAL Pro-Choice America
Center for Reproductive Rights
The National Abortion Federation (NAF)

We hope that you will join us in protecting the reproductive rights of women and girls in the United States.

Sincerely,
Veris Wealth Partners



The information above is provided for informational purposes only and reflects the views of the authors. Additionally, this document contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information derived from such third-party sources and take no responsibility, therefore.


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