Faith-Based Investors Applaud the Automotive Industry's Collaborative Project to Advance Workplace Human Rights

NEW YORK, Dec. 4, 2006 -- A group of Interfaith Center on Corporate Responsibility members applauds the collaborative project by automotive companies to improve workplace conditions in their supply chains. The project, announced today by the Automotive Industry Action Group, has established workplace standards and plans to train suppliers in key markets.

"As investors in a number of automotive companies, we applaud this important initiative to address workplace human rights in the supply chain," said Sister Patricia Daly, OP, executive director, Tri-State Coalition for Responsible Investment. "We are pleased to see companies taking leadership on an issue that has the potential to improve the lives of workers while simultaneously mitigating business risk."

Members of the Interfaith Center on Corporate Responsibility (ICCR) have engaged automotive companies for years on a range of social, human rights and environmental issues. ICCR is a member organization with over 275 religious institutional investors with a combined portfolio value of about US $110 billion, joined by socially responsible investors, public pension funds, foundations and universities. (http://www.iccr.org/ )

"ICCR has supported collaborative initiatives in other industries, including apparel and electronics," commented Fr. Seamus Finn, Missionary Oblates of Mary Immaculate and an active participant in shareholder engagement with key automotive companies. "It makes sense to collaborate on improving working conditions in factories supplying the top automotive companies. It means one company is not put at a competitive disadvantage for taking leadership and it saves time and resources by combining efforts to audit factories and train suppliers in implementing workplace standards."

The ICCR shareholder groups are encouraged to see these companies -- Ford Motor Company, General Motors, Johnson Controls, DaimlerChrysler, Exel, Honda North America and Yazaki -- join together to improve working conditions in their supply chain. ICCR members have worked closely with Ford on this issue for five years and are encouraged to see this type of industry collaboration.

"This project is a good beginning," said Rev. David Schilling, program director of ICCR. "A wide table needs to be set to include all auto companies from the U.S., Europe and Japan in order to leverage influence that will make a difference."

"We are disappointed that Toyota is currently not a part of this collaborative initiative," remarked Mr. Steven Heim, Boston Common Asset Management. "While Toyota has the reputation of being a leader on environmental issues, the company has a long way to go on workplace human rights. We urge Toyota to reconsider participation in the AIAG project."

ICCR members will be exploring effective ways to support the initiative and get other automotive companies involved.