Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/23/2013 (1 year ago)

Catholic Online (www.catholic.org)

Can fiduciary responsibility be balanced?

In western capitalism, the fiduciary responsibility of a corporate director is to maximize shareholder value. Generally, this means the maximization of profits with the aim of increasing share price and paying dividends. Often left out of this formula is the primacy of the human person over capital. Pope Francis tackled this during his Mass on the island of Sardinia on Sunday.

Jesus wasn't against profits or taxes, but he was against desecration of holy things, and excluding God. That includes created in His Image, human persons, who must not be treated as objects to be used.

Jesus wasn't against profits or taxes, but he was against desecration of holy things, and excluding God. That includes created in His Image, human persons, who must not be treated as objects to be used.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/23/2013 (1 year ago)

Published in Living Faith

Keywords: Pope Francis, Sardinia, Mass, homily, capitalism, market economy, communism, socialism, liberation, work, unemployment, money, profits, ethics, Christian


CAGLIARI, SARDINIA (Catholic Online) - Speaking before two crowds, one a smaller group of 20,000 and later celebrating Mass for 300,000, Pope Francis decried the evils of capitalism run amok as chronically unemployed workers complained that they could not get work or that the work they had was dangerous and paid poorly.

One unemployed man told Pope Francis with a quiver in his voice that unemployment "oppresses you and wears you out to the depths of your soul."

Unemployment, low pay, and a lack of opportunity are common in the western world now as capitalist systems recover from the Great Recession. Although the Great Recession has ended for Wall Street with the return of record profits, Main Street continues to struggle. Various reports in the U.S. suggest middle class incomes are improving slightly, other data suggests they are flat.

The poor are facing the greatest challenge as large employers shelter before Obamacare cutting hours and laying off workers. Calls to increase the minimum wage in various states are gaining volume. California will already raise its wages in 2014.

The problem has two roots. The first is the insatiable focus on profits over people. The second is the use of government to punish businesses and redistribute wealth. Both solutions create an adversarial situation where the two sides, owners and workers, will be in constant conflict.

The solution presented by the Holy Father is to make the person the center of responsibility. Imagine if boards of directors focused on their employees rather than profit margins.

Before we decry disaster and complain about the inevitable loss of investment capital that would occur if fiduciary focus were to change, we should add the caveat that profits are not evil, nor should they be obliterated by policy or taxes. Profits are essential and are the right of the business that earns them.

Yet, there is such a thing as enough.

Obamacare is providing a dramatic example in the U.S. Although Obamacare threatens disaster for small and medium-sized businesses that operate with low margins, some large corporations are plotting to throw their employees to the market. Already, hundreds of thousands of retirees (see IBM) and thousands of other workers are being told that their companies would rather pay the annual penalty than provide health insurance for their workers.

Meanwhile, they continue to generate profits and pay bonuses.

The problem is that people are being viewed as a resource to be used -a number on a spreadsheet, instead of being valued as human persons.

Pope Francis said at Mass, "We don't want this globalized economic system which does us so much harm. Men and women have to be at the center as God wants, not money. The world has become an idolator of this god called money."

As Christians, we are permitted to take the profits we need and deserve, but we should not violate our conscience by reducing our employees to virtual serfdom by means of low wages, unpaid benefits, and inhuman toil. Workers too have the right to the fruits of their labor.

It is time for the market economy to embrace the message of the dignity of every human person offered by Christianity and to espouse Christian ethics in business. The idolatry of the spreadsheet over the worker is the camel which cannot pass through the eye of the needle.

Likewise, communism and socialism, with their virtual atheism and worship of the state and use of the worker as a means, are rocky grounds along the path to the Gate.

Rather, a different path exists. We truly do live in a world of blessing and plenty. Treasures that are shared are doubled by sharing, just as money circulating through an economy stimulates it. Let us learn to think of our workers first and take profits yes, but not at the expense of humanity.

We must find this better way together, or we will all be doomed.

Click here to learn about our Saint Michael the Archangel conference this Nov 1-3!

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for November 2014
Lonely people:
That all who suffer loneliness may experience the closeness of God and the support of others.
Mentors of seminarians and religious: That young seminarians and religious may have wise and well-formed mentors.



Comments


More Living Faith

Pope says church must extend help to immigrants, 'so that all may be treated as children of God' Watch

Image of The world must now recognize the advantages of migration. Host countries get new workers to meet production needs,

By Catholic Online (NEWS CONSORTIUM)

Speaking to the 300 participants in the Vatican-sponsored World Congress on the Pastoral Care of Migrants, the Pope says that the Catholic Church "is a mother without limits and without borders." He says that the church must welcome and assist all of God's children, ... continue reading


Feast of Christ the King and Advent: What Does it Mean? Watch

Image of The Church really IS the Mystical Body of the Risen Christ. That Body is inseparably joined to the Head. Jesus Christ is alive, he has been raised, and he continues His redemptive mission now through the Church, of which we are members. As we choose to actually live our lives liturgically, not just go through the motions, we can move through life in the flow of the liturgical calendar. We can experience the deeper mystery and meaning of life, now made New in Jesus Christ, the One who is the Way, the Truth and the Life. (John 14:6,7) Jesus Christ is King! Jesus Christ is meant to become the Lord of our whole lives, and inform the very pattern of how we live them.

By Deacon Keith A Fournier

On November 23rd we celebrate the Feast of Christ the King. It is one of many opportunities the Catholic Liturgical Church year offers to each of us consider the creature which is called time, receive it as a gift and begin to really live differently. Yet, for ... continue reading


Two bishops dine and dialogue with peace activists

Image of War doesn't decide who is right, just who is left.

By Tony Magliano

During the recent U.S. Catholic bishops fall assembly in Baltimore, two bishops decided to forego the military chaplains dinner sponsored by the U.S. Army Chief of Chaplains Office, and attended instead a simple supper and discussion on peacemaking. On the evening of ... continue reading


'God always forgives, but the earth does not,' Pope warns Watch

Image of The Pope urged the world's leaders to rein in their greed and help the hungry.

By Catholic Online (NEWS CONSORTIUM)

A doomsday scenario in which Mother Nature would exact her revenge is possible, even likely, Pope Francis warns. The pontiff was speaking out against the exploitation of natural resources for profit. LOS ANGELES, CA (Catholic Online) - The Pope urged the world's ... continue reading


Pope Francis' special message: Why Poverty? 'And while we speak of new rights, the hungry remain'

Image of When we give our loaves and fishes to Christ, there is no end to the Good that can come from it.

By Catholic Online (NEWS CONSORTIUM)

Pope Francis has asked the world to do more to help those who suffer from hunger and malnutrition. Despite gains made in infrastructure and outpourings of food, too many people with plenty have done too little to help. LOS ANGELES, CA (Catholic Online) - With ... continue reading


How do you raise a good, upstanding child? With daily prayers, weekly church attendance and the knowledge of God Watch

Image of Billy Graham, now 96, has reached out to millions with his joyous words of the truth of God and Jesus Christ.

By Catholic Online (NEWS CONSORTIUM)

Reverend Billy Graham, the world famous television evangelist and founder and chairman of the Billy Graham Evangelistic Association, has said that the reason the world seems to be in such dire straits is that children are not being raised right. LOS ANGELES, CA ... continue reading


Learning Lessons for Life from Zaccheus and that Sycamore Tree Watch

Image of Zaccheus climbed that tree in order to see the Lord, not to be seen by Jesus. He did not care what the crowd thought of a grown man climbing a tree! He went after the encounter with Jesus Christ with a childlike simplicity and a reckless abandon. Do we?

By Deacon Keith A Fournier

The Sycamore tree created a clear line of vision for Zaccheus. It helped him to rise above the crowd and see the Lord clearly. It placed him in the right position for the invitation that would follow. Jesus told him to come down for he was coming to his house! ... continue reading


Jesus Weeps and Calls us to Recognize His Visitation Watch

Image of The Cross, an instrument of torture, will become the sign of peace, for those who find their refuge under its shadow and embrace the One who stretches out His arms to embrace the whole world. There Jesus will deal definitively with the great enemy of peace, the sin which impedes it in each of our lives. With tenderness He looks out from the Mount of Olives and sees the Holy City of Jerusalem. How he loves that City. Then, Jesus weeps. He knows the City will soon be overtaken and destroyed by the armies of Titus. He weeps the tears of Love and cries compassion from His Sacred Heart

By Deacon Keith A Fournier

Jesus shows His disciples - and He shows us us, because we are His disciples in this hour - the pattern of living in a continual communion with the Father. He invites them - and He invites us - into this very communion of love which He has with the Father, in the ... continue reading


Children deserve both father and mother, Pope Francis says Watch

Image of Children have the right to be raised by a mother and a father, Pope Francis said, emphasizing that

By CNA/EWTN News

Children have the right to be raised by a mother and a father, Pope Francis said, emphasizing that "the family is the foundation of co-existence and a remedy against social fragmentation." Vatican City (CNA/EWTN News) - The Pope made these remarks on Nov. 17 at ... continue reading


Here are 10 Very Interesting Facts About the Catholic Church You Probably Didn't Know! Watch

Image of Pope Francis commands the world's smallest professional army.

By Catholic Online (NEWS CONSORTIUM)

How much do you know about the Catholic Church? Here are 10 fun facts you might not know. See how many you know and post your result in the comments! 1.    Vatican City has the highest crime rate in the world! With a population around 500 people and a ... continue reading


All Living Faith News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Revelation 14:1-3, 4-5
1 Next in my vision I saw Mount Zion, and standing on ... Read More

Psalm, Psalms 24:1-2, 3-4, 5-6
1 [Psalm Of David] To Yahweh belong the earth and all ... Read More

Gospel, Luke 21:1-4
1 Looking up, he saw rich people putting their ... Read More

Saint of the Day

Saint of the Day for November 24th, 2014 Image

St. Andrew Dung Lac
November 24: Through the missionary efforts of various religious families ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter