Regarding the “divestment vs shareholder advocacy” discussion underway at the assembly:

See position paper which has some great information in the section titled “What effect would our divestment have on the fossil fuel companies? Wouldn’t shareholder activism be more effective?”.

More on the topic:

From the Saint Paul Area Synod’s resolution: “WHEREAS despite decades of shareholder engagement with fossil fuel companies, the industry continues to spend nearly $2 billion dollars a day searching for additional fossil fuel reserves and over half a million dollars a day lobbying governments for subsidies and support for further extraction”
https://www.oxfam.org/sites/www.oxfam.org/files/file_attachments/bp191-fossil-fuels-finance-climate-change-171014-en.pdf

From a reaction to recent shareholder resolutions (nearly all rejected): “There’s a certain point at which noble failure turns into moral cover – by continuing this process past the point where any reasonable person can see it’s a failure, shareholder “activists” actually help the company they’re targeting”
https://www.theguardian.com/commentisfree/2016/may/20/exxon-shareholders-climate-change-reform-divest

NOTE re: Portico’s wish to engage with companies: Portico will continue to be invested fossil fuel companies through the non-social-purpose funds. They can continue shareholder engagement there if they wish.

From some information provided by Portico: “Portico has filed 84 company resolutions in the last 8 years on a variety of topics, and 56% have been withdrawn due to constructive dialogue/positive company action including adoption of emission reduction plans, increased transparency and disclosure on risk management and best practices, and publishing sustainability reports. For example, in 2015, we withdrew a shareholder resolution on greenhouse gas (GHG) emissions reduction at Costco because they agreed to commit to keeping the growth of their GHG emissions to less than sales growth over the next five years.

2016 Churchwide Assembly Passes Memorial To Move Towards A Responsible Energy Future

From minutes of Plenary 8 session – August 13th, which can be found in full here.

MEMORIAL B3:

To receive with gratitude the memorials of the Saint Paul Area, Metropolitan New York, Northeastern Pennsylvania, Upper Susquehanna and Northwestern Pennsylvania synods related to climate change and fossil fuels;

To urge all ELCA members, congregations and synods to inform and educate themselves about the effects of climate change through the lens of the “Caring for Creation: Vision, Hope and Justice” social statement, and to advocate for policies that reduce energy use and our dependence on fossil fuels and encourage development of renewable energy sources as an expression of our commitment to address climate change and caring for God’s creation;

To affirm the action of the 2013 Churchwide Assembly and subsequent action of the Church Council in 2014 related to the development of revised or additional investment screens on fossil fuels, and to support and commend ELCA members, congregations, synods, the churchwide organization, and related institutions and agencies such as ELCA Endowment Fund and Portico Benefit Services for their leadership efforts to invest in companies that are taking steps toward a sustainable environment;

To affirm Portico’s balanced approach to supporting this church’s principles and directives as stated in the social statements — including the commitment to help transition to an economy less dependent on fossil fuels.

That approach includes has included:

1. shareholder advocacy (filing and supporting resolutions on environmental issues, including 150 resolutions in 2015),

2. focused investment screening, which has identified 113 companies screened for environmental reasons, and

3. ramping up positive social investments, such as investments in companies that develop solar, wind and water power generation systems, repurposing waste products and reducing toxic emissions;

and now:

To call upon Portico to evaluate the viability of an optional fossil -free fund for retirement plan participants; and To call upon the ELCA to heed the call of the Lutheran World Federation Council in 2015 to member churches “not to invest in fossil fuels and to support energy efficiency and renewable energy companies, and to encourage their institutions and individual members to do likewise”; and

As part of this church’s response to the Lutheran World Federation’s call, to request that the ELCA churchwide organization review the ELCA’s applicable social teachings and Corporate Social Responsibility policies and procedures, with the goal of not investing in, and removing the largest fossil fuel companies as identified by Carbon Tracker, and investing in corporations which are taking positive steps toward a sustainable environment.