View the paper in English<\/a>, Italian<\/a>, French<\/a>, Spanish<\/a><\/p>\n\n\n\n A decade ago, Pope Francis issued a challenge to investors, to hold technology and telecommunications companies accountable for the harm occurring on their platforms and their products. Today, CBIS is still leaning into that challenge through its work keeping children safe in the age of Artificial Intelligence (AI). We asked Julie Tanner and Raymond Burnell to share their thoughts on the journey.<\/em><\/p>\n\n\n\n When and where did CBIS\u2019s engagements on child safety begin?<\/strong><\/p>\n\n\n\n Tanner: <\/strong>CBIS began engaging technology and telecommunications companies on child sexual exploitation online in 2017 when we participated in the Vatican\u2019s Child Dignity Online Conference. What was the initial response from the industry?<\/strong><\/p>\n\n\n\n Tanner: <\/strong>At the time, with just a few investors raising this issue, most companies were reluctant to engage with us at all.<\/p>\n\n\n\n What\u2019s happened in the years that followed?<\/strong><\/p>\n\n\n\n Tanner: <\/strong> CBIS has filed shareholder resolutions at Verizon, AT&T, and Apple, and later joined resolutions at Meta and Alphabet. The companies were initially surprised and, in some cases, unaware of the scale of exploitation occurring through their services.<\/p>\n\n\n\n What sort of progress has been achieved with your engagements?<\/strong><\/p>\n\n\n\n Burnell: <\/strong>Progress has been measured and sustained. Verizon now scans images and videos in the cloud to identify, remove, and report child sexual abuse material. Alphabet enhanced its AI detection tools for exploitative content on Google\u2019s platforms. Meta limited the ability of strangers to contact minors and restricted the content they can access. Apple implemented two new communication safety features for children under 12 years old in 2021 and in late 2025 extended default protections to teenagers ages 13 through 17.<\/p>\n\n\n\n Are you working with other investors on these engagements?<\/strong><\/p>\n\n\n\n Burnell: <\/strong>Yes. CBIS remains an active lead on Apple and continues to collaborate on engagements with Alphabet and Meta. We\u2019ve also established and facilitate the Child Safety and Technology Working Group within the Interfaith Center on Corporate Responsibility (ICCR), a faith-based investor coalition. The group now includes approximately 35 member organizations.<\/p>\n\n\n\n How has all your previous work evolved into CBIS\u2019s broader engagement on ethical AI?<\/strong><\/p>\n\n\n\n Tanner: <\/strong>The connection is direct. As the AI industry expanded exponentially, CBIS expanded its scope. We\u2019re currently engaging the world\u2019s largest technology companies through the World Benchmarking Alliance\u2019s Collective Impact Coalition on Ethical AI<\/em> , a broader initiative focused on how companies develop, deploy, and govern AI across all applications.<\/p>\n\n\n\n Has the Catholic Church taken a position on AI?<\/strong><\/p>\n\n\n\n Burnell: <\/strong>Pope Leo\u2019s early guidance as pontiff has reinforced and deepened the framework. He emphasizes that AI requires moral responsibility and human wisdom. Speaking at the Vatican\u2019s Builders AI Forum, Pope Leo observed: \u201cThe question is not merely what AI can do, but who we are becoming through the technologies we build.<\/em>\u201d<\/p>\n\n\n\n Given your progress with many of the tech sector\u2019s largest companies, what do you think remains to be done?<\/strong><\/p>\n\n\n\n Burnell: <\/strong>Our work remains ongoing. Despite the advances companies have made, harmful content and online grooming continue to reach children, particularly in private digital spaces where detection and moderation tools are limited by privacy-first design choices.<\/p>\n\n\n\n Over 300 million children are victimized online each year. Every half second, a child goes online for the very first time; at any given moment, an estimated 50,000 predators are active. The scale of the problem means that even sustained, coordinated progress can struggle to keep pace with the volume of new risk.<\/p>\n\n\n\n It sounds urgent.<\/strong><\/p>\n\n\n\n Tanner: <\/strong>Recent legal developments have shifted the argument from how companies use AI to protect children to whether the products themselves are defective. CBIS and its coalition partners are developing a coordinated response that reframes their engagement around the concept of foreseeable harm. This is the next frontier of the work.<\/p>\n\n\n\n Important Information<\/strong><\/p>\n\n\n\n All material of opinion reflects the judgement of the Adviser at this time and are subject to change. This material is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.<\/p>\n\n\n\n The securities identified and described do not represent all the securities purchased, sold, or recommended for the CRI Funds. The reader should not assume that an investment in the securities identified was or will be profitable. Visit our website for a complete list of securities offered during the period.<\/p>\n\n\n\n View the paper in English<\/a>, Italian<\/a>, French<\/a>, or Spanish<\/a>.<\/p>\n\n\n\n Among the many important issues facing the Catholic community today is immigration. Few would argue that a sovereign nation has a right to manage and control its borders, but society must also respect the dignity of every person.<\/em> Read the discussion with Julie B. Tanner, Managing Director – Catholic Responsible Investments and Raymond J. Burnell, Senior Director – Catholic Responsible Investments below.<\/em><\/p>\n\n\n\n What does Catholic social teaching have to say on this complex matter?<\/strong> Important Information<\/strong> View the paper in English<\/a>, Italian<\/a>, French<\/a>, or Spanish<\/a>.<\/p>\n\n\n\n The transformative potential of artificial intelligence (AI), is well known. Less talked about are the ethical concerns raised by its rapid development. Ray Burnell gives us a deeper look into AI and the work with CBIS portfolio companies. <\/em><\/p>\n\n\n\n From a high level, what\u2019s the thing you most hope to achieve when you engage with a company concerning AI?<\/strong><\/p>\n\n\n\n As Pope Leo XIV emphasizes, AI requires moral responsibility and wisdom. It\u2019s important to us that portfolio companies have robust safeguards around developing and deploying AI in their businesses. We\u2019re looking for an AI process that\u2019s thinking about human dignity, care for the most vulnerable, respect for the truth, and Our ultimate goal is for a company to operate ethical AI policies and practices aligned with Catholic values.<\/p>\n\n\n\n Can you offer any specifics about what a safeguard might be?<\/strong><\/p>\n\n\n\n First and foremost, it\u2019s critical that the final moral and life impacting decisions about the use of AI are made by people, not algorithms. In other words, the first AI safeguard is human oversight, not machine.<\/p>\n\n\n\n From there, AI systems must be transparent and, for lack of a better word, explainable. And by that, I mean the system can be audited and corrected for errors. Accountability structures like review boards and enforceable standards must be in place that require clear responsibility for outcomes. In a similar vein, an AI program must have built-in justice and inclusion, which essentially means the removal of bias.<\/p>\n\n\n\n AI design should serve all people. We need to tend to technology as a good shepherd with virtue, care, transparency, and solidarity.<\/p>\n\n\n\n Given today\u2019s environment, we\u2019d have to think privacy is a big thing.<\/strong><\/p>\n\n\n\n Absolutely. It\u2019s crucial that any AI system protects personal data and an individual\u2019s autonomy. The design must resist any type of surveillance or manipulation. Privacy and freedom are important safeguards.<\/p>\n\n\n\n How can a company that\u2019s large enough to employ AI balance innovation with accountability?<\/strong><\/strong><\/p>\n\n\n\n It starts by recognizing respect for human dignity. The goal of an ethically designed AI system should be to enhance and not replace either human work or decision-making. Ethical governance integrates moral and social responsibility into the corporate strategy, but not as an afterthought. It should be upfront. Innovation needs to be accountable to conscience.<\/p>\n\n\n\n Can you give any specifics on the companies you\u2019re engaging with regarding AI and why?<\/strong><\/p>\n\n\n\n Right now, we\u2019re talking with Samsung, Microsoft, Alphabet, Qualcomm, and Meta, primarily through collective impact coalitions(CIC). Our objective is to improve the companies\u2019 commitments to ethical AI and specifically ask them to implement, to demonstrate, and to publicly disclose their results.<\/p>\n\n\n\n Any successes you can share?<\/strong><\/p>\n\n\n\n At the CIC\u2019s urging, Samsung has put together a whole new AI strategy team that\u2019s looking at a human rights impact assessment component of the ethical AI framework. Microsoft, meanwhile, just put out its second AI Transparency Report<\/a> and is working on how to use AI to identify and improve its use to identify exploitation and abuse. Both of these companies handle massive amounts of highly sensitive information.<\/p>\n\n\n\n In total, do you believe AI can affect human dignity and the common good?<\/strong><\/p>\n\n\n\n Without argument. It\u2019s not at all hyperbolic to suggest that AI can free people. It can free people of drudgery. It can improve health care. It can expand education, it can promote inclusion. There are risks, of course, not least of which is treating people like data points. But in the end, I\u2019m confident AI can really honor people and honor each person’s God-given worth.<\/p>\n\n\n\n Important Information<\/strong><\/p>\n\n\n\n All material of opinion reflects the judgement of the Adviser at this time and are subject to change. This material is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.<\/p>\n\n\n\n The securities identified and described do not represent all the securities purchased, sold, or recommended for CRI Funds and CBIS Global Funds. The reader should not assume that an investment in the securities identified was or will be profitable. Visit our website for a complete list of securities offered during the period.<\/a><\/p>\n\n\n\n View the paper in English<\/a>, Italian<\/a>, French<\/a>, or Spanish<\/a>.<\/p>\n\n\n\n A Conversation with Raymond J. Burnell and Keith H. Dokho, Directors, Catholic Responsible Investments<\/em><\/p>\n\n\n\n The exploding demand for water has become mainstream news around the world lately. Hasn\u2019t CBIS been engaging with companies in the water usage arena for some time?<\/strong><\/p>\n\n\n\n Burnell: <\/em>We identified the business use of water as an engagement priority around three years ago. Church teaching tells us that water is a source of life and an inalienable human right, and we as an asset manager know that water is vital to every company\u2019s sustainability and profitability. In the end, water, even when used for profit, must be treated as a public and common good.<\/p>\n\n\n\n Do you recall CBIS\u2019 first active ownership effort with a portfolio company on water risk issues?<\/strong><\/p>\n\n\n\n Burnell:<\/em> Interestingly enough, it was Domino\u2019s Pizza<\/em>. Most folks aren\u2019t aware that it takes the company nearly 42 gallons of water to make a single slice of pizza. As co-lead on the engagement, we\u2019ve made specific achievements in an effort to help the firm quantify water risks and prioritize risk mitigations. By the end of last year Domino\u2019s Pizza reduced water consumption\/discharge from high-risk areas.<\/p>\n\n\n\n We\u2019d have to assume you\u2019ve broadened the list of target companies<\/strong>.<\/p>\n\n\n\n Burnell:<\/em> We\u2019re engaging with five major companies across distinct industries on the stewardship of water \u2013 Domino\u2019s and Molson Coors<\/em> in food and beverage, Amazon<\/em> and Microsoft <\/em>in high tech, and one that might come as a bit of a surprise, Louis Vuitton<\/em> in apparel. This cross-sector engagement strategy is deliberate and grounded in the belief that businesses with significant water footprints must take responsibility for its sustainable use. All of these portfolio holdings were among 72 companies identified by the Valuing Water Finance Initiatives as having high water footprints.<\/p>\n\n\n\n The volume of current and potential water engagements must be expanding. How\u2019s the CBIS team keeping up?<\/strong><\/p>\n\n\n\n Burnell:<\/em> We were fortunate to welcome Keith Dokho to the I&J team recently. Among other things, Keith brings a long history of experience engaging with the corporate world on the water issue and its global impact.<\/p>\n\n\n\n Dokho:<\/em> I\u2019m excited about the opportunity to work with Ray and the team to help companies drive necessary improvements in water systems. Across my career I\u2019ve seen up close how collaborating and partnering with companies can actually achieve meaningful social and environmental impact.<\/p>\n\n\n\n Are high-tech companies, particularly those operating data centers, garnering an increasing amount of CBIS\u2019 attention?<\/strong><\/p>\n\n\n\n Burnell:<\/em> Absolutely. These data centers are among the top consumers of water globally. As co-leaders of the Amazon and Microsoft engagements, we\u2019re targeting these companies\u2019 massive and growing data infrastructure. Amazon Web Services, Amazon\u2019s largest profit center, has constructed over 100 AI-enabled data centers while Microsoft is running around 350 around the world.<\/p>\n\n\n\n As a direct response to our engagement efforts, both firms have committed to becoming \u201cwater positive\u201d by 2030, meaning they intend to replenish more water than they consume. Their strategies include improving discharge quality, reusing cooling water, sourcing sustainably, and investing in replenishment programs for local communities.<\/p>\n\n\n\n How serious is the water supply issue?<\/strong><\/p>\n\n\n\n Dokho:<\/em> According to the United Nations Environment Programme (UNEP), nearly half the global population will face severe water stress by 2030, when freshwater demand is projected to exceed supply by 40%. The diminishing availability of water, driven in part by industrial misuse, heightens its importance in corporate sustainability. I couldn\u2019t agree more with the outsized effort CBIS is putting into the issue of water sustainability.<\/p>\n\n\n\n What is the overarching goal of your engagement work around the stewardship of water?<\/strong><\/p>\n\n\n\n Burnell:<\/em> We\u2019re trying to advance a vision where corporate responsibility and water sustainability are inseparable. Collectively, our water engagement work not only aims to mitigate risk and enhance long-term shareholder value, but it also enhance the availability and quality of freshwater across the supply chain at the same time.<\/p>\n\n\n\n All material of opinion reflects the judgement of the Adviser at this time and are subject to change. This material is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Quarter 1 2026 View the paper in English, Italian, French, Spanish A decade ago, Pope Francis issued a challenge to investors, to hold technology and telecommunications companies accountable for the harm occurring on their platforms and their products. Today, CBIS is still leaning into that challenge through its work keeping children safe in the age […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[91],"tags":[],"class_list":["post-22426","post","type-post","status-publish","format-standard","hentry","category-insights"],"acf":[],"yoast_head":"\n
We were the only investor invited to take part alongside law enforcement, nonprofit organizations, government leaders, and corporate executives.<\/p>\n\n\n\nQuarter 4 2025<\/h2>\n\n\n\n
Tanner: Catholic teaching views immigration through the lens of human dignity, and human dignity is not dependent on a person\u2019s citizenship or immigration status. The Gospel\u2019s call to welcome the stranger affirms that all people have a right to flourish in their home communities, and when that\u2019s not possible, to migrate in search of safety and opportunity.
Sounds like the Church has been thinking about this for a long time.<\/strong>
Tanner: Absolutely. The Vatican\u2019s position has developed through papal teaching over centuries. The Church has consistently stressed that these rights go beyond legal status and reside in the moral worth of each human. The well-being of each person is linked to the well-being of us all.
Can you offer any examples of how the Church\u2019s teaching is reflected in today\u2019s environment?<\/strong>
Tanner: In Pope Leo\u2019s first apostolic exhortation, which is one of the most important types of teaching documents, he called on bishops around the world to take on the mantle of social justice in defense of the most vulnerable in society, including migrants. No Christian can regard the poor simply as a societal problem. They\u2019re part of the family.
It\u2019s our duty to make their voices heard in different ways in order to point out and denounce structural issues.
The Pope\u2019s work here built on another aspect of Catholic teaching that Pope Francis spoke to in 2024. In his encyclical \u201cDilexit Nos\u201d the Pope underscored the love for the poor and for the migrant, really saying that inequality is the root of all social ills.
Where do you see the U.S. fitting into all this?<\/strong>
Tanner: Very recently, the U.S. Conference of Catholic Bishops (USCCB) issued a special message on immigration addressing their concern for the evolving situation impacting migrants in the United States. The message marked the first time in 12 years that the USCCB has spoken as a body of bishops on this topic.
Does Mensuram Bonam speak to this issue?<\/strong>
Tanner: It does. The document mentions that people deserve dignity for their own growth and well-being, and whatever one\u2019s status, whether worker or refugee, every person warrants the dignity of being seen and heard. We\u2019re called on to lift our voices and to help.
How does all of this roll up to inform the shareholder advocacy work you\u2019re doing?<\/strong>
Burnell: We\u2019re certainly inspired to use all the tools at our disposal. Our current engagements with portfolio companies span a range of sectors. We\u2019re working to uphold the human rights of immigrants within the meat processing industry, Tyson Foods specifically, and within private prisons and detention centers, where we\u2019re engaging with CoreCivic and The GEO Group. We\u2019re also addressing human rights issues in the retail sector and the airline industry.
Any specifics?<\/strong>
Burnell: We filed shareholder resolutions with two large U.S. companies operating in distinct sectors. One is the nation\u2019s largest home improvement retailer, and our concerns focus on the company\u2019s handling of sensitive license plate data from parking lot surveillance cameras, particularly the sharing of such information with third parties, including law enforcement.
The second company provides security on extrajudicial deportation flights for U.S. Immigration and Customs Enforcement. In this case, we are seeking a report on the effectiveness of the company\u2019s due diligence process, to determine whether its services contribute to violations of international human rights law and exposes the company to material risks.
With the resolutions filed, we aim to engage constructively with both companies. We expect<\/p>\n\n\n\n
All material of opinion reflects the judgement of the Adviser at this time and are subject to change. This material is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services.
The securities identified and described do not represent all the securities purchased, sold, or recommended for CRI Funds and CBIS Global Funds. The reader should not assume that an investment in the securities identified was or will be profitable. Visit our website for a complete list of securities offered during the period.<\/p>\n\n\n\nQuarter 3 2025<\/h2>\n\n\n\n
moral accountability.<\/p>\n\n\n\nQuarter 2 2025<\/h2>\n\n\n\n
Important Information<\/h3>\n\n\n\n