Capital Markets Hub, also referred to as the Capital Markets Center, is a left-of-center project of the donor-advised fund Amalgamated Charitable Foundation. The project focuses on promoting Environmental, Social, and Corporate Governance (ESG) activism. 1
Background
Capital Markets Hub, also referred to as the Capital Markets Center, is a project of the donor-advised fund Amalgamated Charitable Foundation that initially formed off from the formerly Service Employees International Union (SEIU)-owned Amalgamated Bank. 1
Activities
Capital Markets Hub advocates for corporate entities to change internal management to be more aligned with left-of-center ideology including the Environmental, Social, and Corporate Governance (ESG) activism. Members of the project will also engage in community activism such as lobbying local pension fund trustees and advocating ESG-aligned policies before state and city comptrollers and treasurers. 2 3
Shareholder Rights Initiative
The Capital Markets Hub operates a Shareholders Rights Initiative that engages in advocacy against propositions by the Securities and Exchange Commission (SEC) it claims would go against proposals aligned with Environmental, Social, and Corporate Governance (ESG) activism. 4 In 2020, the Initiative received a grant of $30,000 from the left-of-center Nathan Cummings Foundation to be dispersed over a 12-month period. 2 5
State Treasurers Project
The Capital Markets Hub also operates the “State Treasurers Project,” a long-term initiative it claims is meant to lobby before state treasurers to advocate for ESG-aligned corporate policies. 6 In October 2021, the project received a $400,000 grant from the Ford Foundation’s Future of Worker(ers) program. 6
Leadership
Renaye Manley is a senior advisor to the Capital Markets Hub as well as a board member of the 30 Percent Coalition, and the founder of consulting firm MCG which advocates for corporate polices aligned with Environmental, Social, and Corporate Governance activism. In addition, she was the deputy director of the Service Employees International Union (SEIU)’s Strategic Initiatives department, was a member of the Biden-Harris Transition Team, a member of the Federal Reserve Bank of Chicago’s advisory board on Small Business, Agriculture, and Labor; the advocacy committee co-chair of the Council of Institutional Investors; a coordinator with Interfaith Worker Justice; and a campaign operative with the AFL-CIO. 1 3
Bill Dempsey is a senior advisor to the Capital Markets Hub. Previously, he worked for the SEIU, was the senior vice president and chief financial officer of the Nathan Cummings Foundation, co-founded the Milwaukee LGBT Community Center, co-founded the Cesar Chavez Community Center, a program officer for the Unitarian Universalist Veatch Program, and founded the United Food and Commercial Workers’ Capital Stewardship Program. 1 Dempsey also serves as a board member for the New World Foundation, the Christensen Fund, the Center for Community Change Action, the National Committee for Responsive Philanthropy, Americans for Financial Reform, and the Workers Lab. 7
References
- “ExxonMobil Director Accountability: Register for Investor Briefing.” CorpGov.net. May 7, 2024. Accessed September 24, 2024. https://www.corpgov.net/2024/05/exxonmobil-director-accountability-register-for-investor-briefing/
- “Case Study #19-011: Nathan Cummings Foundation.” Yale University: School of Management. Accessed September 23, 2024. https://vol12.cases.som.yale.edu/nathan-cummings-foundation
- “Renate Manley.” Harvard Law School: Center for Labor and a Just Economy. Accessed September 23, 2024. https://clje.law.harvard.edu/team/renaye-manley/
- “Our Partners.” Nathan Cummings Foundation. Accessed September 24, 2024. https://nathancummings.org/our-partners/
- “Our Partners.” Nathan Cummings Foundation. Accessed September 24, 2024. https://nathancummings.org/our-partners/
- “Core support for the Amalgamated Charitable … ” Ford Foundation. Accessed September 23, 2024. https://www.fordfoundation.org/work/our-grants/awarded-grants/grants-database/amalgamated-charitable-foundation-inc-141473/
- “Bill Dempsey.” Indivisible. Accessed September 23, 2024. https://indivisible.org/bill-dempsey