United Church Funds (UCF) submitted written testimony to the U.S. House Financial Services Committee for its September 10 hearing on the shareholder engagement process and changes that have been proposed to Rule 14a-8 of the Securities and Exchange Commission (SEC). SEC Rule 14a-8 allows eligible shareholders, such as UCF, to include proposals in a company’s proxy materials for a vote at an annual meeting. UCF’s testimony came at the invitation of committee staff. UCF’s submission builds upon an earlier response to a congressional request on responsible investing in July 2024.
In its testimony to Congress, UCF emphasized that the shareholder proposal process is a vital tool for long-term investors to fulfill their fiduciary responsibilities while advancing sustainable and ethical business practices. For over a century, UCF has stewarded the assets of churches, ministries and mission-driven nonprofits, balancing the dual mandate of delivering competitive, risk-adjusted returns and promoting a just and sustainable world. The filing of shareholder proposals is an integral part of carrying out that stewardship.
This stewardship, UCF pointed out, is rooted in faith. While responsible investing may seem to be a recent movement or phenomenon, it is, in fact, a hallmark of the United Church of Christ, grounded in the core values of care for creation and love of neighbor. These values guide how UCF manages risk, votes proxies and engages companies, allowing it to deliver competitive, risk-adjusted returns while advancing social and environmental stewardship.
Underscored in the testimony is that shareholder proposals are not simply a procedural mechanism but a lifeline connecting long-term, faith-based investors to corporate decision-making. Shareholder proposals give organizations, such as churches, that lack direct access to corporate boardrooms, a meaningful voice in how companies address critical issues, including environmental stewardship, human rights and governance.
UCF’s track record demonstrates the effectiveness of engagement. In the past year, eight shareholder resolutions were filed or co-filed; five were withdrawn after companies committed to concrete action. Notable outcomes include JP Morgan’s enhancing recognition of Indigenous People’s rights and Workday’s improving lobbying transparency — showing that shareholder proposals often lead to constructive change without a formal vote. (You can read more about UCF’s successful proxy season here.)
This commitment to carrying UCF’s clients’ voice has also shaped how UCF collaborates — with other faith and values-based investors and companies — so that progress is practical and durable. In the letter, UCF also noted that its work is aligned with broader faith-based investor efforts. As a founding member of the Interfaith Center on Corporate Responsibility (ICCR), UCF works with hundreds of institutions representing $4 trillion in assets, advocating for constructive engagement and long-term value creation.
UCF’s written testimony concludes with a clear message to Congress: preserve Rule 14a-8 to ensure that responsible, long-term investors can continue to signal concerns and encourage progress without undermining managerial discretion.
As a faith-based fiduciary, UCF will continue working on behalf of its clients, using its combined economic leverage to create meaningful change and a just world for all, while holding companies accountable for sustainable, ethical practices.
Read the full testimony here: Written Testimony to the U.S. House Committee on Financial Services