Ethical investing monitor hired for Church of England: The Church of England Newspaper, February 7, 2014 February 17, 2014Posted by geoconger in Church of England, Church of England Newspaper.
Tags: Church Commissioners, Church of England Pension Board, ethical investing
The Church of England has engaged an American firm to help monitor its investments to ensure it conforms to church policies on ethical investment.
The Church Commissioners, the Church of England Pensions Board and the CBF Church of England signed the deal with MSCI ESG Research to identify within their £8 billion of assets firms engaged in the tobacco, pornography, gambling, armaments, coal extraction and pay-day lending industries.
Companies that have breached standards set by the UN Global Compact – a set of 10 principles covering human rights, the environment and anti-corruption – will also be identified from the over 9000 firms in which the church holds direct or indirect investments.
Last month’s agreement follows revelations last year the church had indirectly invested in pay-day lender Wonga. While the £75,000 investment represented 0.3 per cent of the pooled fund in question, the Archbishop of Canterbury was ridiculed in the press as he had previously denounced pay-day lending as predatory and unethical.
Edward Mason, Secretary to the Church of England Ethical Investment Advisory Group, said “The Church of England national investing bodies have a very broad suite of ethical investment policies. We are delighted by the commitment that MSCI ESG Research has shown to meeting our changing needs as we continue to seek to reflect the Church’s values in an ever more complex investment environment.”