From the London Guardian-
It's been a mixed week financially for the Church of England. It proudly announced that public donations for the archbishops' Zimbabwe appeal had reached £292,330. However, it also admitted to losing some 4,500 times as much – £1.3 billion – through investments in shares and property. That's a fifth of its investment wealth.
But the church still has assets of £4.4bn, and to put that in context, Christian Aid Week aims to raise just £15m annually for the world's poor.
The C of E seems to see its investments primarily as a fundraising vehicle. The Church Commissioners previously officially aimed at 5% profit over and above the rate of inflation. According to their latest annual report (pdf) that seems to have changed – probably due to the threat of deflation and heavy losses. Now the goal is now just to make as much money as possible.
The commissioners do not see their investments as integral to the church's mission, but as additional – a dualism which suggests both bad theology and seeking to justify investment decisions by ends rather than means.
It is true that the church doesn't invest in companies that promote pornography or supply armaments, or where over 25% of group turnover relates to gambling, tobacco, alcohol, military equipment, doorstep lending or human embryonic cloning. But this looks a bit like New Labour's "ethical foreign policy". Proudly worn on its sleeve, but somewhat lacking in substance and subservient to self-interest.
More here-
http://www.guardian.co.uk/commentisfree/belief/2009/may/15/church-investments-ethical
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