Church of England is demanding punishment for those involved with The News of the World debacle that is consuming Rupert Murdoch and News Corp (Nasdaq:NWSA) The investment arm is aghast over the alleged hacking and other nefarious activities that the media has attributed to this particular media outlet and this particular media baron; one Rupert Murdoch.
Some Anglican clergy had originally questioned the the investment in the first place. Not sure what manner of governance structure the Church of England has in managing its investments, but screaming for scalps does not seem like a good way to maximize shareholder wealth and presumably enhance the Church of England’s ability to do good works.
What is the role of the investment manager for the Church of England? Does he/she have a fiduciary obligation to maximize returns? Was News Corp a reasonable investment in the pursuit of these goals? Do they practice so called ethical investing and eliminate so called sinful industries such as tobacco and liquor? Should the government provide regulatory oversight?
Sounds like church politics Anglican style are in play. The investment arm has been previously criticized and now they need to posture to manage their own religious optics within their own community. Religion and politics have rarely blended well. Investment and politics is not emulsifying all that well either.
Helluva way to run an investment portfolio. Now where is that Vatican style secrecy when you need it?
Disclosure: George Gutowski writes from a caveat emptor perspective. I hold no positions in stocks mentioned in this post. I have no plans to initiate new positions within the next 72 hours. I am not a member of The Church of England or have any other ties to them. I am not aware of any Vatican secrets. If I was I would post them on this blog.
- News of the World: Church of England retains stake in Murdoch empire (telegraph.co.uk)
- Phone-hacking scandal: Church of England could withdraw £4 million from News Corp (telegraph.co.uk)
- Church of England threaten to pull out of Page 3 girls publisher (politics.ie)
- Church of England Calls for Accountability From News Corp. in Scandal (dealbook.nytimes.com)
- Church of England General Synod live blog from York (guardian.co.uk)