Blog Archive: Church Commissioners Archives - Bright Now

1

Jun

2017

Exxon climate resolution passed despite opposition from Board of Directors

Shareholders of ExxonMobil have voted in favour of a resolution calling on the company to report on the impacts of climate policies on its business, in spite of opposition from Exxon’s Board of Directors. Read more

26

May

2017

Pressure increases on Church of England to divest from ExxonMobil

The Church of England is facing increasing calls to divest from ExxonMobil ahead of the company’s AGM on Wednesday 31 May.

Exxon’s Board of Directors has advised shareholders to vote against the climate resolution being supported by the Church Commissioners again this year. The resolution calls on ExxonMobil to report on the impact of climate policies on its business operations. Read more

27

Jun

2016

Exxon AGM prompts calls for Church of England divestment

Following the recent ExxonMobil AGM, at which shareholders rejected all resolutions on climate change including one proposed by the Church Commissioners, calls have been growing for the Church of England to divest from fossil fuel companies, starting with Exxon.

The Church Times has published a series of letters calling on the Church of England to divest from fossil fuel companies, as well as a response from Edward Mason, Head of Responsible Investment for the Church Commissioners, outlining their position. We republish those letters here. Read more

15

Dec

2014

The Church of England threatens to pull its investments from BP and Shell unless they take action to address climate change

Following the Church of England’s recent announcement that it will file two shareholder resolutions at the BP and Shell AGMs in 2015, the Church stated last week that it will consider disinvestment from these companies as a ‘last resort’ if they are unresponsive to the Church’s concerns.

Can the Church of England use its investments to change the business strategies of fossil fuel companies, or should it follow other Churches around the world in refusing to profit from, and provide finance to, the fossil fuel industry?

Under pressure from Christian campaigners to disinvest, the Church of England is pursuing an engagement strategy to encourage BP and Shell to take account of climate change. The Church is now filing two shareholder resolutions asking for information concerning the companies’ rating under the Carbon Disclosure Project’s Climate Performance Leaders Index (CPLI), their resilience to the International Energy Agency’s post-35 scenarios, and their investment in low-carbon technology including Carbon Capture and Storage (CCS).

Operation Noah is pleased to see the Church considering these issues. However, we believe the Church must go further. We would like to know what criteria the Church of England will use to determine the effectiveness of their engagement, and the point at which a decision to disinvest would be taken. As fossil fuel companies continue to explore and extract ever-increasing amounts of fossil fuels while our window of opportunity to prevent catastrophic climate change grows smaller, when will it be time for the Church to use its ‘last resort’?

Read more

1

Jul

2014

Church Commissioners and Ethical Investment

Disinvest to reinvest

The Church Commissioners have celebrated the “best” results for their investment fund in eight years (News, 30 May). We are told that, after Government Treasury Bonds, their next biggest stock-exchange holdings were in Royal Dutch Shell, Vodafone, HSBC, and BP. So much for ethical investment!

It is bad enough to have substantial investments in a bank that has recently paid hundreds of millions in fines to US regulators for money laundering and in a company that saved billions of tax in a sweetheart deal with HM Revenue and Customs. Worse still are the large holdings in oil companies. Read more