Church of England News Corp Drum News

Church of England sells £1.9m stake in News Corp because it is ‘not satisfied’ with lack of change


By The Drum Team | Editorial

August 7, 2012 | 1 min read

The Church of England has today announced that it has disinvested in News Corporation, as it does not feel the company has implemented ‘sufficient change’ following last year’s phone-hacking allegations.

The Church Commissioners and the Church of England Pensions Board sold their shares – which come to 0.005 per cent of publically traded stock for News Corp - on the advice of the Church's Ethical Investment Advisory Group.

Andrew Brown, secretary of the Church Commissioners, said: "Last year's phone hacking allegations raised some serious concerns amongst the Church's investing bodies about our holding in News Corporation.

“Our decision to disinvest was not one taken lightly and follows a year of continuous dialogue with the company, during which the EIAG put forward a number of recommendations around how corporate governance structures at News Corporation could be improved. However the EIAG does not feel that the company has brought about sufficient change and we have accepted its advice to disinvest."

Church of England News Corp Drum News

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