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Church investors maintain alcohol exclusion

8 February 2005

An in-depth review of the Church of England’s current policy not to invest in brewers, distillers and operators of pub companies has concluded that this is still a relevant investment exclusion for the Church.

The Church’s main investing bodies (the Church Commissioners; the Central Board of Finance; and the Church of England Pensions Board) have now all considered the recommendation made by the Church of England Ethical Investment Advisory Group  (EIAG).  All three have accepted that the policy of avoiding investment in companies whose main business or focus is the manufacturing, marketing and sale of alcoholic beverages should remain in place.

The Rt Revd Dr Peter Selby, Bishop of Worcester and EIAG Deputy Chairman, said: “There is a clear and necessary distinction between decisions taken by society as a whole, by congregations, and by individual Christians.  There is no inconsistency between individual Church members enjoying alcohol as one of God’s gifts, and the Church as an institution declining to take dividends from manufacturing or marketing it. 

“The prime ethical objection to investing in this area is the social damage caused by alcohol abuse and misuse, such as crime, violence, broken homes and damage to health.  Moderate consumption can be a witness: acquiring an investment in expanding it is not.”

Amongst the factors leading the Church’s investors to maintain the exclusion is the current national debate on the misuse of alcohol and a growing binge-drinking culture; and the increasing number of negative health and social implications of the increase in alcohol consumption, particularly amongst young and underage drinkers. There is also a lack of confidence in the current self-regulatory environment, and an acceptance that the marketing and sale of alcohol is a pressing problem.

 

Notes

The Church of England has no temperance doctrine, and recognises that many Church members enjoy alcohol in moderation. However, it is well aware of the dangers that excessive alcohol consumption poses to health, to family life and to society as a whole. 

Following a review in 1998, investment has been allowed in selected companies that have diversified away from brewing into catering, hotels, health and family-focused activities.

The paper Alcohol: An inappropriate investment for the Church of England is available on this website at  http://www.cofe.anglican.org/info/ethical/policystatements/policyalcohol.pdf  

The Church’s full ethical investment policy is set out at http://www.cofe.anglican.org/info/ethical/policystatements/policyethicalinvestmentstatement.pdf