The papers for next month’s meeting of General Synod on 17 and 18 November are now all online here in agenda order. Here is a list in numerical order, with a note of the day scheduled for their consideration.
GS 1919B – Draft Care of Churches and Ecclesiastical Jurisdiction (Amendment) Measure [Monday]
GS 1919Z – Report of the Steering Committee
GS 1921B – Draft Ecclesiastical Property Measure [Monday]
GS 1921Z – Report of the Steering Committee
GS 1926D – Amending Canon No.33 [Monday]
GS 1935A – Draft Naming of Dioceses Measure [Monday]
GS 1935Y – Report of the Revision Committee
GS 1964A – Draft Amending Canon No.35 [Monday]
[see notice paper 2]
GS 1965A and GS 1965B – Diocesan Synod Motion on spare room subsidy [Tuesday]
GS 1966 – Agenda
GS 1967 – Report by the Business Committee [Monday]
GS 1968 – Draft Scheme amending the Diocese in Europe Constitution 1995 [Monday]
GS 1968x – Explanatory Memorandum
GS 1969 – Draft Diocesan Stipends Funds (Amendment) Measure [Monday]
GS 1969x – Explanatory Memorandum
GS 1970 – Guidelines for the Professional Conduct of the Clergy (draft edition) [Monday]
GS 1971 – The Anglican-Methodist Covenant: Report from the Council for Christian Unity [Tuesday]
GS 1972A and GS 1972B – Private Member’s Motion on Canon B 38 [contingency business]
Other Papers
GS Misc 1085 – Guidelines for the professional conduct of the clergy (The Ministry of Absolution)
GS Misc 1086 – A background note on Violence against Religious Minorities in Iraq and Syria [Tuesday]
GS Misc 1088 – Representative of Pentecostal Churches of the General Synod
GS Misc 1089 – The Porvoo Declaration – New signatories
GS Misc 1090 – Women in the Episcopate – appointment of Independent Reviewer
GS Misc 1091 – Report on the Archbishops’ Council’s activities
4 CommentsThe final agenda and the papers for next month’s meeting of the General Synod of the Church of England are published today, along with this press release summarising the agenda.
Final agenda for General Synod published
24 October 2014
The General Synod of the Church of England meets in London in November for a two day meeting from 13.45 on Monday 17 November until 17.00 on Tuesday 18 November.
The Agenda for the meeting is published today. After the usual introductory material, including the debate on the report by the Business Committee the Synod will be invited to enact Amending Canon No. 33 to allow women to be bishops. This will be followed by a Presidential Address by the Archbishop of Canterbury.
Various items of legislative business will follow. Some of these will run into the following day, when a further slot for legislative business has been allocated at 12 noon. The Care of Churches and Ecclesiastical Jurisdiction (Amendment) Measure and the Church of England (Ecclesiastical Property) Measure will both return to the Synod for their Final Drafting and Final Approval Stages. . Amending Canon No. 35 (relating to Canon B 12) and the Naming of Dioceses Measure will both undergo their Revision Stages. A new draft Measure allowing diocesan stipends funds to invest on a ‘total return’ basis will be introduced for First Consideration. Finally, the Synod will be asked to approve a Scheme amending the Diocese in Europe’s Constitution.
Following the legislative business, there will be a Take Note debate on the Guidelines for the Professional Conduct of the Clergy. This is a draft document prepared by the Convocations of York and Canterbury which updates the existing Guidelines dating from 2003 to take account of new developments in secular and Church legislation and pastoral practice, as well as liturgical developments. Following comment by General Synod, the draft Guidelines will return to the Convocations for further consideration. After a short period of worship, the day will conclude with Synod Questions.
Tuesday 18th November will start with Holy Communion which will lead into a presentation by a panel of speakers moderated by the Bishop of Coventry on Violence against Religious Minorities in Iraq and Syria. The panel will include the Rt. Revd Nick Baines, Bishop of Leeds, His Grace Bishop Angaelos, the General Bishop of the Coptic Orthodox Church in Great Britain, who is one of our regular Ecumenical representatives on Synod and who is in close touch with churches in Iraq and Syria, Dr.Fuad Nahdi Executive Director of the Radical Middle Way and Founding Editor of the pioneering Q-News and the Revd Dr Rachel Carnegie, the Co-Director of the Anglican Alliance. There will be opportunities for Synod members to pose questions to the panel.
Any remaining legislative business will be taken at 12 noon. After lunch on Tuesday 18th November there will be a presentation followed by a debate on the Anglican Methodist Covenant. The Synod will be invited to endorse the recommendations in the Final Report of the Joint Implementation Commission which calls for both churches to take forward further work on the possibility of reconciling their ministries with a view to interchangeability.
There will be a debate on a Diocesan Synod Motion from the former Diocese of Bradford (now part of the Diocese of Leeds) regarding the Spare Room Subsidy. The motion reflects concern from the Diocese at the impact of the Spare Room Subsidy, also known as the “Bedroom Tax”.
Contingency business takes the form of a Private Member’s Motion by the Revd Canon Dr Michael Parsons (Gloucester) on Canon B38 (‘Of the burial of the dead’). The motion calls for the introduction of legislation so that the law would no longer make any distinction in the form of funeral service to be used when someone has taken their own life.
Notes:
Synod papers, including the full agenda, can be found here.
0 CommentsThe projected timetable (see below) for the November 2014 Group of Sessions of General Synod has been published here. It is accompanied by this note:
The holding of the group of sessions remains contingent on the legislation to enable Women to become Bishops having completed all its remaining stages. It was found expedient by the Ecclesiastical Committee of Parliament on 22 July and will debated in the House of Lords on 14 October. We await a date for the Commons debate. A further update will be published as soon as possible and in any event before the end of October.
Monday 17 November
1.45 pm – 7.15 pm
1.45 pm Worship
Formal business
Report by the Business Committee
Legislative Business:
Enactment of Amending Canon No 33 (relating to Women in the Episcopate)
Presidential Address by the Archbishop of Canterbury
Legislative Business:
* Care of Churches and Ecclesiastical Jurisdiction (Amendment) Measure – Final Drafting/Final Approval
* Measure allowing diocesan stipends funds to invest on a ‘total return’ basis – First Consideration
* C of E (Ecclesiastical Property) Measure – Final Drafting/Final Approval
* Amending Canon No 35 (relating to Canon B 12) – Revision Stage and Final Drafting/Final Approval
* Draft Scheme amending the Diocese in Europe Constitution
* C of E (Naming of Dioceses) Measure – Revision Stage
4.40 pm ‘Take Note’ debate on the Professional Guidelines for the Clergy
5.40 pm Worship
Questions
Tuesday 18 November
9.15 am – 1.00 pm
Holy Communion in the Assembly Hall
10.30 am Presentation followed by Debate on Violence against Religious Minorities in Iraq and Syria
12.15 pm Legislative Business (Continued from Monday 17 November)
2.15 pm – 5.00 pm
2.15 pm Anglican-Methodist Covenant: Report from the Joint Implementation Commission
Bradford Diocesan Synod Motion on the Spare Room Subsidy
4.40 pm Farewells
Prorogation
Contingency Business:
Priavte Member’s Motion on Canon B 38
The legislation to allow women to become bishops in the Church of England failed at final approval in 2012 because it did not achieve a two-thirds majority in the House of Laity. A different measure was passed in 2014, primarily because of laity who voted against in 2012, but in favour in 2014.
I have published the detailed voting results on final approval of the 2012 measure here and of the 2014 measure here.
From these spreadsheets I have calculated that of the laity who voted against the 2012 measure:
45 voted against in 2014
20 voted in favour in 2014
4 abstained in 2014
2 were absent in 2014
3 were no longer members of Synod in 2014
Those who voted against the 2012 measure and in favour of the 2014 measure were:
Glynn Harrison (Bristol)
Anne Williams (Durham)
Peter Bruinvels (Guildford)
Keith Malcouronne (Guildford)
Adrian Vincent (Guildford)
Anne Bloor (Leicester)
Christopher Corbet (Lichfield)
Debra Walker (Liverpool)
Philip Rice (London)
John Barber (Manchester)
Peter Capon (Manchester)
Philip Giddings (Oxford)
John Beal (Ripon & Leeds/West Yorks & the Dales)
Thomas Sutcliffe (Southwark)
Mary Judkins (Wakefield/West Yorks & the Dales)
John Davies (Winchester)
Priscilla Hungerford (Winchester)
David Robilliard (Winchester)
Jennifer Barton (Worcester)
Martin Dales (York)
Those who voted against the 2012 measure and abstained in 2014 were:
Peter Collard (Derby)
Ann Turner (Europe)
Prudence Dailey (Oxford)
Victoria Russell (Oxford)
Nobody who voted for the 2012 measure voted against or abstained in 2014.
4 CommentsThe detailed results for the electronic votes at this months’ meeting of General Synod are now available.
The two relating to the ordination and consecration of women are:
Item 503 – Draft Bishops and Priests (Ordination and Consecration of Women) Measure
Item 504 – Draft Amending Canon No.33
These are pdf files arranged by house, by vote (for, against, abstain) and then by name. I have rearranged them by house and then by synod number, so that members from the same diocese are grouped together. I have also added the names of the absentees. These results are in this spreadsheet.
A very small number of lay and clergy members voted differently for the measure and the canon.
Clergy
1 voted against the measure and abstained on the canon.
2 abstained on the measure and voted for the canon.
Laity
2 voted against the measure and for the canon.
3 voted against the measure and abstained on the canon.
1 voted for the measure but was absent for the vote on the canon.
John Bingham The Telegraph Women bishops: I’m glad we waited until now, says Archbishop of York
The Telegraph editorial The Church of England has found unity on its own terms
The Telegraph letters Women bishops will meet opposition within the C of E laity
The Guardian letters Female bishops a birthday present for Emmeline Pankhurst
John Spence’s speech to Synod (on YouTube)
Transcript of the Archbishop of Canterbury’s speech to Synod
GRAS (the Group for Rescinding the Act of Synod) have sent us a press release which is copied below the fold.
13 CommentsGeneral Synod completed its York meeting this morning.
3 CommentsMadeleine Davies, Tim Wyatt and Gavin Drake Church Times Women bishops legislation wins Synod’s final approval
John Bingham The Telegraph First women bishops in months after Synod vote
Jemima Thackray The Telegraph Women bishops: delaying this historic vote was a blessing in disguise
The Telegraph Celebration as Church of England General Synod approves women bishops
Ruth Gledhill Christian Today There will be women bishops… General Synod passes legislation
Ruth Gledhill The Guardian Joy and relief at display of unity for vote on ordination of female bishops
Claer Barrett and Mark Odell Financial Times Church of England synod votes for women bishops
Matthew Engel Financial Times Victory for women bishops but no triumphalism
Andrew Brown The Guardian Jubilation as Church of England’s synod votes to allow female bishops
Andreas Whittam Smith The Independent Women bishops: Church of England still divided but now prepared to trust each other
Stephen Castle The New York Times Church of England Votes to Allow Women as Bishops
Video: Archbishop Welby talks to BBC Newsnight about the vote to allow female bishops
Gillan Scott God & Politics in the UK Good news at last, but the women bishops vote was ultimately never about women bishops
Fulcrum Statement on Synod Vote for Women Bishops
Colin Coward for Changing Attitude Women bishops – finally
WATCH issued a press release which is copied below the fold.
The Catholic Bishops’ Conference of England and Wales issued this statement: Women Bishops – Church of England.
39 CommentsPress release from the Church of England
Church of England to have women bishops
14th July 2014
The General Synod of the Church of England has today given its final approval for women to become bishops in the Church of England.
The vote in the General Synod on the measure was carried by the required two-thirds majority in the three constituent parts of the Synod: the House of Bishops, the House of Clergy and the House of Laity.
The voting results were as follows:
House of Bishops: Yes 37 No 2 Abstentions 1
House of Clergy: Yes 162 No 25 Abstentions 4
House of Laity: Yes 152 No 45 Abstentions 5
This means the first woman bishop could potentially be appointed by the end of the year.
Today’s vote comes 18 months after the proposal was last voted upon in November 2012 when the proposal failed to achieve the required two thirds majority in the House of Laity.
The Archbishop of Canterbury, Justin Welby, said:
“Today is the completion of what was begun over 20 years with the ordination of women as priests. I am delighted with today’s result. Today marks the start of a great adventure of seeking mutual flourishing while still, in some cases disagreeing.
The challenge for us will be for the church to model good disagreement and to continue to demonstrate love for those who disagree on theological grounds. Very few institutions achieve this, but if we manage this we will be living our more fully the call of Jesus Christ to love one another. As delighted as I am for the outcome of this vote I am also mindful of those within the Church for whom the result will be difficult and a cause of sorrow.
My aim, and I believe the aim of the whole church, should be to be able to offer a place of welcome and growth for all. Today is a time of blessing and gift from God and thus of generosity. It is not winner take all, but in love a time for the family to move on together.“
The Archbishop of York, Dr. John Sentamu, said:
“This is a momentous day. Generations of women have served the Lord faithfully in the Church of England for centuries. It is a moment of joy today: the office of Bishop is open to them.
To those who ask “what took you so long?” my answer is that every decision has a cost and there will be those within our body who will be hurting as a result of this decision. Our answer to the hurting should not be “get over it” but rather “we will not let go until you have blessed us.”
We move slowly because we move together. But in moving together we achieve not only what is just but also model what is right. As the African Proverb says: “Whoever walks fast, travels alone. Whoever walks far, walks in the company of others.”
The legislation approved today includes a House of Bishops declaration, underpinned by five guiding principles and a disputes resolution procedure. Following the vote on the measure which enables women to become Bishops, the Synod voted on enabling legislation (Canon) and also rescinded existing legislation (Act of Synod) as part of a package of measures being proposed.
Following today’s vote the measure moves to the Legislative Committee of General Synod and then to the Ecclesiastical Committee of the Houses of Parliament where the legislation will be considered. Subject to Parliamentary approval the measure will return to the General Synod in November of this year where it will come into force after its promulgation (legal formal announcement).
Today’s vote follows a process which began at the 2013 July Synod which created a steering committee on women bishops, chaired by the Bishop of Rochester James Langstaff, with a mandate to draw up a package of new proposals. Bishop James opened the debate on behalf of the steering committee and responded to the debate urging synod members to vote for the proposals.
6 CommentsAll portions of the legislative package to allow women to be bishops in the Church of England were approved by General Synod this afternoon.
1) Draft Bishops and Priests (Consecration and Ordination of Women) Measure (GS 1925B)
On the motion
That the Measure entitled “Bishops and Priests (Consecration and Ordination of Women) Measure” be finally approved
there voted
Bishops 37 in favour, 2 against, 1 recorded abstention
Clergy 162 in favour, 25 against, 4 recorded abstentions
Laity 152 in favour, 45 against, 5 recorded abstentions
and the motion was carried with the necessary two-thirds majorities in all three houses.
2) Draft Amending Canon No. 33 (GS 1926B)
On the motion
That the Canon entitled “Amending Canon No 33” be finally approved
there voted
Bishops 37 in favour, 2 against, 1 recorded abstention
Clergy 164 in favour, 24 against, 3 recorded abstentions
Laity 153 in favour, 40 against, 8 recorded abstentions
and the motion was carried with the necessary two-thirds majorities in all three houses.
3) The motion
That the petition for Her Majesty’s Royal Assent and Licence (GS 1926C) be adopted
was carried on a show of hands.
4) Draft Act of Synod Rescinding the Episcopal Ministry Act of Synod 1993 (GS 1934A)
The motion
That the draft Act of Synod rescinding the Episcopal Ministry Act of Synod 1993 be approved
was carried on a show of hands.
5) The motion
That the Act of Synod rescinding the Episcopal Ministry Act of Synod 1993 be solemnly affirmed and proclaimed an Act of Synod
was carried on a show of hands
14 Commentsto be updated during the day
order paper for the morning
order paper for the afternoon and evening
official summary of the morning’s business
afternoon’s business
evening’s business
audio
morning
afternoon
evening
The day’s business started with a debate on the Armed Forces Covenant. The following motion was cared by 393 votes in favour to two against, with three recorded abstentions.
That this Synod, believing that the commitment of those that serve in the Armed Forces demands a reciprocal obligation from the Nation to ensure that they and their families are not disadvantaged:
(a) ask dioceses to reflection the Armed Forces Covenant and to consider signing Community Covenants, where not already signed, and Corporate Covenants setting out how they can both meet the pastoral and spiritual needs of the Armed Forces Community including serving personnel, regulars and reservists, veterans and military families located in their own diocesan area;
(b) invite the Archbishops’ Council to sign a Corporate Armed Forces Covenant setting out how it will provide pastoral and spiritual support for the Armed Forces Community including serving personnel, regulars and reservists, veterans and military families; and
(c) ask the Archbishops’ Council to report to Synod in the next Quinquennium on the implementation of the recommendations set out in The Church and the Armed Forces Covenant (GS 1960).
The debates on the legislation to allow women to be bishops started at 11.15 am. There is a package of four items, which are being separately debated.
1) Draft Bishops and Priests (Consecration and Ordination of Women) Measure (GS 1925B) – Draft Measure for Final Approval
2) Draft Amending Canon No. 33 (GS 1926B) – Draft Amending Canon for Final Approval
3) Draft Petition for Her Majesty’s Royal Assent and Licence (GS 1926C) – Draft Petition for Adoption
4) Draft Act of Synod Rescinding the Episcopal Ministry Act of Synod 1993 (GS 1934A) – Draft Act of Synod for Final Approval and Affirmation and Proclamation as an Act of Synod
The first two of these (the measure and the canon) require two-thirds majorities in all three houses (bishops, clergy and laity) to receive final approval. Motions for the closure of these first two debates are not allowed, so they will continue for as long as there are members wanting to speak. However the chair of the debate (today it will be the Archbishop of York) may at his discretion reduce the speech limit, and chairs have been know to reduce it to almost nothing to encourage people to stop talking.
The other items require no special majority.
At the beginning of the first debate the Archbishop reminded members of this standing order.
17. Breach of Order
The Chairman shall call a member to order for failure to address the Chair, irrelevance, tedious repetition either of his own arguments or of arguments already well rehearsed by other members, unbecoming language, disregard of the authority of the Chairman, or any other breach of order, and may direct him to stop speaking.
Claire Phipps of The Guardian is reporting live on the debate: Church of England General Synod votes on female bishops.
The Synod adjourned for lunch and reconvened at 2.30 pm.
This business was concluded shortly before 5.00 pm with all items passed with the necessary majorities. Details of the votes here.
Synod was then adjourned until 5.15 pm.
The remainder of the day’s business is included in the official summaries above.
1 CommentAndrew Brown and Nicholas Watt The Guardian Church of England General Synod expected to approve female bishops
Andrew Brown The Guardian Liberalism increases as power shifts to the laity in the Church of England
The Guardian editorial The Guardian view on the female bishops’ vote: One more heave
John Bingham The Telegraph Welby ‘can’t force’ women bishops on Church
Dan Grimmer Norfolk Eastern Daily Press No vote on women bishops will destroy church’s credibility, says Archdeacon of Norwich
The Telegraph editorial Time to settle the vexed issue of women bishops
BBC Women bishops: Church’s second chance to decide
Women bishops: Will trust or outrage follow key vote?
Dan Clough Burnley and Pendle Citizen I’ll oppose ordination of female bishops, says John Goddard
Madeleine Davies Church Times Welby expects the women-bishops legislation to pass
1 CommentOfficial summary of business
afternoon
evening
audio of
afternoon session
evening session
John Bingham The Telegraph First women bishops could be appointed by Christmas
Churches will use Magna Carta anniversary to ‘reassert Britain’s Christian heritage’
BBC Women bishops: Archbishop Welby ‘hopeful’ on vote
Press Association (in the Mail Online) Baptism Services May Omit ‘Devil’
Peter Stanford The Telegraph Will Jane Hedges be the C of E’s first woman bishop?
2 Commentsto be updated during the day
Order papers
morning
afternoon and evening
Official summary of the day’s business
morning
afternoon
evening
Much of the morning’s business was taken up with the composition of and electorate for the universities constituency in General Synod. A proposal to abolish it was defeated in a vote by houses. The voting figures, which are not given in the summary, were
House of Bishops voted: 5 for, 17 against
House of Clergy voted: 53 for, 69 against
House of Laity voted: 67 for, 65 against
The numbers of abstentions were not stated.
A substantial change was made when Synod voted to extend the constituency to include theological education institutions as well as universities. Again there was a vote by houses.
House of Bishops voted: 12 for, 10 against, 0 abstentions
House of Clergy voted: 71 for, 64 against, 3 abstentions
House of Laity voted: 76 for, 61 against, 2 abstentions
The theological education institutes to be included are those “recognised by the House of Bishops as an institution for training candidates for ordination as ministers of the Church of England”.
These, and other non-contentious changes to the universities constituency, are subject to final approval, which is scheduled for debate on Tuesday.
Jim Wallis gave this presentation on The Uncommon Good in the afternoon, and this interview afterwards.
audio of
morning session
afternoon session – Jim Wallis speech
remainder of afternoon session
evening session
to be updated during the day
The first day’s business is listed in Order paper 1.
Despite some initial confusion during the debate on the report of the reference to the dioceses of the women bishops legislation, Sue Booys, the chair of the Business Committee, confirmed that two-thirds majorities in each house will be required for final approval of both the draft measure and the amending canon when they are debated on Monday.
It was also made clear that abstentions (whether recorded or not) do not count in the calculation of the size of any majority.
The final drafting of the draft measure and amending canon were agreed; the only drafting amendments were to some of the numbering in the canon.
The final versions of these, to be debated on Monday, are here: draft measure and draft amending canon.
Official summary of the day’s business:
Friday afternoon
Friday evening
Updated Friday afternoon, Saturday morning
The Church of England General Synod meets in York from this afternoon until Tuesday.
Some pre-synod press:
John Bingham The Telegraph Church of England General Synod: women bishops campaigners praying for a breakthrough
The Church of England General Synod – a rough guide
Women bishops: what are the issues?Press Association General Synod Vote on Women Bishops [on the Mail Online website]
Ruth Gledhill Chrisitian Today General Synod: Will women bishops happen this time?
Savi Hensman Ekklesia Church, worldly values, the ‘common good’ and war
You can follow the proceedings at this Live video stream.
The Agenda and papers are here.
Update
Church Times leader The vote on Monday
John Bingham The Telegraph Church of England edges towards historic breakthrough on women bishops
0 CommentsAndrew Brown reports in The Guardian: Church of England women bishops: archbishops will overrule synod.
30 CommentsThe archbishop of Canterbury Justin Welby is preparing to drive through legislation to allow women bishops even if it is rejected by the church’s governing body, the General Synod.
The synod is poised to vote again on the vexed plan next week but senior sources have told the Guardian that should the move be blocked again, there are now options being considered to force the change on the church.
Options under consideration include an immediate dissolution of the synod so that fresh elections could produce a sufficient majority by November, or even a move by the bishops in the House of Lords to introduce the legislation without synodical approval…
Updated
We previously reported on this topic on 20 June: Women in the Episcopate Legislation and Expect a conservative evangelical bishop soon.
Last week the Church Times reported that Swing voters say they will now back women bishops.
THE pivotal votes of a small number of members of the General Synod who helped to defeat the women-bishops Measure in November 2012 have swung to the Yes camp.
The earlier Measure was lost by six votes in the House of Laity. Instrumental to the defeat were a handful of members who, despite being in favour of the consecration of women as bishops, voted against the Measure, prompted by a concern that it did not offer enough provision for those who were opposed on principle.
Five of these members told the Church Times this week that they now planned to vote in favour…
Update
Today, Forward in Faith has published this press release: The July 2014 Sessions of the General Synod
21 CommentsThe Chairman of the Catholic Group in General Synod, Canon Simon Killwick, has issued the following statement:
“Following the failure of the previous legislation in November 2012, the Catholic Group immediately called for round-table talks to agree on a new package which could be fast-tracked through the Synod. These talks have been amazingly fruitful in that they have generated a new package which provides a way forward for everyone in the Church of England and the package is being fast-tracked through the Synod with the added bonus in the creation of a much more positive atmosphere of trust, generosity and mutual respect. We look forward to this new atmosphere pervading the debates at the forthcoming Synod and beyond, so that we can all move forward as one.”
Please pray for the members of the General Synod, which meets in York from Friday 10 July to Tuesday 15 July:
www.praynovena.org.uk
Yesterday’s second distribution of General Synod papers included the annual report of the Church of England’s Ethical Investment Advisory Group. Also published was this press release.
Ethical Investment Advisory Group – ethical investment restrictions tightened
27 June 2014The Church of England’s Ethical Investment Advisory Group (EIAG) has tightened its recommendations regarding investment restrictions. From this month none of the EIAG’s investment exclusions have a revenue threshold higher than 10%, a reduction on the previous 25% threshold.
The EIAG also announced that during 2013 it instructed votes for the Church Commissioners and Church of England Pensions Board on over 30,000 resolutions at approximately 3,000 company general meetings. Reflecting wider concern over executive remuneration packages, the EIAG withheld support in over 70% of cases.
In wider corporate engagement, church investors recorded important successes in the areas of both alcohol and pornography. After engagement with the EIAG, all three major UK-listed supermarkets – Tesco, Sainsbury’s and Morrisons – published alcohol policies newly acknowledging the potential for alcohol to cause harm. In the area of pornography, church investor engagement with a major telecommunications company led to the company ceasing to promote pornographic material on its handsets in the UK.
The threshold reduction follows a review requested by the Archbishop of Canterbury in light of the “Wonga controversy.” As a consequence of the review process revenue thresholds used to exclude companies on account of their involvement in tobacco, gambling, high interest rate lending and human embryonic cloning have been capped at 10% from the previous threshold of 25%.
The annual review makes it clear that these new restrictions would not have prevented the exposure to Wonga which was in a pooled fund and which could not have been screened in the same way as direct holdings are.
Edward Mason, EIAG Secretary, said: “Exposure to restricted investments, like Wonga, can occur in pooled funds and the EIAG accepts this.” Commenting on the EIAG’s intention to propose a new pooled funds policy to the national investing bodies, he said: “The policy will specify controls on the use of pooled funds but will not bar their use.”
The EIAG will publish the new policy on pooled funds later once the investing bodies have agreed it. The annual review explains that pooled funds are often the only way to access certain asset classes and investment strategies – including venture capital which, along with increasing financial returns for investors, also serves society.
Writing in the report’s foreword, EIAG Chair James Featherby explains that the Commissioners’ indirect investment in Wonga highlighted some misconceptions about ethical investment, and in particular that its objective is to achieve a morally perfect portfolio.
“In our view Christian ethical investment is, instead, about fulfilling responsibilities to beneficiaries and trying to make a positive difference in society. The Church’s national investing bodies seek to do the latter through engagement with companies, partnerships with other investors, and participation in public policy initiatives. In this way they aspire to be part of the Church’s witness to the world.”
Press reports include:
Ben Quinn The Guardian Wonga: Church of England advised by ethics review to keep its stake
Alex Blackburne Blue & Green Tomorrow Church of England reduces exposure to ‘sin stocks’ after ethical investment review
Christian Today Wonga controversy leads to changes in Church of England’s investment policies
2 Comments