Church criticised for ties with S. Africa

Press, 16 July 1987, Page 30

Church criticised for ties with S. Africa

NZPA-PA London The Church of England was criticised for its continuing investments in companies with South African interests. “Although the Church’s Central Board of Finance would not permit itself to invest in South African businesses, it receives nearly a third of its income from companies which do,” says a report on the board’s investment fund. The report is published by the Ethical Investment Research and Information Service set up five years ago with backing from charities and Church organisations, including the Church of England.

“Although the Church argues that it has sque’ezed South African involvement from its portfolio, only a dozen of the nearly 200 United Kingdom Stock Exchange companies with South African interests are being avoided in practice,” says the report. The Church’s approach is seen as a “City-eye view," because it concentrates on profit figures and the companies themselves rather than the companies’ activities in South Africa, the report says. But Sir Douglas Lovelock, chairman of the Church’s Central Board of Finance, which is a char-

ity, said: “Its duty under the law is to put the financial interests of its beneficiaries, and in this case Church of England parishes, first.” “It is almost impossible to find large companies and banks, oil companies, international engineering companies that don’t have some investment in South Africa,” he said. Only about a third of a cent in every dollar earned by the investments of the Board of Finance reflected South African involvement. “That fraction is so small that it shows that we go as far as we can to avoid investing in South Africa,” he said.