Posted on 09/18/2005 6:23:49 PM PDT by Murtyo
THE Church of Ireland (Anglican/Episcopalian) is set to sell €5m of shares in Cement Roadstone Holdings (CRH) because of its involvement in the construction of the Israeli “security” wall in the occupied West Bank.
The investment committee of the Church of Ireland’s representative church body wrote to the company less than a fortnight ago raising the church’s concerns about the construction and asking for the company’s response.
A spokesman for the Church of Ireland confirmed last week that it had been in touch with CRH in relation to the church’s ethical investment policy. The move followed the adoption of a report by the Anglican consultative council (ACC) earlier this year which recommended a review of investments in companies connected with the Palestinian-Israeli conflict.
“The ACC never issued a specific recommendation about this issue but it was raised with reference to the Church of Ireland’s investments,” the spokesman said.
“The investment committee here raised the issue with CRH but we’re awaiting a response.” The Church of Ireland last year had investments of €168m, of which 3.8% was in equity in CRH, the third-largest investment in any single company.
The spokesman said other companies had been contacted in relation to moral issues but declined to name the other firms. The 2004 financial report shows that the church also has equity in British American Tobacco and four oil firms including Shell and BP.
One source familiar with the decision to consult CRH, who asked not to be named, said that the church felt that it would be “inappropriate” to withdraw investment without giving the company an opportunity to respond.
The Anglican Peace and Justice Network sent an inspection team to Israel and the Palestinian territories in 2004, whose recommendations were adopted at the annual consultative council this year.
A strongly worded report from the Anglican Peace and Justice Network on the issue was toned down by the council after interventions by Dr Rowan Williams, the Archbishop of Canterbury, and Dr John Moses, the Dean of St Paul’s Cathedral.
“The state of Israel has systematically and deliberately oppressed and dehumanised the people of Palestine,” said the report, “as shown by the construction of the ‘security’ wall as referred to by the Israeli government, but (which) in reality is an apartheid/segregation wall judging from its effects on the lives of the Palestinian people, built on Palestinian land and ruled illegal by the International Court of Justice.”
The report also included a statement from the World Council of Churches that “reminds churches with investment funds that they have an opportunity to use those funds responsibly in support of peaceful solutions to conflict. Economic pressure, appropriately and openly applied, is one such means of action.”
A second report on the issue of investment and the Israeli-Palestinian conflict is due to be published in October following a year of investigation by the American Episcopal church’s social responsibility and business committees.
CRH owns a 25% share in the Mashav Group, an Israeli holding company for Nesher Cement, which is the sole producer of cement in Israel.
It is believed to be supplying cement for the eight-metre “security” wall being built by Israel in the West Bank.
A spokesman for CRH said last week that it was not involved in the building of the wall and that it was not responsible for work carried out by other construction firms using its cement.
“Neither Mashav nor Nesher have contracting activities and therefore are not directly involved in the construction of the fence or any other building/civil engineering projects in the country,” he said. “Nesher cannot, as a matter of law, refuse to sell or discriminate between any customer of whatever religion or political affiliation.”
A spokesman for the Church of Ireland said that while the investment committee decides the church’s investment strategy, the decision to sell CRH shares would probably not be made final until the next annual synod in May next year.
It is not the first time that the Church of Ireland has reviewed its investment policies on ethical grounds.
In 1996 it emerged that the church owned 50,000 shares in the British arms companies GEC, Vickers and GKN, of which more than £150,000 (€222,000) worth were held in GEC, the second largest defence equipment manufacturer in Britain.
Too shameful for words..
If the shares are all that icky, I'll take them off their hands right now for $29.99.
The Presbyterian Church USA has been pushing this. My mother is a member and she got a letter about it. The wall in Isreal is upsetting the Presbyterians, who should be more worried about their empty churches.
Church sell CRH stock to spite Israel; buys Katyusha stock to favor Pales. Converts symbolism from crucifixes to swastikas. News at 11.
..........................................
http://www.crh.ie/crhcorp/ir/si/nycprice/ - they trade on NASDAQ $27.30
yea, it's so upsidedown.
Perhaps they ought to live there and get their arses blown up first before they're too judgmental. If they have ADRs, I think I'll buy the stock...
Instead of profiting by selling, shouldn't they keep the shares so no one else can profit? Shouldn't they vote the shares for a director to change policy?
This sale does't effect anything other than line the church's pockets with cash.
$29.99 for every share they hold is as high as I can go.
I'm sure the instant relief would be worth it to them.
Cement Roadstone Holdings are of some use! They are one of Fianna Fail's protected monopolies.
Irish ping.
Thanks for the ping.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.