From the Office of Public Affairs:
The Episcopal Church Executive Council Investment Committee ECIC recently adopted guidelines in response to General Convention resolution C045 (2015), Call for Investing in Clean and Renewable Energy, regarding Episcopal Church investments in fossil fuels.
ECIC has agreed that the Committee:
- Will no longer permit further direct purchases of fossil fuel holdings in the portfolio;
- Will work with its consultant to screen out all securities within separately managed accounts where there are fossil fuel reserves and where a company reports that more than 10% of its revenue is derived from oil and gas;
- Will convert any commingled/mutual fund holding to a socially responsible version, if available and financially prudent;
- Will monitor fund holdings for compliance with investment consulting firm Mercer Investment Consulting LLC’s environmental, social and governance (ESG) ratings, allowing ESG1 and ESG2 without hesitation; ESG3 with approval; and ESG4 only if justifiable after thorough review; and
- Will continue to review investment managers that provide ESG and alternative energy themes.
More details here.