Ethical Investment (Hansard, 1 June 1998)

§ 38. Ann Clwyd (Cynon Valley)
What recent discussions he has had with the Church Commissioners on ethical investments. [42027]

§ Mr. Stuart Bell (Second Church Estates Commissioner, representing the Church Commissioners)
Earlier this year, as a member of the commissioners' board of governors and of the assets committee, I was able to discuss and endorse the commissioners' revised 18 statement of ethical investment policy. The secretary to the ethical investment working group also keeps me regularly briefed on ethical issues.

§ Ann Clwyd
In view of GEC's long and continuing involvement in the arms trade with Indonesia, what exactly do the Church Commissioners think that they are achieving in their meetings with its board?

§ Mr. Bell
As always, I am grateful to my hon. Friend for her question.
Representatives of the ethical committee met senior management of GEC not long ago to discuss those very issues. We discuss them constantly with GEC, and we obviously have a strong ethical policy of not investing in companies whose main business is armaments. The current position in GEC does not constitute a breach of that policy, but we shall, of course, keep it continuously under review.

§ Mr. Simon Hughes (Southwark, North and Bermondsey)
Following the question from the hon. Member for Cynon Valley (Ann Clwyd) and earlier questions on the same subject, can the hon. Gentleman tell us whether the forthcoming Lambeth conference will seek to agree a tougher regime on ethical investment—especially in relation to countries where democracy is at stake, such as Indonesia, or where nuclear weapons may be developed, such as India and Pakistan?

§ Mr. Bell
The hon. Gentleman may be interested to learn that the ecumenical Church investors group met today to celebrate 25 years of working together on matters of mutual concern in which the hon. Gentleman has an interest. I have already drawn the Archbishop of Canterbury's attention to the last question on this issue that the hon. Gentleman tabled for the Lambeth conference to consider, and I am sure that his voice will be heard.