09 July 2011
The Church of England's Ethical Investment Advisory Group has
written to News Corporation.
The following points were made in the letter, sent on Friday 8
- The behaviour of the News of the World has been utterly
reprehensible and unethical.
- While the EIAG welcomes the decision to close the News of the
World, this action is not a sufficient response to the revelations
of malpractice at the paper. Nor does it address the failure
of News International and News Corporation executives to undertake
a proper investigation and take decisive remedial action as soon as
the police uncovered illegal phone hacking in 2006.
- The EIAG Chairman has written to Rupert Murdoch today (8/7/11)
to insist that the Board of News Corporation takes all necessary
measures to instil investor confidence in the ethical and
governance standards of News Corporation.
- We cannot imagine circumstances in which we would be satisfied
with any outcome that does not hold senior executives to account at
News Corporation for the gross failures of management at the News
of the World.
The Church Commissioners for England, one of the National
Investing Bodies, are the beneficial owners of 344,586 News
Corporation A shares worth, at Thursday's close, $6m.