Asset Management

The Church Commissioners hold investments whose value was approaching £6.7 billion at the end of 2014. The fund includes stock market and property investments, including UK urban property, rural and development land, and a stake in global property funds.

Investment strategy

The Commissioners aim for the best return from their assets to help sustain the nationwide ministry of the Church, without undue risk and in line with their ethical investment policy. Their long term target is a return of at least RPI plus 5% over the long term.

Investment strategy is the responsibility of, and regularly reviewed by, the Commissioners' Assets Committee, assisted by the property and securities groups, both of which are made up of staff and trustees.

Responsible Investment

The Church Commissioners' ambition is to be at the forefront of responsible investment. To read more about where we are on our responsible investment journey please read the Responsible Investment Review written by Edward Mason, Head of Responsible Investment at the Church Commissioners.

The framework guiding the Church Commissioners' Responsible Investment is available to read here.

Ethical policy


The Commissioners are advised on ethical investment by the Church of England's Ethical Investment Advisory Group (EIAG), which also advises the Church's other national investing bodies.

We do not make direct investments in companies whose revenues from defence, non-military firearms, thermal coal and oil sands, tobacco, gambling, high cost lending, pornography and human embryonic cloning exceed thresholds specified by the EIAG.  A new policy on alcohol is in the process of implementation under which companies deriving revenues from alcoholic drinks (once revenues exceed a specified threshold) are only eligible for investment if they meet EIAG standards for responsible marketing and retailing.


The EIAG conducts active ownership activities on the Commissioners' behalf including shareholder voting and engagement with companies on ethical and environmental, social and governance (ESG) issues.

Click here for further information about ethical investment and the Ethical Investment Advisory Group


Church Commissioners' Stewardship Code Statement
Approved by the Commissioners' Assets Committee on 14 November 2013.
Click here to read statement.


Reports on voting activity

Second half of 2013

First half of 2014

Second half of 2014

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