News Corporation: Statement from Ethical Investment Advisory Group
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 July:
- 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.