Anglicans launch major offensive against banks’ ‘bonus culture’

May 20th, 2013

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Church to use its own billions to block excessive payouts.

 

 

Andrew Brown, secretary to the Church Commissioners who manage the fund, told the Financial Times that the talks with Barclays were proving “fruitful”.

The commissioners, who manage a £5 billion endowment fund, also said that shares in publishing group News Corp were sold “after a year’s engagement which failed to allay our concerns about the governance of the company”.

The Church recently launched a major offensive against bonus culture in the City pledging to use its own multi-billion investments to attempt to block what it sees as excessive payouts.

Last month, its Church’s Ethical Investment Advisory Group (EIAG) issued an outspoken attack on what it called a “culture of entitlement and greed” among the highest paid as it set out a list of demands which it will seek to implement in companies in which it owns shareholdings in the coming AGM season.

The document was said to reflect the wider critique of the excesses of the City espoused by the Archbishop of Canterbury, Justin Welby, who once wrote a book called “Can Companies Sin?”

It argued that bankers and City executives should not be paid more than 100 per cent of their salary in bonuses – other than in very special circumstances where a director is shown to have delivered “extraordinary results through exceptional performance”.