Vatican vows not to invest in porn or guns
THE Vatican will not invest in porn or weapons under an ethical investment policy that is part of Pope Francis’s efforts to clean up the Catholic Church from a series of scandals.
While there is no suggestion the Vatican currently has money in porn or other unholy industries, the new rules are an attempt to establish tougher principles and oversight in Vatican finances.
The Church recently made headlines over a botched real estate deal in central London at the heart of a corruption trial involving a cardinal.
According to the 22-page document, Vatican money managers should stay away from pornography, prostitution, gambling, defence, pro-abortion health clinics, contraceptive products and stem-cell research, avoid money laundering havens, and favour long-term investments over riskier “speculative strategies”.
All investments should “aim to contribute to a more sustainable world” and be “aligned with the teachings of the Catholic Church”, the Vatican said.
There are specific exclusions for “financial investments that contradict fundamental principles, such as the sanctity of life or the dignity of the human being or the common good”.
The document refers to the need to invest in “environmentally friendly” companies with a strong record on corporate social responsibility and transparency, and identify “best-in-class” assets and investments that have “a pos- itive and demonstrable impact regarding equality and climate change”.
Climate change and social justice have been a focus of Francis’s papacy. The Argentine has also had his hands full with administrative reforms, including a recently adopted Vatican constitution, and he has allowed a Vatican court to put a cardinal on trial.
Angelo Becciu is accused of embezzlement and abuse of office. He is being tried with nine others, mostly in connection to the purchase of a former Harrods warehouse in which the Vatican was allegedly fleeced by middlemen and Vatican staffers. All defendants deny the charges. The building was sold last month for £186million, costing the Vatican a reported £66-150million.