The Catholic Church is countering its issues with investments by releasing guidelines for ethical investing. The New York Times reported that the church is aiming to prevent any other improper investments that can result to cases and other issues for churches.
Cardinal Peter Turkson, the official tasked with oversight for the drafting of the ‘money-managing guide,’ commented that the church has had a rough history when it comes to money.
Catholic Money-Managing Guide
The article said that the church released a 46-page document that apparently was due for release last year. It added that the new guidelines are for Roman Catholic Churches and organizations all over the world. Also, the purpose of the document is to prevent the institutions from avowing morally high-risk investments in their portfolios.
The document is called the ‘Mensuram Bonam’ and is the acknowledgment of the responsibility of Catholic institutions to grow their wealth to have the means for the missions of the church.
The report came from the Vatican spiritual treatise and Vanguard fund and is compliant with the social doctrine of the church. Reportedly, it is designed to guide the rich churches to better appropriate their funds for the priorities intended by the church. Also, it aims to help those smaller churches have the knowledge they need for the market.
It teaches the churches about the impact of economic trappings and accounting loopholes. It also talks about what it calls ‘gray areas,’ financial issues that are difficult to understand and should be avoided.
Further, there is a call to action by the Vatican for churches with multiple investments to put focus on investing to sustainable energy instead of fossil fuel conglomerates. However, this does not mean that the church will penalize churches for doing so.
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Catholic Churches Financial issues
The Irish Times reported on the €9.3 million lawsuit filed by the former chief auditor and his deputy. The two were reportedly dismissed in 2017 for investigating certain Swiss bank accounts of the church.
Libero Milone and Ferrucio Panicco filed the case, claiming damages for lost earnings, emotional distress, and loss of reputation. The two were also accused by Cardinal Giovanni Angelo Becciu of spying on the lives of the Holy See superiors.
The two claims that the church attacked them after they had questions about the accounts used by the Vatican to invest about £300 million in a luxury property development in London.
Milone said that because of what happened he was ‘put on the cross’ by what he calls as the ‘small mafia’ inside the Vatican. He commented that they intend to keep things as they are as he says that they still live in the medieval era.
The article said that after Milone left the Vatican, the church faced issues after the church experienced over £100 million in losses from the property after it was sold to Bain Capital for just £186 million. The news outlet said that the Vatican press office declined to comment on the claims of the dismissed auditor.
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