His advisers might be hoping for a similar understanding of their fallibility. Following an interview published Thursday in which the Archbishop said he wanted to \u201ccompete\u201d\u009d pay day loan company Wonga out of business by creating credit unions \u201cthat are much more professional\u201d\u009d, it has emerged that the Church has actually invested in Wonga. The stake is indirectly held by one of its pension funds via a U.S. venture capital fund company called Accel Partners.<\/p>\n
The Archbishop said on the BBC\u2019s Radio 4 Today program this morning that he was \u201cembarrassed\u201d\u009d and \u201cirritated\u201d\u009d to have discovered the holding.<\/p>\n
One might forgive the Archbishop for missing the memo on this.<\/p>\n
The Church\u2019s pension funds are not only \u201ccommitted to managing its assets in a way that reflects the Church\u2019s teaching and values\u201d\u009d but are also signatories to the UN Principles for Responsible Investment. Its Ethical Investment Advisory Group carries out investment research on behalf of the three national investment bodies of the Church of England, the Church Commissioners for England, the CBF Church of England Funds, and the Church of England Pensions Board.<\/p>\n
But keeping track of a fund\u2019s investments might prove trickier than it seems.<\/p>\n