National Catholic Reporter divests from fossil fuels
KANSAS CITY, Mo., July 2, 2021 -- The National Catholic Reporter Publishing Company has joined the growing group of Catholic organizations that have divested from fossil fuel companies. NCR board chair Jim Purcell announced that NCR has selected Catholic Investment Services (CIS) to manage the company's $12.7 million endowment as of July 1, 2021.
Purcell said the NCR board of directors made the decision after carefully evaluating various options for the NCR endowment. "We have selected CIS because it combines excellent performance with socially responsible investment vehicles that exclude fossil fuel companies," Purcell said
Bill Mitchell, NCR's CEO/Publisher and former editor of NCR's EarthBeat, expressed gratitude to the Board for the way it researched the issues related to investing NCR's endowment. "It was an excellent example of due diligence on the part of the Board," said Mitchell. "It was time for NCR to align itself, as an institution, with the growing number of Catholic organizations that have taken the step of refusing to invest money in fossil-fuel companies."
Mitchell said the company is working with CIS to ensure that NCR's investments include companies developing alternative sources of renewable energy.
As NCR's environment correspondent Brian Roewe reported May 19, 2021: "Catholic institutions are among the most numerous in the divestment movement, which overall so far has moved an estimated $14.5 trillion away from fossil fuels. Faith-based organizations, about half of them Catholic, represent 34% of the 1,300-plus divesting groups."
Mitchell said NCR will continue to provide fair and independent coverage of all aspects of the climate crisis, including organizations that choose to engage the issue as share-holders in fossil-fuel companies.
Purcell and Mitchell also emphasized the key role that NCR's endowment plays in supporting NCR's financial stability. "We need to grow the endowment significantly over the next few years so that future generations can benefit from NCR's critical role as an independent Catholic voice in the U.S. and global church," said Purcell.
Bill Mitchell, CEO/Publisher
National Catholic Reporter
SOURCE The National Catholic Reporter Publishing