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In holding investments in the economic market, the Catholic Foundation seeks to affirm the traditional social ethic as taught by the Holy See, the United States Conference of Catholic Bishops and the Washington State Catholic Conference. This is an outline of the ethical concerns to be reflected in the investments of the Catholic Foundation:
Funds of the Investment Trust will not be invested in companies which manufacture products or provide services inimical to the moral teachings of the Catholic Church. We seek to support companies which have a public posture of maintaining and improving human life and sustaining the natural environment. Some present issues of concern are birth control drugs and devices, abortifacients, euthanasia drugs, tobacco, gambling, land mines and for profit health care institutions and systems that offer unrestricted access to abortions.
The Investment Trust will not invest in companies that engage in scientific research on human fetuses or embryos that (1) results in the end of pre-natal human life; (2) makes use of tissue derived from abortions or other life-ending activities; or (3) violates the dignity of a developing person. Specific activities covered by the policy will include:- Embryonic stem cell research (ESCR);
- Fetal tissue research or stem cell research derived from embryos; and
- Reproductive or therapeutic cloning using human stem cells.
- Because this field of research is dynamic, new forms of research, or products and services derived from such research, will be evaluated on a case-by-case basis.
The Diocese does not wish to own stock in any company which is involved in the pornography industry. In view of the complexity of the media industry we would apply the traditional Catholic principals of cooperation when attempting to determine whether the cooperation of the company in question is formal, immediate or material and whether there is serious enough reasons to accept material cooperation on the part of any company.
Investments will not be made in companies whose activities cause undue injury to consumers, employees, and others, especially women, children and minorities by violation of laws established to protect health, safety and human rights. We do not wish to support discrimination against women or minorities, or the exploitation of people, the environment and natural resources.
Investments will not be made in companies supportive of governments in other countries which are racially or politically repressive.
The Investment Trust will seek to exercise its normal shareholder responsibilities, especially casting informed votes on proxies and shareholders’ resolutions in accord with the policies established by the United States Catholic Conference of Bishops, including, but not limited to:- support efforts to influence corporations that are engaged in extractive industries or are operating in countries with significant human rights concerns,
- use selected shareholder resolutions and other means to encourage companies to provide sufficient wages, working conditions and other social benefits that enable their employees and families to meet basic human needs,
- support shareholder resolutions directed towards equal opportunities for minorities including the inclusion of minorities on corporate boards,
- promote the active participation of women in the life of the company, particularly in terms of policy and decision-making, and inclusion in corporate leadership positions,
- encourage companies to undertake or participate in programs designed to make life-sustaining drugs available to those in low-income communities and countries at reduced, affordable prices, consistent with our Catholic values,
- support shareholder actions to limit weapons production, to limit foreign sales of weapons and to convert corporate capacity to non-military uses,
- support shareholder resolutions to promote generous wage and benefit policies and adequate worker safety guidelines,
- support shareholder resolutions which encourage corporations to seek a society where economic life and environmental commitment work together to protect and to enhance life on this planet, and encourage companies to report on social, environmental, as well as financial performance.
In establishing this policy statement it is recognized that the development of precise and unequivocal investment guidelines applicable to all situations is simply not possible. There are many, varied, and complicated interrelations in the national and international financial world. Our responsibility as a faith community is to provide faithful moral leadership in economic affairs and to avoid being a source of scandal in the placement of our investment funds. It is the responsibility of the investment committee to review the Catholic Foundation’s holdings in light of this policy statement. The Committee has the right and responsibility to direct managers to remove holdings judged inappropriate. We do not wish to be associated with unhealthy, destructive, immoral or irresponsible acts of business behavior.
Mutual funds and commingled funds may potentially have minor violations of Catholic Ethical Norms in their overall portfolio. These funds and holdings will be monitored, and upon review by the Investment Committee, such may be considered acceptable for ease of administrative purposes.