The Church of England has sold its shares in media company News Corp because was “not satisfied that News Corporation had shown, or is likely in the immediate future to show, a commitment to implement necessary corporate governance reform” in the wake of the phone-hacking scandal.
The church said that it has sold £1.9 million (€2.4 million) of shares accordingly.
Andrew Brown, secretary of the Church Commissioners, said: “Our decision to disinvest was not one taken lightly and follows a year of continuous dialogue with the company, during which the Ethical Investment Advisory Group put forward a number of recommendations around how corporate governance structures at News Corporation could be improved. However the EIAG does not feel that the company has brought about sufficient change and we have accepted its advice to disinvest.”
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