A Vatican policy published yesterday says the Holy See’s financial investments must not contradict Catholic teaching and should avoid certain industries. Source: CNA.
The policy stipulates that Vatican investments should “be aligned with the teachings of the Catholic Church, with specific exclusions for financial investments which contradict its fundamental principles, such as the sanctity of life or the dignity of the human being or the common good”.
The guidelines also say that investments of the Holy See and related entities should aim to contribute to a more just and sustainable world and to generate a sufficient return in a sustainable way.
The policy, which continues Pope Francis’ reform of Vatican finances, goes into effect on September 1.
Investments will be made through APSA, the Holy See’s treasury and sovereign wealth manager, and overseen by an ethics committee of four financial professionals headed by Cardinal Kevin Farrell.
According to the policy, the Vatican and related entities may not invest in products and technologies related to “pornography and prostitution; gambling; weapons and defence industry; pro-abortion health centres; and laboratories or pharmaceutical companies that manufacture contraceptive products and/or work with embryonic stem cells”.
Industries that the policy says should be avoided for investment, but are not prohibited, include oil and mining, nuclear energy, and alcoholic beverages.
There will be a one-year grace period for Vatican entities to divest of existing investments not in conformity with the new policies.
In April 2021, an Italian investigative news program accused the Vatican’s treasury of investing 20 million euros (then about $24 million) in several pharmaceutical companies involved in making the “morning-after pill.”
New policy says Vatican investments cannot contradict Catholic teaching (By Hannah Brockhaus, CNA)