wfn.org | Anglican Church of Canada drops Talisman Energy from investments

[Worldwide Faith News <wfn@wfn.org>]

Church drops Talisman from investments
Other Anglican organizations urged to pull out of oil company

Leanne Larmondin
Website Manager
Anglican Church of Canada

Toronto
One resolution expected to generate debate at next week's meeting of the
General Synod will likely change dramatically in the wake of the pension
Committee's decision to pull its investments out of a controversial oil
company.

The pension committee of the Anglican Church of Canada quietly began
divesting its holdings in Talisman Energy Inc recently. The announcement of
the divestment came in a June 11 memo to members of the church's pension
committee.

Stating that the committee's trustees believed that the move would not
"jeopardize their fiduciary obligations," pension director Jenny Mason
wrote that the fund's managers had been instructed to divest as soon as
possible. Ms. Mason could not be reached for comment.

Many church factions urged the pension committee in recent years to pull
its investments from the Calgary-based company, which has been accused of
human rights abuses in Sudan.

The Canadian House of Bishops and the dioceses in British Columbia and the
Yukon had recently called on the committee to divest. The national church's
eco-justice committee and the church's development arm, the Primate's World
Relief and Development Fund, were co-sponsoring a General Synod resolution
asking the pension committee, Anglican parishes and other church
organizations to withdraw their investments from Talisman.

Since the General Synod resolution also refers to Anglican parishes and
other church organizations, it will not be withdrawn but amended to commend
the pension committee for its decision, said Maylanne Maybee, the church's
mission and justice education co-ordinator.

Ms. Maybee added that the amended resolution will likely urge the pension
committee to reconvene the Socially Responsible Investment Group, a church
body created in 1998 which has not met for more than a year.

In the June 11 memo to members of the pension committee, director Jenny
Mason also reported that the committee's board of trustees will present a
draft of an ethical investment policy to the fall, 2001 meeting of the
Council of General Synod. The Council, the church's decision-making body,
usually meets twice a year between triennial General Synods.

- 30 -

Links:

Resolution A264 -- TALISMAN ENERGY INC.
<http://www.anglican.ca/gs2001/rr/resolutions/resolution.php?res=a264>
Resolution A263 -- SUDAN
<http://www.anglican.ca/gs2001/rr/resolutions/resolution.php?res=a263>
(original resolutions to General Synod - subject to change)

Report 010-2 Pensions Committee -- Re: Ethical Investment Policy
<http://anglican.ca/gs2001/rr/reports/report.php?rep=010-2>

Sudan war criticized; Group seeks Canadian action
May 2001 Anglican Journal news story
<http://www.anglicanjournal.com/127/05/canada02.html>

Divest Talisman
-- letter to the editor, May 2001 Anglican Journal
<http://www.anglicanjournal.com/127/05/oped05.html#2>

Failure to sanction Talisman criticized;
Primate's Fund to recommend strategy on shares
-- April 2000 Anglican Journal news story
<http://www.anglicanjournal.com/126/04/world03.html>

Shareholder action demands independent verification of Talisman's ethical
and human rights conduct
April 2000 Anglican News Service press release
<http://www.anglican.ca/news/ans/ans.html?ansItem=2000-04-07_a.ans>

Shareholders Action Alert - Talisman
-- memo from Anglican Church of Canada
<http://www.anglican.ca/misc/tccr_talisman.html>

Shareholders Action Alert - Talisman
-- background information paper
<http://www.anglican.ca/misc/tccr_talisman_bgrd.html>

*^*^*^*^*^*^*^*^*^*^*^*^*^*^*^*^
Leanne Larmondin
Web Manager
Anglican Church of Canada
600 Jarvis St.
Toronto ON  L5E 2G1
(416) 924 9199 ext. 307
ll@anglican.ca
http://www.anglican.ca
*^*^*^*^*^*^*^*^*^*^*^*^*^*^*^*^