Divestment advice not ready for Presbyterians

PCUSA panel needs more time
A church investments panel said it needs more time before it can recommend whether the Presbyterian Church (U.S.A.) should pull assets from five companies operating in the Middle East.

The church’s General Assembly voted in 2004 to pursue “phased, selective divestment” in companies with ties to the Israeli-Palestinian conflict and later named five companies that will be targeted for stockholder action.

After meeting with leaders of Citigroup and ITT Industries February 3, the church’s Mission Responsibility Through Investment committee said it will not recommend divestment to the denomination’s General Assembly meeting in mid-June.

“Because corporate engagement is a phased, deliberate process requiring extensive dialogue and shareholder activity prior to a specific divestment recommendation, MRTI does not anticipate recommending any divestment action” in June, the panel said in a statement.

 

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