National Catholic Reporter board divests company from fossil fuels

The National Catholic Reporter Publishing Company has separated its multimillion-dollar investment portfolio from financial holdings in the fossil fuel sector.

The decision to divest was approved unanimously by the NCR board of directors during its May 21 meeting, when the board for the 57-year-old independent nonprofit news publication ratified a revised investment policy statement for its $12.7 million endowment fund. The policy went into effect July 1.

Added to those guidelines was a new socially responsible investment screen against companies whose primary business involves the exploration or extraction of all forms of coal, oil and natural gas. It also stated the board's finance committee will encourage its portfolio managers to pursue investments in renewable energy. Previously, the policy had included screens against investments in abortifacients, tobacco and weapons.

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