The Church of England has launched a major offensive against bonus culture in the City pledging to use its own multi-billion investments to attempt to block what it sees as excessive payouts. In an overhaul of its own investment policy announced Wednesday, the Church - which controls more than £8 billion of assets - announced it will attempt to vote down any bonus worth more than an executive’s basic salary. It issued an outspoken attack on what it called a ‘culture of entitlement and greed’ among the highest paid as it set out a list of demands which it will seek to implement in companies in which it owns shareholdings in the coming AGM season. Although, on its own, it is unlikely to revolutionise the City, the Church hopes that its stance – backed up by its financial presence – could start a ‘domino effect’ among disgruntled investors.
Pray: that the stance taken by the Church will have the desired effect across the financial world. (Is.57:17)