The Church of England has sold its $3 million worth of shares in Rupert Murdoch's News Corp due to concerns about the company's ethics.
"The Church of England was not satisfied that News Corporation had shown, or is likely in the immediate future to show, a commitment to implement necessary corporate governance reform," the church said in a statement on Tuesday (Aug. 7).
The church also said it was concerned that Murdoch is both chairman and chief executive of News Corp....
...The Church of England's three national investing bodies -- the Church Commissioners, the Church of England Pensions Board and the CBF Church of England Funds -- hold total assets worth more than eight billion pounds ($12.5 billion dollars).
The church already excludes investment in companies involved in military products and services, pornography, alcoholic drinks, gambling, tobacco, human embryonic cloning and high interest lending.