To promote and maintain good communication between the Catholic Church and the world of finance, and to provide greater clarity on the true nature of investments, in order to avoid mistakes and ensure that investments are directed towards serving the human family and the common good, in accordance with the criteria of justice and ethical norms. These and other questions were discussed at the “Mensuram Bonam Summit” held in London in recent days, an event that brought together in the British capital some ninety financial experts and Church leaders from sixteen countries. The purpose of the meeting was to discuss ways of investing the financial assets of Christian institutions, especially Catholics – an estimated $1.75 trillion – in a way that is consistent with the ethical teachings of the Gospel.
“Mensuram Bonam’ is the name of the document published by the Pontifical Academy of Social Sciences in 2022. It provides a set of guidelines for all those working in the financial sector – both institutions and individuals,” said Peter Hugh Smith, host of the conference. “The document sets out principles rather than practical instructions, and I believe that this is the reason for the document’s relevance and success.” Investing in Indonesia or Latin America is very different both in terms of results and in terms of resources than investing in cities like Rome or London. Jean-Baptiste de Franssu, a French economist and President of the Istituto per le Opere di Religione (IOR), co-organised the London conference with Smith. Peter Smith speaks with full knowledge of the facts. He is chief executive of CCLA charity fund manager, set up seventy years ago to manage the investments of the Church of England’s parishes and dioceses. Over the years it has broadened its scope to include the management of the assets of the Catholic Church and other faith-based charities.
What does CCLA do?
The main purpose of our work is to enhance the results that can be achieved with Christian investments to make the world a better place. This is not only our aim, I must add, it is also the objective of other organisations that took part in Mensuram Bonam, the conference devoted to an in-depth and practical study of the Vatican document, including the Dutch investors of the Anthos Fund and the USA-based companies CBIS Catholic Responsible Investments, Catholic Investment Services and Knights of Columbus Asset Advisors. All of these are Catholic and Christian investment groups.
What were the most important results of the conference?
First of all, there was a great deal of enthusiasm and a strong desire to put the principles of the document into practice. We have also drawn up a series of actions that we would like to pursue, but I am not yet in a position to make them public. In fact, they will first have to be approved by all the organisations attending the conference.
The first Mensuram Bonam Summit was held in Rome in 2023. It focused on a deeper understanding and discussion of the Vatican document. This recent conference in London explored ways of implementing Mensuram Bonam.
Catholic investors from various world countries took part in the meeting. A highlight of the event was the unanimous agreement of all participants on the next steps ahead.
To what extent are Christian financial assets in the world consistent with the principles laid down in Mensuram Bonam?
There are many different types of institutions, ranging from the extremely wealthy and well-funded to religious orders that have only a few thousand euro to spend, and it is therefore very difficult to give a comprehensive answer to this question.
We must also remember that those who manage these funds are often prevented from doing so, even though they intend to operate according to Catholic doctrine.
This is because they lack access to services or products that allow this type of investment. And it is in this specific area that we want to achieve the greatest results.
Next Sunday is the World Day of the Poor. Do you have any proposals for eradicating poverty?
The document Mensuram Bonam is a guide to the best use of our financial resources. If we are faithful to its guidelines, we will see an increase in the resources available to churches and charities for the fight against poverty and its eradication. CCLA, the investment company of which I am CEO, is rightly urging our corporate clients and businesses in general to adopt the minimum wage. I believe this is a very important step towards ensuring a decent standard of living for many individuals and families.
What practical steps will be taken after this conference?
I believe that good communication between the Catholic Church and the financial sector is of paramount importance, and indeed this was one of the issues we discussed during our meeting. I firmly believe that many success stories stem from this. Conversely, there cannot be real progress without good dialogue.
