Vodafone scores exclusive Vatican contract, as EU launches Christian stock index
catholicvoteaction.org: 18:45 17-05-2010Vodafone scores exclusive Vatican contract, as EU launches Christian stock index
I’m not quite sure if it’s exclusive, but it’s official enough to merit mention in the Vatican’s official Vatican press bulletin:
“The Governorate of Vatican City State and Vodafone Italia today signed an agreement for the supply of mobile telephone services. The agreement makes provision for around 2000 users.
“Vodafone won the tender called by the Governorate of Vatican City State with which it has stipulated a three-year contract, also by virtue of its extensive presence on the international scene and the high standards of service it guarantees.
In related news, today marks the launch of Europe’s first Christian equity index – which includes Vodafone:
The launch came as a response to increasing investor demand for so-called ethical stocks following the financial crisis, the [Financial Times] newspaper said.
The Stoxx Index is made up of 533 European companies, including BP, Vodafone and GlaxoSmithKline, whose revenues come from only approved sources in line with the values and principles of the Christian religion.
Groups that make money from pornography, weapons, tobacco, birth control and gambling are not permitted for listing.
… A committee, which includes representatives of the Vatican, screens the shares. (NYT DealBook blog)
The creation of this index is being mocked by many people, as if the Church’s sexual abuse scandal precludes other members of the Church from being involved in making moral judgements about the business practices of large companies. Considering how often big companies are villanized, it’s surprising that some people are being so holier-than-thou when the Church tries to highlight sound business in action.
There is a Catholic equivalent to this in the United States – Ave Maria Mutual Funds.
In theory, I think these are good ways for Catholics to invest their money morally. What are your thoughts? Is this an appropriate way for the Holy See to lend its moral authority to personal investment choices?
