Letter: Church's shares

Sir: Your diary piece "Church drops BAe shares" (Business Review, 21 April) is misleading. The Church of England has never held shares in British Aerospace.

The Church's long-standing ethical investment policy is not to invest in companies whose main business is in the production of armaments.

The Church of England's Ethical Investment Working Group has reviewed the Church's holding in GEC in the light of the proposed sale of Marconi Defence Systems, the defence arm of GEC, to BAe.

It has recommended that the church does not retain shares acquired in the "new" British Aerospace, should the sale go ahead.

GEC without Marconi Defence Systems would retain no defence involvement whatsoever and would be retained, like other holdings, subject to Church investors' investment and ethical criteria.

ARUN KATARIA

Communications Officer

The Church of England Church Commissioners

London SW1