- Investment criteria for a Religious Institute. Non-profit investments.

            Over recent years we have seen a gradual process of “financialisation”, in the economy, in the sense that greater value is attributed to money than to work or production. This has influenced our language and way of thinking, at the same time as a marked development in the global financial market.

            Another aspect is the development of different kinds of savings scheme, typified by the transition from so-called “fixed income savings” to a variety of financial products, with the consequence that one cannot be certain of the returns.

            In some geographical areas, the decrease in vocations and the increasing age of the brothers have caused buildings to be sold off, with a consequent release of liquid capital.

            There is therefore a need to establish some methods to help in investing the monies available in the new types of plan that have developed over recent years, in ways which will still be in harmony with the fundamental evangelical criteria on which our consecrated life is based.

            After careful analysis of a variety of experiences and an in-depth discussion within the seminar group, the following criteria emerged:

1. Every investment must take into account our witness to poverty:

This principle-cum-vow implies a detached attitude toward possessions, an austere lifestyle, proper educational and spiritual formation and a clearly visible outward expression of this value.

Today it also means solidarity in sharing assets to support the mission, according to the particular charism of each institute and the various social situations.

Poverty today also means transparency in the use and allocation of assets given to us; we must consider ourselves as administrators, rather than outright owners, of these assets.

2. Every investment must have an apostolic purpose:

When investing in property or making other kinds of investment we must be wary of the temptation to consider the capital available as a means of gaining social prestige and hence power, avoiding purely speculative management that aims for maximum returns no matter what the cost.

Even if sometimes our public image may give the impression of wealth, it is always necessary to demonstrate a moderate and sober lifestyle within the community, which, nonetheless, is equipped with efficient systems and up-to-date technology.

Evangelisation, education, culture, health, spirituality, missio ad gentes… are some expressions of charisms that, in contemporary society, must necessarily have large amounts of capital available in order to perform their service. Such activities make a direct contribution to achieving effective international co-operation.

It is also important to make proper use of the means of social communication in order to publicise and document the value and impact of our religious and social commitment. If appropriate, and if circumstances so require, our accounts should also be made public.

It should also be pointed out that we must know how to take advantage of the contributions that various lay (national governments, the EU, NGOs, foundations, etc.) and ecclesial (Bishops’ Conferences, etc.) organisations make available to those who can present plans with social value.

3. Every investment must be carefully studied as to its nature and quality:

Extreme prudence and caution must be balanced by a good dose of entrepreneurial courage. It is not enough to trust to the banks, we must always check where our money is being invested and, if necessary, take steps to make the necessary changes.

In such a complex and constantly developing field, it is recommended that qualified professionals be consulted; these should have a Christian outlook and be independent of the credit institutions. It would be useful to share information on agencies of this kind of which we already have knowledge or experience.

It would be desirable to have more meetings between General Treasurers and Superiors General, in order to establish common financial objectives between the various institutes. This kind of collaboration could lead to the religious institutes creating their own “ethical funds”.

Where possible, it would be appropriate to distribute a list of stocks or shares which, in some way, provide financial support to morally dubious or anti-social activities. Such a “blacklist” would show extremely important foresight. More positively, we should support and invest in stocks or shares that put funds into socially or publicly useful enterprises. In this respect, we hope that the Church herself, with her great economic responsibilities, will orient and guide us towards new forms of ethical investment.

4. Every investment must be an ethical investment

            In order to avoid embarrassing situations and consequent public scandals, every financial investment must be evaluated against ethical, social, political and religious criteria, through the use of the reliable professional aids that are now available. This will make for ethical monitoring of portfolios to meet the demands of our institutes.

5. A practical proposal

            If the religious institutes are willing to work together, it will be desirable to create a Multiple-Section, Single Joint Investment Fund, in order to ethically manage, control and render profitable the financial resources invested.