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Heavy Equipment
September 21, 2005
Church won’t sell off Caterpillar shares
LONDON
A Church of England advisory group said there were no grounds for selling the church’s shares in Caterpillar Inc. because the company’s bulldozers have demolished homes in Palestinian lands.
“There have been no sales for some years now, and this, together with possibilities in the present delicate political negotiations, made it the wrong time to recommend disinvestment,” the Ethical Investment Advisory Group said.
In April, Caterpillar shareholders overwhelmingly rejected a resolution that would have directed the U.S. heavy equipment manufacturer to investigate the use of its bulldozers by the Israeli army to demolish homes. Caterpillar management argued the company had “neither the legal right nor the means to police individual use” of its equipment.
The church’s investment in Caterpillar Inc. was valued at nearly 2.2 million pounds ($4 million US).
Associated Press
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