The Church of England has announced that it has sold its shares in News Corporation, the media group owned by Rupert Murdoch. The Church decided to disinvest £1.9 million of shares following advice received from its Ethical Investment Advisory Group (EIAG).
The Church had raised concerns with the Board of News Corporation following allegations of phone hacking at the company that surfaced in July 2011.
Following a year of dialogue between News Corporation and the EIAG the Church said that it was not satisfied with the company's commitment to "necessary reform".
Andrew Brown, Secretary of the Church Commissioners, said: "The EIAG does not feel that the company has brought about sufficient change and we have accepted its advice to disinvest."