Vol. XVIII, Issue 25
Wespath has released its newest Sustainable Investment Report, which takes a deep dive into Wespath’s sustainable investment strategies. As a fiduciary, we are committed to the missions of our investors by seeking strong long-term performance. In exercising our fiduciary duty on behalf of our investors, we seek to maximize the investment opportunities and manage the financial risks associated with a changing world—an important focus within our sustainable investment strategies.
Wespath’s sustainable investment highlights include:
As indicated in the March 18, 2019 issue of On Board Express, the Seventh Circuit Court of Appeals issued a March 15 decision finding the clergy housing allowance to be constitutional in Gaylor v. Mnuchin. That ruling was subject to review, provided a petition to the U.S. Supreme Court was filed by June 13. Since no petition was filed by that date, the ruling will stand.
The housing allowance was being contested by the Freedom From Religion Foundation (“FFRF”), which issued a news release on June 14. FFRF indicated that it intentionally refrained from petitioning the Supreme Court because of the likeliness of defeat given the current composition of the Supreme Court.
Although it is good that the latest challenge to the clergy housing allowance is over, FFRF’s news release is a reminder that the clergy housing allowance could be challenged again, or changed via legislation or regulation, because the FFRF (and others) remain firm in their view. Wespath will continue to monitor the situation and keep you informed of further developments.