Church has shareholding in Disney

THE Church of England is revealed today as a shareholder in Disney - the US entertainment giant attacked by the newly-appointed Archbishop of Canterbury who takes over as the head of the Church in November.

Dr Rowan Williams who will succeed Dr George Carey, singled out Disney as an example of consumerism exploiting children.

But his views put him at loggerheads with the Church Commissioners over their ethical guidelines used in choosing how to invest about £4bn of assets on behalf of the Church. Lou Henderson, a spokesman for the Church Commissioners, said: 'I can confirm our overseas portfolio has a modest investment in The Disney Company.

'We have strict ethical criteria that mean we do not invest in companies involved in areas such as arms or pornography, but the film and entertainment industry is an area where we can invest.'

Henderson would not comment on the size of the investment, but he said the Commissioners had owned the shares for several years.

Disney was one of several targets for Williams, 52, the current Archbishop of Wales. He attacked the consumer society which he said corrupted the young.

The comments appeared in his book Lost Icons which has just been serialised. Sion Brynach, Dr Williams's Press officer, said the Archbishop was not aware of the shareholding. Brynach said Dr Williams stood by his book in which he referred to Disney commercial tie-ins as a 'relatively innocuous' example of encouraging consumerism among children.

Disney, famous for characters such as Mickey Mouse, said it had always aimed to 'achieve community decency and optimism in everything it did'. Its shares fell by 10% on Friday.