GlobalWide News
The Guardian: King Charles’s estate, the Duchy of Lancaster, is shifting over £100 million into ethical investment funds. This decision follows a Guardian investigation into the use of funds from bona vacantia, a system where assets from people who die without a will or kin in the north-west of England are collected. The Guardian exposed that some of these funds were secretly used for renovating properties owned by the king and rented out for profit. Amid questions over its investment practices, the Duchy announced its new focus on ethical investing, aligning with the Duchy of Cornwall’s policies. The Duchy of Lancaster’s portfolio includes investments worth £74m, while two charities it supports have endowment funds totaling over £40m.
These charities previously had no specific ethical investment constraints but will now follow the Duchy’s new policy. The change addresses concerns about transparency and the use of these funds, which have also been used for restoration and repair of estate properties. This policy shift is part of a broader call for modernizing how assets from bona vacantia are managed and used.
The entire article can be read at the link https://www.theguardian.com/uk-news/2023/nov/25/kings-estate-transfer-cash-ethical-funds-bona-vacantia-revelations
