Tom Joy to leave Church Commissioners’ CIO role in April

It is the end of an era for the £10bn Church of England endowment, the Church Commissioners: after 14 years in the job, CIO Tom Joy is set to take on a new role this spring.

Having joined the endowment in 2009, when the fund stood at about £4bn in assets, he contributed to 14 consecutive years of positive returns and was also part of some key climate decisions.

The endowment has been an early mover on the divestment front. In 2015, it blacklisted coal and tar sands investments resulting in the sale of £12 million in assets.

In 2021, the Church Commissioners sold of its holdings in 20 fossil fuel firms. It followed up last year by excluding 20 oil and gas majors including BP, Ecopetrol, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Repsol, Sasol, Shell, and Total from its investment portfolio.

A key reason for the decision was its assessment that neither of these firms were aligned with the goals of the Paris Climate Agreement, as assessed by the Transition Pathway Initiative (TPI).

“Thanks to Tom, we have one of the worlds’ most respected, values-driven endowments, with a clearly articulated investment philosophy supported by robust governance and a high quality investments team,” said Alan Smith, the First Church Estates Commissioner. “We are all very grateful for what Tom has helped the Church Commissioners’ fund to achieve during his tenure and the strong position he leaves us in as we transition to his successor.”

Joy is set to leave his role in April in order to take on another CIO position overseas, the recruitment process for his replacement will begin shortly, the endowment said.