DALLAS (BP)–Amid recent reports that a homosexual advocacy group is planning an event called “Gay Days” on a Carnival cruise ship, the Annuity Board has issued a release to address concerns about its investment in Carnival Cruise Lines.
O.S. Hawkins, president of the Annuity Board, said he wants Southern Baptists to be aware of the facts regarding the issue and of the entity’s investment policy.
“The Annuity Board is very much in sympathy with those who have concerns related to investing in certain companies,” Hawkins said in the May 18 news release. “We have a strong investment policy which states, ‘Investments are prohibited in any company that is publicly recognized as determined by the Annuity Board as being in the liquor, tobacco, gambling, pornography or abortion industries, or any company whose products, services, or activities are publicly recognized as being incompatible with the moral and ethical posture of the Annuity Board.'”
Hawkins noted the Annuity Board does not invest in the hundreds of companies on its restricted list and said the entity is continually monitoring and evaluating companies at its regular meetings.
The release emphasized that Carnival Cruise Lines has not endorsed the proposed Gay Days vacation package, organized by Gay Days, Inc., an Orlando-based company not associated with the cruise line.
Hawkins said the entity is still committed to its Baptist identity and will make sound business decisions in accordance with appropriate moral judgment.
“The Annuity Board is committed to its origin and identity as an entity of the Southern Baptist Convention. At the same time, we must function in a manner that is legally sound and is designed to enhance the financial security of our retirement plan participants while maintaining moral standards,” Hawkins said in the release. “As God knows our hearts, we take these issues very seriously. As to Carnival, we are continuing to research and evaluate it at the present time.”
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The full text of the Annuity Board news release follows:
Recent news articles have questioned the Annuity Board’s investment in a gay activity. An organization called Gay Days has booked, through an independent travel agent, some rooms on a single Carnival cruise ship. Carnival has indicated this booking is less than 10 percent of the ship’s capacity. The gay organization is promoting this on their website as a Gay Days cruise on Carnival. Carnival makes no mention of it on their website nor are they promoting it. This is a situation similar to any other objectionable company buying a small block of rooms at a hotel for a convention.
Annuity Board president O.S. Hawkins explained, “If Carnival had promoted or advertised a gay days cruise, we would have taken action as we did with Disney and other companies in the past.”
Hawkins continued, “We want Southern Baptists to be aware of the facts regarding the issue and also to remind them of our investment policy. The Annuity Board is very much in sympathy with those who have concerns related to investing in certain companies. We have a strong investment policy which states, ‘Investments are prohibited in any company that is publicly recognized as determined by the Annuity Board as being in the liquor, tobacco, gambling, pornography or abortion industries, or any company whose products, services, or activities are publicly recognized as being incompatible with the moral and ethical posture of the Annuity Board.’ There are hundreds of companies on our restricted list in which we do not invest. We are continually doing due diligence as we monitor and evaluate companies in regular meetings.”
Since the assets managed by the Annuity Board are retirement funds [401(k), 403(b), etc.] they are subject to standards that do not apply to other investment organizations. The assets are not Cooperative Program monies but represent the individual accounts of approximately 140,000 retirement plan participants.
“We are stewards of their money,” Hawkins stated. “Through the years our participants’ responses and continued participation has expressed confidence in our service and investment policies.”
It is virtually impossible for anyone to function in our society today without carrying on relationships with businesses that profit from endeavors and relationships one might find objectionable. In these relationships investors inevitably provide financial support to companies or persons whose products, services or conduct might be morally repugnant to most Southern Baptists. For example:
* Many major hotels provide access to alcoholic beverages in the lobby and in mini-bars in each room. They provide options for television programming which most Southern Baptists would not choose. Yet, we as Southern Baptists patronize and spend our money at these hotels on virtually every trip we take including the Southern Baptist Convention, state convention meetings, and family vacations.
* Southern Baptists continue to fly on airlines that serve and profit from alcohol even though it is against their moral convictions.
* We shop in grocery stores where beer, wine and tobacco are sold.
* We buy gasoline at convenience stores where beer is sold and in some cases lottery tickets are available.
* Someone might say, “I will not invest in any company on the stock exchange and instead just put my money in a savings account at the local bank.” And, in many cases the bank loans the money to a liquor store or some other objectionable business going in down the street.
* If those who have zero tolerance with investments are consistent and follow this philosophy to the “nth” degree none of them would be flying on airlines, staying in hotels, eating in restaurants, etc. It is the patronage of the companies, more than stock ownership that enables an enterprise to prosper as a going concern.
* We could literally sit down and go through every stock in the Fortune 500 list and someone could probably find some reason why we should not invest in any one of them.
A recent press release from a moderate Baptist news source also questions the use of Carnival Cruise Lines by some Southern Baptist leaders.
Hawkins explained, “One could argue that Carnival is recognized by Southern Baptists as being the world’s largest floating Bible Study since many of our most respected SBC leaders and former Presidents of the SBC have Bible Study cruises on Carnival which accommodate thousands of Southern Baptists and other Christians. We wish hotels, airlines, cruise ships, etc. did not serve alcohol and the like but if we start down that road there is no end and the result would be little possibility of having any facsimile of a well-diversified retirement portfolio.”
“This issue is much more involved for a retirement organization than just saying, ‘Do away with this company because it does this or that.’ We do not hold stock in hundreds of companies that are publicly recognized as being in the alcohol, tobacco, gambling, pornography, or abortion industries. The Annuity Board is committed to its origin and identity as an entity of the Southern Baptist Convention. At the same time, we must function in a manner that is legally sound and is designed to enhance the financial security of our retirement plan participants while maintaining moral standards. As God knows our hearts, we take these issues very seriously. As to Carnival, we are continuing to research and evaluate it at the present time,” concluded Hawkins.
