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New Chief Surveyor for Church Commissioners

28 April 2008

The Church Commissioners today announce the appointment of Joseph Cannon MRICS as their new Chief Surveyor.  Joseph will head the Commissioners’ Property Investment Department, responsible for the management of a portfolio of agricultural, commercial and residential investment properties valued at nearly £1.7 billion at 31 December 2007.

Andrew Brown, Secretary to the Commissioners, said: “This appointment follows wide external advertising. Joseph Cannon is a clear strategic thinker with a proven track record in commercial, residential and rural property asset management. The very strong performance of the property portfolios over the last decade is in no small part down to his contribution to the team.”

Joseph is a Bachelor of Divinity of King's College, London and he later earned a Post Graduate Diploma in Estate Management from the University of the South Bank.  He joined the Commissioners’ staff in 1987, and has been Head of Strategic Asset Managementsince 2004. He is married with three children.

 Joseph said:"I'm very keen to build upon the successes of the two previous Chief Surveyors and the Commissioners' property investment team. Property plays a key part in the Church's investments, and this role offers a great opportunity to create extra long-term value, and add to the portfolio's diversification."

Joseph succeeds Paul Clark MRICS, who last year became Director of Investment and Asset Management for The Crown Estate after four years with the Commissioners.

 

Notes

The Church Commissioners are responsible for managing £5.67 billion of assets, a well diversified mixture of UK and global equities; urban and rural real estate, including holdings in managed property funds in the UK and overseas; bonds and cash; and loans for Church purposes.

The Commissioners fund all clergy pensions earned before 1998. (Pensions earned since then are paid from the separate Funded Scheme, which is funded by contributions from dioceses and other Church bodies.)

The Commissioners manage a closed fund with their expenditure being funded from the returns earned from investments under their stewardship.

Actuaries assess the Commissioners' fund in detail every three years (with yearly reviews) to advise on how much they can safely plan to spend.

The Commissioners’ mission is to support the Church of England's ministry, particularly in areas of need and opportunity. Their main responsibilities are:

 - to obtain the best possible long term return from a diversified investment portfolio in order both to meet their pension commitments and to provide the maximum sustainable funding for their other purposes such as support for the work of bishops, cathedrals and parish ministry

- in doing so to pay particular regard to making “additional provision for the cure of souls in parishes where such assistance is most required”.

 - to administer the legal framework for pastoral reorganisation and settling the future of redundant churches.