NNU report exposes Ascension Health's controversial investments and ethics

Concerns Raised Over Ascension Health's Investment Portfolio

A recent report by National Nurses United (NNU) has raised alarms about the investment practices of Ascension Health, one of the largest Catholic hospital systems in the United States. The report suggests that Ascension's investment portfolio, which includes hundreds of millions in assets, may be in conflict with the Catholic Church's standards for ethical investing.

The report scrutinizes Ascension's investments in sectors such as weapons manufacturing, pharmaceuticals, alcohol, gambling, and environmentally harmful industries like oil, gas, and mining. These investments, publicly disclosed by the Ascension Master Pension Trust (AMPT) in 2023, are alleged to contravene guidelines set by the 2022 Vatican document, "Mensuram Bonam: Faith-Based Measures for Catholic Investors."

The Vatican's 2022 guidelines outline exclusionary criteria that appear to be violated by Ascension's investments, which include:

• Weapons: $8.3 million in companies like CACI, linked to military contracts, potentially violating the "intrinsic dignity of human life" criterion.
• Addictive Substances: Investments totaling $51.6 million in industries producing pharmaceuticals, alcohol, tobacco, and gambling services, opposing the guidance against "patterns leading to addiction and abuse."
• Labor Violations: $20.2 million in apparel companies known for exploitative practices, breaching criteria related to "global impacts and sustainable development."
• Human Rights and Environment: $96.4 million in mining and $259.7 million in banking and oil sectors, which contradict the Church's stance on "environmental protection."
• Food Commodities: $24.4 million in food production conglomerates, also potentially harmful to the environment.

NNU’s report, titled "Rejecting the Call: How Ascension’s Unethical and Socially Irresponsible Investments Contravene Catholic Social Teaching," further indicates these investments breach the "Socially Responsible Investment Guidelines" of the United States Conference of Catholic Bishops from 2021.

Nicki Horvat, a registered nurse at Ascension Saint Agnes Hospital, expresses hope that the report serves as a catalyst for change. "We hope this is a wake-up call to the Catholic Church’s leadership that Ascension is far from the Catholic values it pretends to practice," Horvat remarks.

NNU is advocating for Ascension to enhance its transparency by:

1. Annually disclosing its complete investment holdings.
2. Divesting from fossil fuels, weapons, and other extractive industries.
3. Publishing updated socially responsible investment criteria, along with a divestment list.

Mary Turner, President of NNU, calls on Ascension to adhere to its stated values. "It’s time for Ascension management to live up to its professed standards and act in accordance with the directives of the Catholic Church," Turner states.

Ascension's practices have been under scrutiny, with unionization efforts gaining momentum since 2022 due to perceived inadequacies in staffing and resource allocation. NNU now represents around 4,000 nurses across Ascension facilities, with ongoing negotiations at Ascension Saint Agnes in Baltimore.

The report is part of a broader examination of Ascension's operations, which have faced criticism for staffing issues and financial decisions. Notably, Ascension has been involved in several controversies, including its recent plans to close labor and delivery units in multiple locations and questions about its nonprofit status.

As the second-largest nonprofit and Catholic health system in the country, Ascension's financial practices remain under close watch. In fiscal year 2023, the CEO's compensation exceeded $9 million, with the system managing over $40 billion in investments, and reporting a net income of $195 million by March 2025.

National Nurses United is the largest and fastest-growing union and professional association of registered nurses in the United States with more than 225,000 members nationwide. NNU affiliates include California Nurses Association/National Nurses Organizing Committee, DC Nurses Association, Michigan Nurses Association, Minnesota Nurses Association, and New York State Nurses Association.

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