Faith and Fiduciary Duty: Bringing Catholic Values into Investing

Can Catholic values strengthen fiduciary decision-making while helping institutional investors fulfill their financial responsibilities? In this episode of the CatholicFi 2026 Summit Podcast, Don Wehrmann of Marsh and Robert Smith of Sage Advisory Services examine whether faith-based objectives conflict with fiduciary duty — and argue that they do not. Wehrmann, who leads strategic growth in Marsh's endowments and foundations practice and has worked with Catholic investors for 25 years, describes how the conversation inside consulting firms has changed: trustees are now being asked to define what it means for their institution to be Catholic. Smith, founder and CEO of Sage Advisory, frames the answer around four components — financial performance, mission and values, stewardship, and organizational sustainability — which he calls a fiduciary dashboard. The discussion moves from principle to governance: how Catholic social teaching should surface in an Investment Policy Statement, in manager selection, in proxy voting, and in reporting. The speakers address the practical difficulty of screening across private markets, real estate, venture capital, and emerging technologies, and Smith draws a distinction that runs through the episode: screening defines your values; stewardship activates them. The conversation closes on where the field is heading — toward collaboration among Catholic investors, stronger stewardship, and celebrating measurable wins — and with audience questions on the growth of the faith-based market and how smaller mission-aligned firms can reach institutional platforms. In this episode: • Whether faith-based objectives conflict with fiduciary obligations • Defining what it means for an institution to be Catholic • The four-part fiduciary dashboard: financial, mission, stewardship, and sustainability • Translating Catholic social teaching into Investment Policy Statements and manager selection • Purpose, process, practice, and accountability in mission-driven investing • Portfolio construction for institutions funding ministry over finite or perpetual horizons • Screening across private markets, real estate, venture capital, and emerging technologies • Why screening defines values and stewardship activates them • Collaboration among Catholic investors and the hospital-purchasing analogy • Q&A: market growth and platform access for smaller mission-aligned firms A central question: If conviction cannot survive contact with an investment committee, what does it take to make it survive? ABOUT THE CATHOLICFI 2026 SUMMIT PODCAST Recorded at the 2026 Catholic Faith Investor Summit in New York City, this eight-episode series explores Catholic social teaching, faith-based investing, institutional stewardship, and the responsibilities of financial and business leaders. Presented by the Catholic FI Alliance, the series brings together perspectives from Catholic investors, business executives, investment professionals, and leaders working to align financial decisions with faith and mission. Learn more: https://catholicfi.com/ JOIN THE CONVERSATION What should Catholic investment committees consider when evaluating faith-based investment strategies alongside their fiduciary responsibilities? Share your perspective in the comments and subscribe for more conversations from the CatholicFi 2026 Summit Podcast. #CatholicInvesting #FiduciaryDuty #FaithBasedInvesting