Philanthropic bank boss an example to all
IT is fantastic to see Royal London boss Phil Loney donating 25% of his bonus to charity. Many senior executives give generously to help those in need without any desire for recognition.
In fact, some of the Charities Aid Foundation's most generous donors work in financial services and top businesses and find great satisfaction in giving to causes they care about.
Last year the bankers' bonus pool hit £13.3bn. If 10% of this was given to charity and gift-aided, it would equate to £1.6bn.
To put this in context, it could pay for around 107 million people to have access to a safe, lasting source of drinking water. Or it could pay for 200m food parcels. Or 533 new oncology units in hospitals. Or more than 64m hours of support through the NSPCC helpline.
Although it is entirely legitimate to debate remuneration in the corporate world, it is important to celebrate the fact that philanthropy is alive and focus on how we encourage more executives to give generously and to inspire their peers to follow suit.
Charities Aid Foundation