Share

Executive donates bonus to charity as Cable is set to clamp down on high pay

Hector Sants
News

Executive donates bonus to charity as Cable is set to clamp down on high pay

Fundraising | Kirsty Weakley | 20 Jun 2012

The outgoing chief executive of the Financial Services Authority Hector Sants has donated his bonus, worth almost £150,000 to the Duchess of Cambridge’s arts charity.

Yesterday the FSA published its annual report which showed that for the 15 months leading up to the end of March, Sants was awarded a performance-related bonus of £143,750 but that he requested it to be paid to the Art Room under the Workplace Giving UK scheme.

He is stepping down from the £500,000-a-year job at the end of June after five years in charge.

The Duchess of Cambridge became the royal patron of the Art Room earlier this year. In 2001 the charity had an income of just under £300,000 with £200,000 of that coming from voluntary donations.

Catherine Howarth, chief executive of FairPensions, which has been leading a campaign against excessive executive pay, welcomed his decision, and said: “It is a really positive action and it sets a really good example in the finance sector.”

But added: “It is worth saying that it is not a substitute for tackling the problem of executive pay at the source.”

Cable clampdown expected

In a separate move the business secretary Vince Cable will today tell Parliament how he plans to force companies to hold binding votes on executive pay every three years.

Responding to the proposals Christine Berry, policy officer at FairPensions, said: “Reports suggest that today’s announcement will be a negotiated compromise between the government and institutional shareholders who were reluctant to assume new powers. This calls into question whether shareholders are really willing to play the part that government expects when it comes to controlling spiralling executive pay.

“While relying on shareholders to hold companies to account, the government has never addressed the question of who will hold shareholders to account. This is the missing link in today’s package."


 

 

Comments

[Cancel] | Reply to:

Close »

Community Standards

The civilsociety.co.uk community and comments board is intended as a platform for informed and civilised debate.

We hope to encourage a broad range of views, however, there are standards that we expect commentators to uphold. We reserve the right to delete or amend any comments that do not adhere to these standards.

We welcome:

  • Robust but respectful debate
  • Strongly held opinions
  • Intelligent relevant discussion
  • The sharing of relevant experiences
  • New participants

We will not publish:

  • Rude, threatening, offensive, obscene or abusive language, or links to such material
  • Links to commercial organisations or spam postings. The comments board is not an advertising platform
  • The posting of contact details for yourself or others
  • Comments intended for malicious purpose or mindless abuse
  • Comments purporting to be from another person or organisation under false pretences
  • Gratuitous criticism, commentary or self-promotion
  • Any material which breaches copyright or privacy laws, or could be considered libellous
  • The use of the comments board for the pursuit or extension of personal disputes

Be aware:

  • Views expressed on the comments board are left at users’ discretion and are in no way views held or supported by Civil Society Media
  • Comments left by others may not be accurate, do not rely on them as fact
  • You may be misunderstood - sarcasm and humour can easily be taken out of context, try to be clear

Please:

  • Enjoy the opportunity to express your opinion and respect the right of others to express theirs
  • Confine your remarks to issues rather than personalities

Together we can keep our community a polite, respectful and intelligent platform for discussion.

Free eNews

DFID announces UK's first development impact bond

17 Apr 2014

The UK is to launch the first development impact bond - an international version of the social impact...

Sector 'extraordinarily disconnected' from public, CFG chair says

15 Apr 2014

Charities are becoming “extraordinarily disconnected” from donors and supporters who do not understand...

Stephen Frost announced as Charity Awards host

15 Apr 2014

Civil Society Media is delighted to announce that this year's Charity Awards will be presented by actor...

Paula Sussex to be the next Charity Commission chief executive

17 Apr 2014

Paula Sussex, senior vice president, public sector of CGI, has been appointed the new chief executive...

Impact of welfare reforms felt by 95 per cent of Yorkshire charities

17 Apr 2014

A report published today which looks at the impact of welfare reforms in the region of Yorkshire and Humber...

Trussell Trust sees use of its foodbanks 'almost triple' in a year

16 Apr 2014

The number of people using the Trussell Trust’s foodbanks rose from 347,000 to 913,000 in a single year,...

'Technology can offer charities more than just online donations'

10 Apr 2014

Charities are focusing too much on using digital tools for fundraising instead of how technology can be...

Amnesty calls for 'full and frank disclosure' on alleged US surveillance

9 Apr 2014

Amnesty International has warned that alleged mass surveillance by the American intelligence agency NSA...

Virgin Money Giving launches app following year of growth

1 Apr 2014

Virgin Money Giving has launched an app for users after reporting that 30 per cent of traffic to its platform...

Join the discussion

Twitter button

@CSFundraising