Friends Provident is to use £20m in unclaimed shares from its demutualisation to set up a foundation aimed at promoting charity work and philanthropy.
The Friends Provident Foundation launches on July 14 with a debate and publication entitled, The Right Use of Money in 21st Century Britain, suggesting approaches that governments, private bodies, voluntary organisations and individuals might take to direct money to philanthropic purposes.
The publication, with 15 contributors from across the industry, is edited by David Darton and considers whether the lack of transparency in our financial systems is making it difficult for consumers to make informed decisions on charitable contributions. The essays also consider how individuals and foundations can ensure that their assets are used effectively.
Foundation chairman of the trustees John Whitney says: “In the area of social responsibility, Friends Provident has always been a leader and the trustees are determined to continue this tradition by ensuring the foundation uses its resources imaginatively to address social issues.”