British Official Urges Financial Companies to Give More to Charity
February 12, 2007
A British cabinet minister suggested that financial companies in London should donate more of their profits to charity rather than give big bonuses to employees, reports the British Broadcasting Company.
Peter Hain, the Northern Ireland Secretary, said it was unfair that 4,000 employees of financial firms received bonuses larger than $1.95-million last year. Over all, such employees received $17.1-billion.
Mr. Hain said that at least two-thirds of that money should be donated to nonprofit groups, especially those focusing on urban renewal. If companies don’t act more “responsibly,” he hinted that future legislation could force them to make large donations.
