A Government-owned business set up to help alleviate poverty in the developing world paid its chief executive almost £1 million last year, a report has revealed. CDC Group's Richard Laing received £970,000 , more than double a threshold set by its owner, the Department for International Development (DFID). CDC is a fund management company which invests in private businesses in emerging markets, particularly in sub-Saharan Africa and south Asian , in support of DFID's goal of nurturing the growth of the private sector economy in developing countries.
The National Audit Office found that there was "no systematic evidence on the extent to which CDC investment adds to overall investment in poor countries". DFID was "not well-equipped to consider the benefits of its investment" compared to other aid approaches. It also noted that CDC this year had £1.4 billion deposited in cash in the UK, compared to £1.2 billion invested in businesses overseas.
The chairman of the House of Commons Public Accounts Committee, Edward Leigh, said: "It is ridiculous that the chief executive of a Government-owned body aimed at reducing poverty can earn £970,000 in a single year."
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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