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Showing posts with the label Clive Cowdery

Capitalist Charity

Clive Cowdery, chairman of Resolution , announced yesterday that he planned to sell some or all of his holding and would transfer around £20 million to a new charity The Resolution Trust. The trust will ensure continued funding for the work of Cowdery's financial education project The Resolution Foundation .

The £5 billion sale to Pearl of the group he founded netted him a personal £150 million . Cowdery's stake grew in value by some £25 million in the few weeks between him announcing a merger with Friends Provident, with Resolution shares at 616p, and selling to rival Hugh Osmond of Pearl for 720p, thanks partly to sparking a bidding war between Pearl and Standard Life. So he can well afford to be generous with his philanthropic gestures . And what , pray we ask , is this charitable institution he is financing .

The Resolution Foundation is an independent research and policy organisation formed in September 2005 to study "how people on low to moderate incomes fair in the m…